Money & Frugality

Our Money Makeover Challenge #14 | July 2019 Emergency Fund & Debt Snowball Progress Report + August’s Goals

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!

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