May was a tough month for me mentally. We’ve made SO much progress in the past year, and I’ve reached the point where I feel like there’s not much more I can do. There’s nothing left to optimize or improve on. Now we just have to keep making our payments and watch our debts drop off. I need to find new things to keep me focused, because it’s getting more and more difficult to stick to our plan!
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This month we took a little from our snowball to buy a new ladder for our above ground pool. The other ladder was really a safety hazard, so it was well worth the cost. Thankfully we received a refund from a medical bill we paid, so we used that to cover the medical and car repair bills we had to pay this month.
Our home equity loan pay off was pushed back a month which is super frustrating, but it’s still right around the corner! Most of our other pay off dates didn’t change, so it’s really not a big deal. It FEELS like a big deal in the moment, but it’s really not in the overall picture.
|Type of Debt||Expected Payoff||Balance|
|Credit Card (HE Loan)||2018 – September||$5,548.57|
|Credit Card (Student Loan)||2018 – November||$9,500.00|
|Credit Card (Student Loan)||2019 – April||$10,327.73|
|Auto Loan||2019 – August||$15,009.35|
|Student Loan||2020 – April||$30,465.14|
|Student Loan||2021 – January||$34,821.93|
|Mortgage||2022 – January||$46,353.24|
|TOTAL DEBT INCLUDING MORTGAGE||$152,025.96|
|TOTAL DEBT WITHOUT MORTGAGE||$105,672.72|
One way that I am trying to keep myself excited and focused is by using a visual chart showing our payoff progress. I downloaded several charts for free from https://debtfreecharts.com/ and started coloring! Here’s the chart for the Home Equity loan that’s due to be paid off in September. Don’t judge my coloring…I was in a hurry to get it done while Landon was napping! It hardly seems possible that this will be paid in full in just 4 months. I can’t wait to fill in more lines for June!
Nothing exciting to report here, but I wanted to keep the charts in for consistency. Our student loans continue to be the thorn in my side. The true number is even larger because we transferred one student loan at a 0% card. Next year we will attack a huge student loan, and I can’t wait!
Our average interest rate didn’t change this month. As our 0% debts are paid off, that number will start to go up.
Method: Modified snowball method using Undebt.it
Our progress moved from 29.2% up to 30.3%, and we lowered our debt balance by $2,361.93 this month!
We will have TWO large debts (over $15,000) gone by the end of the year. I know the next 6 months will fly by, so why does it seem so far away?
We paid $523.27 in interest for May. The debts we are working on right now are at 0%, so this number won’t drop for awhile. In 2019, we should start seeing some big changes to our interest amounts!
More Wasted Money??
We spent $199.60 on dining out in May, so we haven’t been doing so hot. I just keep moving money around or using our credit card cash back to cover the overage, but it’s not ideal. That $99.60 that wasn’t in the original plan could be doing more important things for us.
I know that a big part of the reason we’re overspending is that I haven’t been meal planning like I used to. It’s so much easier to go out to dinner when you have no plan of what to make for the night. I have also grown SUPER bored with the meals we have been eating, so that makes it even harder.
We cashed out credit card cash back earnings in the amount of $155.45 in May PLUS we received our Cashback Match award from Discover in the amount of $356.72! You earn a dollar for dollar match during your first year with Discover. The full amount of the match is paid at the end of the first year. Score!
Earning such a good amount in our cash back helps offset our overspending, but that’s not our goal for the money! We want to use the cash back towards fun family activities or to pay off more debt. I hate when we use it to correct something and don’t even notice the impact of the extra money. Thankfully it is money we’ve earned instead of debt we’re racking up! I still can’t believe that our credit cards are finally going down instead of up!
How do you stick to your financial goals? What keeps you motivated? Share in the comments!