Money & Frugality

Our Money Makeover Challenge #2 | November 2017 Starter Emergency Fund & Debt Snowball Progress Report + December’s Goals

STARTER EMERGENCY FUND

We started this month with $100 in our emergency fund.  We only managed to save $60, but we also had to withdraw $60 during the third week of November for a copay to have my wisdom teeth removed.  We were unable to contribute to our fund the fourth week.  So, by the end of the month, we were back at our starting balance of $100.

Emergency Fund Ledger

$100 11/07 
+$20 11/10
+$20 11/17
+$20 11/22
-$60 11/27 Copay
+$0 11/29
=$100 11/30 Balance

DEBT SNOWBALL

We paid a total of $831.95 toward our debt in November.  Unfortunately, we only decreased our debt balance by $244.81 because I decided to continue to use my credit card.  Though, I did shred it today since it has served it’s purpose to increase my credit score.

Capital One Credit Card Ledger (my first and last credit card)

$200 Credit limit, secured with $49
-$45.80 10/28 Amazon
-$16.49 10/31 Walmart
+$25 11/09 payment
-$75.87 11/10 Walmart
+$42 11/16 payment
+$42 11/23 payment
-$50.10 11/27 Walmart
-$40.47 11/28 Goodwill
=$80.27 New credit limit
$119.73 New debt balance

Debt Snowball Ledger

Amber’s Capital One Credit Card
$113.16 Start amount ($200 max credit limit)
$109 Payment amount
$119.73 (FAIL) Balance remaining 
Ashton’s Google Pixel XL
$352.46 Start amount
$32.04 Payment amount
$320.42 Balance remaining
Amber’s Google Pixel XL
$384.50 Start amount
$32.04 Payment amount
$352.46 Balance remaining
401(k) Loan #1
$1,460.88 Start amount
$236.72 Payment amount
$1,224.16 Balance remaining
Ashton’s USAA Vehicle Loan
$4,201.15 Start amount
$317.15 Payment amount
$4,303.85 Balance remaining
401(k) Loan #2
$5,979.81 Start amount
$105 Payment amount
$5,939.37 Balance remaining
Total Debt as of 12/04/17 $12,259.99 

DECEMBER 2017 GOALS

Emergency Fund: Continue to save $20 per week.

Debt Snowball: Eliminate Capital One credit card debt; maintain the minimum payments for the other debts, of course.

My credit score started at 599 (below average) and increased to 627 (average) after the second payment on my credit card.  My goal credit score is 0, like Dave Ramsey, after we’re debt free and buy our first home.

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