A step forward—no matter how small– is still a step forward and deserves to be treated as such. Brian is CONSTANTLY reminding me of this. He often puts it in terms of running, “Megan, our debt snowball is a marathon and not a sprint. It’s going to take some time, but we will get there.”
Of course, he’s right—as he’s so quick to admit ALL THE TIME.
May was only a small step forward in our debt snowball journey because we did not pay any extra (over and above the minimum amount due) on the student loan payment. However, it is still a step forward because while the majority of that monthly payment goes towards interest, there is a little bit ($150) that goes towards principle. I just wish it was a lot of steps forward. I mean seriously, who wants to spend their life running a marathon!
I can’t tell you that this month was tough because of unexpected expenses; it was simply life and timing. Timing because on the income side the way Brian’s schedule worked out, he had fewer hours on these paychecks. Next month we will see a big bump since there are more hours and a big day of overtime.
On the expense side we had to pay for Cassidy’s school registration for next year, which is a once a year expense, but the big expense problem was in food. We are usually pretty good at sticking close to our food budget—not this month. We have been trying to eat healthier and I had a lot of new recipes, which were more involved and included some more expensive ingredients. (side note- our family doesn’t like smoked salmon and we spent a lot of money finding that out. Brian did a great job following my shopping list to a “T.” I should have put more thought into what we may or may not eat. Expensive lesson learned.)
In the interest of full disclosure I will share the extra income we earned this month above our paychecks. However, this income is not going towards our debt snowball since it was needed to maintain our May budget.
So here’s the update for May:
Income report from May
Money from Varage Sale sales $ 125
Ebates payout $ 28
State tax refund $461
Total extra income $614
Total extra income towards debt snowball $ 0
The new garage siding that we knew we needed and had saved for arrived.
Nearly $5,000 later, but finally it makes our garage match our house and we don’t have a rotting wood problem anymore.
God willing we expect a pretty big step forward in our debt snowball next month.