February Debt Update


That sums up this update. I honestly thought I’d have an awesome update for February.  At the beginning of the month things were going perfectly.  Extra money here, extra money there.  Extra debt payments here and there.  Yet “somehow”, it went wildly off track.  While I’m not concerned, and it’s all going to be resolved in March, it’s a bummer to work hard and not see the results at the end of the month.

(And by “somehow” I mean life.)

At the end of January I posted our updated debt and savings amounts:

  • Starting Debt: $69,774.88
  • Starting Savings: $15,623.79*

*I’m only accounting for our regular liquid savings account.  Not the apps, investments, or Digit.

I laid out all of our current credit card debts in this post here.  That post also briefly mentions our mortgage on a rental property that is just under $60k.

  • Starting Credit Cards: $11,186.44
  • Starting Mortgage: $60,185.80

New Numbers!!

As of February 28th, our debt and savings are currently:

  • Current Debt: $69,794.77
  • Current Savings: $15,408.01

February breakdown…

  • Credit Cards: $10,086.27
  • Mortgage: $59,708.50

Unfortunately savings took a hit of $215.78.  DH withdrew $500, with the intent of putting back the $500 by the end of the month.  He didn’t quite make the deadline for this update, but it’ll be in there next week.  We also managed to increase our debt by $19.89, despite my best efforts at snowball payments this month.

My goal is to boost our liquid savings account up to $17,500 this year.  This would cover a years worth of monthly expenses for us (excluding rental property.)  I know the pros suggest 3-6 months, but we’ve hit hard times before, and 3-6 months was not enough.

I was able to put $548.40 in snowflake payments towards the credit cards this month.  Ideally I’d like to do $400 extra each month, so I’m really happy with this amount!

  • $60.07 – 30% from January Etsy income.
  • $50.00 – Sold Dresser
  • $35.00 – DH Sold Something
  • $100.33 – Quarterly Cash Back Rewards from Credit Card
  • $20.00 – Sold Bed
  • $50.00 – Sold Tool Box
  • $38.00 – Sold Planner
  • $40.00 – DH Sold Something
  • $75.00 – DH Sold Something
  • $80.00 – Sold Dresser

I still have several items listed for sale locally.  Hoping to move more things this month, especially with people getting their tax refunds.  I didn’t get around to listing anything on Ebay.  We’re considering a yard sale later this month if things don’t sell fast enough.  Or if we finally have enough of dealing with the rampant idiots.

Great Snowball!  So, What Happened?!?!

Well, first and foremost, we’ve got a lot going on behind the scenes here that I can’t quite write about.  We’ll attribute about $400 to that mess.  I had cash for this, but DH threw it on a credit card and forgot to tell me about it until I saw the charges.  Plus the $500 he withdrew from savings, but will be returning soon.

Then the washer and dryer.  I mentioned we would be shopping for a new refrigerator, because all our food kept rotting.  (We haven’t found a suitable replacement.)  However, we did come across a can’t beat deal on a new washer and dryer set.  We’ve since cleaned up and posted our “old” set for sale.  Pending any buyer negotiating, we will actually profit $400 from this deal, as our old set was far more expensive.

Lastly, and most annoying, we still have not received rent for the month of February from our tenant.  It’s due the 15th of each month.  As a result, we had to pay the mortgage and utilities out of our accounts vs the rental account.  I don’t have a large buffer in the rental account, because a) no deposit was made and b) tenant pays random amounts at any given time in any given method (cash/check) (and c) I’m an idiot.)  As I’ve mentioned before, it’s a family member.  Not an ideal situation financially, but should be ending very soon.


I’m not happy with our lack of progress this month, but I know it’s a temporary set back.  March will be better.  I’m staying motivated and upbeat.  On the plus side our overall savings/investments did increase by $2,477.80. I’ve updated my sidebar and debt progress page with actual credit card numbers as well.

How did everyone else do with debt reduction and savings for February?  Hopefully much, much better than we did.  😉

This entry was posted in Goals, Monthly Update, Savings and tagged , , , . Bookmark the permalink.

2 Responses to February Debt Update

  1. I think you are doing very well! It is always interesting to see how others manage their finances. Our lack of liquid savings makes me more anxious than I like, but we are doing our best to follow the Dave Ramsey plan of getting out of debt. Personal finance really is just that…personal!


  2. Pingback: March Debt Update | Intrepid Debt Blog

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