June was a powerhouse month for us. Between working a lot and staying focused on our debt, we were able to take a substantial bite out of our balances. Another debt is within striking distance (see below) and we have our eye on the prize to knock it out next month. But first… let’s review how June went.
If you missed out on our full plan for ditching our debt, you can catch up here.
Some things that went particularly well this month:
- Lots of extra hours and projects for us. I had a last minute booking for a package that gave us a boost and Hank worked far more hours than we planned for.
- Our Snowball Ammunition budget line was holding a substantial balance we threw it at Studen Loan 2, cutting it in half!
- We got realistic about our spending in more categories of our budget and were able to better cover those expenses. For instance, food, clothing, and household goods always seem to go over budget, but the reality is we have two growing boys and our needs are changing and it was time to adjust.
Some things that didn’t go well this month:
- Despite our best intentions, our spending is still a bit higher than we’d like. Some spending was necessary – like a ceiling fan replacement – while others not so much. But while we focus on fixing our spending habits, we can say one thing – it’s all in cash. So while we’re not as good as I would like about controlling our impulses, at least we’re not racking up more debt.
So here’s where we stand:
| Debt | Balance: May 31 | Balance: June 30 |
| Student Loan 1 | $0.00 – YAY! | $0.00 – YAY! |
| Student Loan 2 | $1,176.17 | $547.53 |
| Credit Card 1 | $0.00 – YAY! | $0.00 – YAY! |
| Student Loan 3 | $5,095.56 | $4,993.60 |
| Personal Loan | $9,340.27 | $9,221.85 |
| Renovation Loan | $10,819.77 | $10,646.98 |
| Credit Card 2 | $22,789.49 | $21,764.02 |
| Credit Card 3 | $17,186.13 | $16,875.02 |
| Total: | $66,407.39 | $64,049.00 |
Things that are keeping us motivated:
- Our debt tracker is getting more colorful by the day, showing how much progress we’re actually making.
- It’s also wildly motivating so see debts drop below $1,000. It feels within reach to tackle those and move onto the next.
- Heading into July, we’ve agreed to be more resourceful and creative to curb spending and keep costs low. With how much we have planned, it’ll be tough, but if we keep each other in check, I’m sure it’ll be a very successful month.
You Need a Budget continues to be an amazing tool for us to plan ahead and ensure we can continue on this path. When you use this link to sign up, we’ll both get a month free!
Until next month!
xo,
Jen
Wow! That’s great progress! It’s such a good feeling, right?
I know what you mean about the balance dropping below $1,000. Our mortgage balance fell to $710 in June so I’m ready right now to make the July payment and be done with that! I’m so excited.
So excited…that I bought a new car with a $700 payment for 5 years. Although I don’t relish more debt, I enjoy worrying about my ride even less. So, I look at it as just a replacement to my mortgage payment. And I should be able to chip away at the other debt as I had in the past. I’ll still be making forward progress. Yes!