The plague that sickened both kids and landed DS1 in the hospital, has officially taken down DH. Hence the late-in-the-day post today. Let’s hope I’m not the next victim! When mom goes down, the whole house turns to shambles! Ha. Anyway…
At the end of February I posted our updated debt and savings amounts:
- Starting Debt: $69,794.77
- Starting Savings: $15,408.01*
*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
As of March 31st, our debt and savings are currently:
- Current Debt: $77,504.54
- Current Savings: $16,240.84
- Credit Cards: $7,870.47
- Mortgage: $59,444.56
- Auto Loan: $10,189.50
The most noticeable change is the addition of an auto loan. This was a planned expense for this year, and I’m happy with the amount and payment. Info here.
However, the biggest change is the fact that I paid off two credit cards. If you ignore the auto loan, you’ll see our consumer debt actually went down $2,215.80 this month!!!
DH repaid the $500 to savings that he took last month. Including that $500 repayment, we were able to increase our liquid savings account by $832.83. I have $2,500 in cash from selling two vehicles as well. We just set this money aside just in case we encountered any more buyer problems.
March was busy for us, and I didn’t keep track of all the extra money we made. My goal is always to pay an extra $400 towards debt per month. I killed it with an extra $1,000 this month! A few snowflakes for March included:
- $10.00 sold mirror
- $20.00 sold mattress
- $50.00 sold tool box
- $15 sold storage drawers
- $700 sold washer and dryer
- $3000 car #1 sale, minus $700 repair = $2300 (not applied yet)
- $500 car #2 sale (not applied yet)
I did withdraw $1000 from Digit. Digit is our ‘vacation’ account. Since we’ve decided to postpone a family vacation until 2018, I went ahead and put some towards debt instead.
Figuring Out a Budget
Moving forward into April, I finally have an idea of what DH’s paychecks will be. After savings, benefits, and taxes it looks like just over $1,000 bi-weekly. Ouch. So much for that pay raise, the insurance premium increase killed any extra he’d take home. I need to get strict with a budget now that I have numbers to go by.
I currently juggle three income streams: DH job, rental, and MIL contributions each month. It’s a hassle and I haven’t quite figured out a system that works for me to track every thing. My goal for April is to do just that.
Even though our debt increased with the auto loan, I am thrilled with our progress. I know we can knock out the consumer debt in a few months if we’re smart with our money. That’s a big IF lol. I’ve updated my sidebar and debt progress page with all the numbers as well.