Budget Update: February 2017
Here is a reminder of what we are working with:
OUR ORIGINAL 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
- Car Loan: $6,800
WHERE ARE WE NOW?As of March 10, we have paid off another student loan and on February 28, we paid off our CAR!!!!!
OUR CURRENT REMAINING DEBTS
- Capital One Credit Card: $4,352.36
- Student Loan #6: $7,303.53
WHAT'S BEEN HAPPENINGBack in January, I paid off the last of my own personal student loan. Most of what we had were Chris' since he had private school for undergrad AND graduate school and he took out loans for most of it. Yikes. Not recommended. But I clearly remember the feeling when I logged in to my student loan server (Navient - BYE FELICIA) and realized that it was the last time I would ever have to do it ever. It felt like I lost 20 pounds and I sat in my computer chair crying, realizing that I was doing something I thought was absolutely beyond impossible. I've always joked saying that my children would have to roll me in the wheelchair to the post office at the nursing home to make my final payment. And now, it is GONE. Forever. FORRRREVVVVVERRRRRRRR. Again I say - Bye Felicia!
And then in February, I started adding up everything and doing some calculations and realized that we could pay off our car. I've never written a check that large y'all. How many people do you know that have a paid for car? Our car isn't new or fancy but it is reliable, and I'm really picky about keeping it clean so it is in really good shape inside and out. And now I can drive it for years without a payment.
Just breathe that in - how much flexibility would you have in your budget if you didn't have a car payment? The average car payment is about $500/car. For most families - that is about $1000/month going out in a car payment. Think of all the amazing things you could do if you didn't have a car payment. CAN YOU EVEN IMAGINE?
Those are two HUGE wins for us since the last update. To be down to our last two debts and be so close to the finish, is just incredible.
I write all this, and share our story, because I honestly thought we would never be able to do this. I am totally one of those "oh we can never do that, but congratulations on your success!" kind of people. I'm not writing this to brag or show off or make anyone feel guilty. I feel it is important for me to share it so that you say to yourself "Okay - if this family can get out of debt, we definitely can too".
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