August 2017 debt snowball

Good-bye summer and hello fall.

Okay not quite, but it sure feels like it the minute we hit Labor Day.

Fall is the best season for us when it comes to paying down debt.

I spent some time thinking about that recently and was able to identify a few reasons why:

 

  • We pack our lunches and eat out less often.

 

  • We don’t typically have any vacations in the fall.

 

  • I teach a class or two as an adjunct, so I bring in more income.

 

  • Brian works more overtime, and there is holiday pay several times before January.

 

I’ve been feeling a bit defeated by our debt lately because the amount doesn’t seem to be moving at all. I know it’s a marathon and not a sprint, but sometimes I just feel like quitting.

Obviously, we don’t have a choice; the debt won’t go away on its own.

August proved yet again there is a reason we have an emergency fund.

I took my car in for a “routine” oil change, and a couple of hours later I got a call with the bad news. We desperately needed new struts and shocks. The whole call was a blur because they went through a list of things that were routine that they suggested being done, and dollar amounts. Yikes.

Most of the items were just suggestions, but the struts and shocks were not.

I knew we had money set aside for repairs for a reason, but it’s still annoying when you get a call like this.

The key word there was ANNOYING.

This call and these expenses were annoying. They weren’t devastating; that is what an emergency fund does for you. It turns an emergency into a nuisance instead of a fear-inducing tragedy.

I keep reminding myself this is the cost of running our cars into the ground, and we haven’t had car payments in years.

our paid for cars
Our paid for cars

It wasn’t all bad news in August though. We were able to again keep our grocery budget under control. I know that Erin’s “Grocery Budget Makeover Course” made that possible. I highly recommend you check it out. The course is only available twice a year and one of those times is this week. Check out my review of the course.

I’m looking forward to big payments on this debt to get well under $30,000 by the end of the year. We are still aiming to be at or below $26,200 by December.

So here’s the update for August

Income report from August

Money from Varage Sale                                 $ 8

Money from Storage Locker sales                  $ 44

Cash back from credit cards                           $ 51

 

 

Total extra income                                $103

 

Current outstanding student loan debt        $32,460

 

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