Money & Frugality

Our Money Makeover Challenge #10 | December 2018 Debt Snowball Progress Report + January’s Goals

We exceeded our goal and paid $1,105 total toward our debt in December!  However, Ashton added $1,038.15 to the credit card for his hobby.  I am disgruntled and discouraged, but complaining about it won’t solve anything.  It’s just going to take somewhat longer to pay off than I planned.

Despite the continual setbacks, I now hope to be debt-free by the end of April/beginning of May.  It’s (seemingly) possible because we expect about $1,000 winter work bonus next month (February), at least $3,000 tax refund in February or March, and $1,500-$2,000 from Ashton’s hobby in the next month or two.  Plus, we’re able to contribute $1,000 per month for now since my youngest daughter is staying with my in-laws for a couple of months to help with daycare costs while we try to eliminate our debt.

Debt Snowball Ledger

Ashton’s Chase Credit Card
$4,833.92 Start amount
$1,000 (+$1,038.15) Payment amount
$4,872.07 Balance remaining
401(k) loan #2
$4,879.94 Start amount
$105 Payment amount
$4,773.11 Balance remaining
Total Debt as of 01/01/19 $9,645.18

JANUARY 2019 GOALS

  • Contribute $1,000+ towards the credit card without adding more debt to it.
  • Remain current on the second 401(k) loan, which is automatically deducted from Ashton’s paycheck at $26.25 per week ($105 total per month).

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