Money & Frugality

Our Money Makeover Challenge #3 | December 2017 Starter Emergency Fund & Debt Snowball Progress Report + January’s Goals

STARTER EMERGENCY FUND

We started this month with $100 in our emergency fund.  I managed to save $80 total, but I also transferred $95 to checking during the second week of December for Christmas gifts.  By the end of the month, we were down to a balance of $85.20.

Emergency Fund Ledger

$100 12/01 Balance
+$20 12/07
-$95 12/11 Christmas gifts
+$20 12/14
+$20 12/21
+$0 12/28
+$20 12/31
+$0.20 12/31 Annual percentage yield
=$85.20 12/31 Balance

DEBT SNOWBALL

We paid a total of $842.68 toward our debt in December, and I paid off my credit card!

Capital One Credit Card Ledger

$119.73 Balance
-$29.93 12/07
-$29.93 12/14
-$59.87 12/21 FINAL payment!
$0.00 Balance

Debt Snowball Ledger

Ashton’s Google Pixel XL
$320.42 Start amount
$32.04 Payment amount
$288.38 Balance remaining
Amber’s Google Pixel XL
$352.46 Start amount
$32.04 Payment amount
$320.42 Balance remaining
401(k) loan #1
$1,224.16 Start amount
$236.72 Payment amount
$987.44 Balance remaining
Ashton’s USAA Vehicle Loan
$4,303.85 Start amount
$317.15 Payment amount
$3,853.18 Balance remaining
401(k) loan #2
5,939.37 Start amount
$105 Payment amount
$5,878.56 Balance remaining
Total Debt as of 01/02/2018 $11,327.98

JANUARY 2018 GOALS

Emergency Fund: Continue to save $20 per week.

Debt Snowball:

  • Pay off both Google Pixels.  In order to do this, I have to save money every week in a sinking fund because the only two options are to pay the minimum according to the payment plan (automatically deducted from checking) or pay off the device balance.  There’s no option to pay extra.
  • Maintain the minimum payments on the other debts, of course.

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