Savings
We exceeded our emergency fund goal of $200 by $230 this month! We started with $3,570 and have saved a total of $430: $200 on the 4th and $230 on the 26th. We now have a balance of $4,000 saved!
We also met our Christmas sinking fund goal of $100 this month. We started with $350 and saved $25 on the 4th, $25 on the 11th, and $50 on the 26th. We now have a balance of $450 in this savings account.
Additionally, we met our 10th anniversary sinking fund goal of $100 this month. We started with $300 and saved $25 on the 4th, $25 on the 11th, and $50 on the $26th. We now have $400 in this savings account.
| July 2019 | Emergency Fund | Christmas | 10th Anniversary |
| Starting Balance | $3,570 | $350 | $300 |
| 4th | $200 | $25 | $25 |
| 11th | $0 | $25 | $25 |
| 18th | $0 | $0 | $0 |
| 26th | $230 | $50 | $50 |
| End Balance | $4,000 | $450 | $400 |
| Goal Met? | Yes, exceeded! | Yes | Yes |
Debt Snowball
At the beginning of this month, we owed $4,230.80 in 401(k) loan debt. Every week, $26.25 is deducted from Ashton’s paycheck to repay it for a total of $105 paid this month. We now owe $4,120.68.
|
Payment Due |
Payment Amount | Interest | Principal |
Balance |
| 1st | $26.25 | $4.27 | $21.98 | $4,208.82 |
| 8th | $26.25 | $4.25 | $22.00 | $4,186.82 |
| 15th | $26.25 | $4.23 | $22.02 | $4,164.80 |
| 22nd | $26.25 | $4.20 | $22.05 | $4,142.75 |
| 29th | $26.25 | $4.18 | 22.07 | 4,120.68 |
It seems like we’ll be able to pay this final debt off sooner than we think! With $4,000 in our emergency fund, we would only need $1,000 more to pay the remaining debt balance and still have the $1,000 starter emergency fund. We can definitely save that additional $1,000 by the end of this month!
August Goals
Savings
Emergency: Save $250+ per week for at total of $1,250 for this 5-week month.
Christmas: Continue to save $25 per week.
10th Anniversary: Continue to save $25 per week.
Debt Snowball
Remain current on the second 401(k) loan until the end of the month, then pay it off once we’ve reached $5,000 in the emergency fund. August 29th is the projected date that we’ll be completely debt free!
