I’m usually “all in” when it comes to our budgeting and debt repayment plan. I love to look at my charts and predict when it will all be paid off, I enjoy updating Everydollar.com, and I get motivated listening to debt free screams on the Dave Ramsey podcast. But sometimes I just get tired.
I’m tired of caring so much about every dollar and where it goes.
I’m tired of updating the charts to reflect our new pay off projections and realizing it will take longer than I thought.
I’m tired of tracking down every single receipt.
I’m tired of always questioning every single purchase.
I think it’s important to share my frustrations because I’m human just like everyone else. Even though I LOVE the budgeting and money management process, it’s not easy, it’s not perfect and it certainly doesn’t always go as expected.
I mean is it really a big deal if we take a few extra years to pay off that pesky student loan????
YES, the answer to that question is yes and it’s always yes.
What I have to do when I’m getting discouraged and want to throw in the towel is look at how much interest we pay monthly and yearly to realize we have to keep going. We have to keep putting our extra money at that debt. The other option is to continue to throw over $2,000 a year away in interest. Maybe it will take us an extra 6 months from what I initially thought but we will get there and we will not give up. We’ve got this.
So after our difficult May I’m happy to report we did much better in June for our debt snowball. Brian’s overtime from last month was reflected in these paychecks. Our family also won money in a “draw down” ticket we purchased. I feel like between my sister’s children being in Catholic school and my dad being a Knights of Columbus there are ample opportunities to purchase “draw down” tickets. Usually the entire family goes in on several tickets and since I don’t want to be the only one left out if they win big we always contribute toward the ticket too – peer pressure. Well we finally won. After years of “donating” to these causes we finally won something. Since all income is accounted in our budget this is reflected as well. We also did better – not great – but better in our food budget this month.
As we now move into paying off the student loan debt I want to clarify that the extra income towards our debt snowball is in addition to our monthly payment of $354.67.
So here’s the update for June:
Income report from June
Extra from June paychecks $858
Money from Varage Sale sales $ 28
KC Drawdown ticket winnings $128
Total extra income towards debt snowball $ 1014
Outstanding student loan debt $ 46,691
Debt snowball updates: