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).
