Money & Frugality

Our Money Makeover Challenge #5 | February 2018 Emergency Fund & Debt Snowball Progress Report + March’s Goals

EMERGENCY FUND

We started February with $0 in our emergency fund due to an automatic overdraft, but we were able to accomplish our goal and save $250 total by the end of the month!

Emergency Fund Ledger

$1 – $1 (automatic overdraft) = $0 02/01 Balance
+$20 02/01 Weekly deposit
+$40 02/08 Weekly deposit
+$0 02/15 Weekly deposit
+$190 02/22 Weekly deposit
=$250 02/31 Balance

DEBT SNOWBALL

We paid $1,758.79 total toward our debt in February, including our first 401(k) loan with $647.56 as our final payment on the 23rd!  That’s not including the $470 we saved in our sinking fund for our Google Pixels!

Debt Snowball Ledger

Ashton’s Google Pixel XL
$256.34 Start amount
$32.04 Payment amount
$224.30 Balance remaining
Amber’s Google Pixel XL
$288.38 Start amount
$32.04 Payment amount
$256.34 Balance remaining
Ashton’s Chase Credit Card
$2,329 Start amount
$25 Payment amount
$2,279 Balance remaining
Ashton’s USAA Vehicle Loan
$3,529.77 Start amount
$917.15 Payment amount
$2,693.61 Balance remaining
401(k) loan #2
$5,756.35 Start amount
$105 Payment amount
$5,694.97 Balance remaining
Total Debt as of 03/01/18 $11,148.22

MARCH 2018 GOALS

Emergency Fund: Save $20 per week.

Debt Snowball:

  • Pay off both Google Pixels.  (We did four days ago on March 8th with $480.64 as our final payment!)
  • $550 per month toward USAA until July.
  • Remain current on the second 401(k) loan, which is automatically deducted from Ashton’s paycheck.

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