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Hey y'all! I'm Skye and I believe in three things: living a simple life, running a savvy business, and having sound finances! I've been blogging and running my own business for over ten years now and I've gained a lot of knowledge that I am here to share with YOU. Learn how to perfect and balance these three aspects of your life and it will trickle out into every other area of your life, like your marriage, parenting skills, and relationships!

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February Budget Update

Woot! It is time for another budget update around here! We are sharing everything about our entire debt free journey, you can catch up here, to hopefully help inspire you to jump in the Dave Ramsey boat and kick Sallie Mae (and whoever else you may owe money to) out of your life forever.


February was not a great month as far as the debt snowball went but we still did a pretty good job of sticking to our budget and planning for a few upcoming things so that we can pay for them in cash. Plus, we paid off another credit card - what whaaaaaaat! BUH-BYE BARCLAY!

Here is a reminder of what we are working with:

OUR DEBTS

  • Best Buy Credit Card: $441.23
  • Student Loan #1: $859.03
  • Spark Business Card: $1,409.59
  • Barclay Credit Card: $2,377.31
  • Student Loan #2: $2,939.64
  • Student Loan #3: $4,464.77
  • Student Loan #4: $4501.44
  • Capital One Credit Card: $4,911.49
  • Student Loan #5: $5,427.62
  • Student Loan #6: $9,772.15
 Total: $37,112.99

Another thing I forgot to mention is that during this two years we will also pay off our car, which we currently (as of this month) owe about $6,800 on. We did not include it in the snowball because by the time we get to it, it will already be paid off! But we can add that to the total, which makes it closer to $43,912 and some change.



WHERE ARE WE NOW?


  • Best Buy Credit Card: $441.23
  • Student Loan #1: $859.03
  • Spark Business Card: $1,409.59
  • Barclay Credit Card: $2,377.31
  • Student Loan #2: $2,939.64
  • Student Loan #3: $4,464.77
  • Student Loan #4: $4501.44
  • Capital One Credit Card: $4,911.49
  • Student Loan #5: $5,427.62
  • Student Loan #6: $9,772.15
As of today, we have paid off $5,087.16 in right at three months. I mean. BLIGGIDY BLAM. I still can't quite wrap my head around that!

WHAT HAPPENED IN FEBRUARY


So, February was a bit different as far as budget went. Instead of making our normal debt snowball payment, we just paid off the balance of the Barclay card (which was around $780 or so I think) and then set a huge chunk of money aside to do some work to our truck. Since it is paid off and still in pretty good shape mechanically, we want to make sure it is well cared for so we can drive it until the wheels fall off. ;) We have about $650 set aside to put towards some new tires, we finally added a switch for a horn in the dash, and we are working on replacing a side view mirror that lost a pretty serious argument with a speed limit sign.

We also took the Insurance class at Financial Peace University and have decided to cash in our whole life policies and switch everything over to a term policy instead. The cash value of our current policies is about $5,300 so March is going to be a rather huge debt snowball payment, and we will knock about 3 months off of the overall plan with that amount too!

In addition to that - we cash flowed a couple of things we have happening - like the conference I attended and spoke at last weekend and our family reunion coming up this summer. Y'all, this is the first time in my adult life that I have paid for our own cabin for our family reunion. I'm both mortified and ecstatic about this fact. While yes, it is amazing to look back and see how having a plan has helped us come up with $5K in extra dolla dolla bills to pay off debt, it is almost more rewarding to know that we can be financially responsible as adults to cover things like a vacation without having to rely on my parents.

Hi, I'm 33, and and I've finally found the meaning of financial peace. Ha!

BEHAVIOR UPDATE


Dave says that personal finance is 20% math and 80% behavior and I have found this to be SO TRUE. I've learned a lot about my spending habits - why I'm really spending money and how irresponsible I can be when left to my own devices. However, this journey has really caused me to take a step back and see how our world lives and my view on other people has changed as well.

I've finally learned to quit being jealous of other people who can afford all these nice things, like a gorgeous house, a shiny car, a vacation home, etc., because I've learned that really - they can't. They are probably (statistically speaking) drowning in debt and freaking out at the end of every month because they make a six figure income but can't figure out how they will pay the light bill.

I want everyone I meet to know that, while this is the norm, it doesn't have to be HOW YOU LIVE. That is why I'm constantly spouting out on here about our money and debts and bills and finances. It doesn't matter how much money you make - you can get it together and have money at the end of the month. I am an open book because if we can do this, so can you - I PROMISE. Let this be your encouragement and know that if you have any questions or want help figuring something out budget wise, please ask me!!! I want to share the gospel of this financial peace with everyone.

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