The first and fifteenth of each month I will update you on the status towards our goal of paying off $60K in one year.
So far we have been able to completely live on my salary and put Mike's entire salary towards extra debt payments. A good start to sticking to our budget and cutting back on expenses.
Scheduled Payoff of First Debt: We are currently throwing all of our extra money at our smallest debt - Mike Student Loan #1. We expect to completely pay this off late January or early February if we can stick to our budget
Challenges: Eleven months left to pay off $47,500. This equates to approximately $4,300 a month in debt payments. Right now we do not have that much money available from our current paychecks to put towards debt each month. Mike and I will need to earn some extra money on the side. But how??
Upcoming Significant Expenses: Vet, holidays
Additional Cutbacks: Wine club ($50/ month), online fitness tracker ($17.50/month), office garage parking canceled as of December ($135/month)
Stay tuned,
Sarah
