Money & Frugality

Our Money Makeover Challenge #4 | January 2018 Starter Emergency Fund & Debt Snowball Progress Report + February’s Goals

January was an unsuccessful month, unfortunately.  We were B-R-O-K-E due to a couple of meager paychecks at the beginning of the month because of the Christmas and New Year holidays, so we were unable to accomplish any original financial goals for the month.  We managed to save $40 in our emergency fund and pay $722.95 toward our debt.  With a bonus, plus our tax refund expected this month (February), I am confident that we will be able to get back on track by the end.

STARTER EMERGENCY FUND

We started January with $85.20 in our emergency fund.  As mentioned, we only managed to save $40 total, but we withdrew $124.20.  By the end of the month, our emergency fund balance was down to $1.00.

Emergency Fund Ledger

$85.20 01/01 Balance
+$20 01/04 Weekly deposit
+$0 01/11 Weekly deposit
-$80.20 01/11 Withdrawal
+$20 01/18 Weekly deposit
-$44 01/18 Withdrawal
+$0 01/25 Weekly deposit
=$1 01/31 Balance

DEBT SNOWBALL

Though we were able to pay a total of $722.95 in January, our debt snowball increased by $2,329 (husband’s Chase credit card), so we went from $11,327.98 up to $12,910.56 in debt.  Also, we saved $250 in our sinking fund for the Google Pixels.

Debt Snowball Ledger

Ashton’s Google Pixel XL
$288.38 Start amount
$32.04 Payment amount
$256.34 Balance remaining
Amber’s Google Pixel XL
$320.42 Start amount
$32.04 Payment amount
$288.38 Balance remaining
401(k) loan #1
$987.44 Start amount
$236.72 Payment amount
$750.72 Balance remaining
Ashton’s Chase Credit Card
$2,329 Start amount
$0 Payment amount
$2,329 Balance remaining
Ashton’s USAA Vehicle Loan
$3,853.18 Start amount
$317.15 Payment amount
$3,529.77 Balance remaining
401(k) loan #2
5,878.56 Start amount
$105 Payment amount
$5,756.35 Balance remaining
Total Debt as of 02/05/2018 $12,910.56

FEBRUARY 2018 GOALS

Emergency Fund: Save $250.

Debt Snowball:

  • Add $220 to sinking fund for Pixels in order to pay off both Pixels in March.
  • Pay off 401(k) loan #1.
  • Contribute $1,500 toward USAA loan.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s