My debt payment update and other goals
Finally I was able to have a month where I made some extra payments towards my debt and that knocked off three small ones at the same time. This was made possible by my three paychecks month of August although I applied the extra money in September. So without wasting much time, here is how my debt looks now;
Total debt Balance: – $24,000.07
September Payments – $463.11
Extra payments - $331.19
New Balance – $23,205.77
So in short I was able to make a total of $794.30. The day I will be able to make such a huge payment or more every month will be the turning point because I will be knocking off big chunks. Now all my small debts are paid off and now I only have the bigger ones remaining which are 1000 dollars plus.
We have tried to cut down as much as we can to spare more money to pay the debt but you can only cut so much especially when you are married, you do not make these decisions alone. Probably if I was still single, I would go on survival mode and pay down everything. So currently our best way to pay down this debt faster is making more money.If I could get my new job sooner, it would be a big break for us because I know our income would get a big boost.
Other goals updates
- I am still looking for a job. I am not sure how many months I am going to sing this song but I have applied for a license in a neighboring state to spread my wings farther.
- I reduced my bike riding to once a week. It has started getting cold in the evenings and eventually I might stop and return to the gym which is the other goal I never accomplish.
- I have been able to post at least two posts every week on this blog.
- I made contributions to our emergency fund. This fund is one and does not have mini funds in it.
- I made extra payments towards our debt. Woohoo.
Finally, I enjoyed this post from Pauline of Reach Financial Independence titled the case of earning more For a person like me who has cut a lot to pay down debt faster, the only other way to speed up the process is to earn more money.
How did you do in September?