Sunday, May 15, 2011

Day 216 - Mid Month Debt Payoff Report

May 15, 2011

Day 216: Mid-Month Debt Payoff Report

The first and fifteenth of each month I will update you on the status towards our goal of paying off $60K in one year.

** Check out the Real Time Debt Tracker!!! Keep up to the minute tabs on our debt balance and whether we can pay it off in 365 days! **

To date, we have paid off $46,068 of our debt in 215 days.  In order to pay our debt off within one year, we will need to pay approximately $2,800 each month for the remaining five months.  We average almost $4,000 a month in debt payments so we are way ahead of schedule.

Challenges: We have some significant expenses looming due to upcoming birthdays, bachelorette parties and weddings. Luckily we have planned ahead and already paid for all of the airfare. Even though we have some cushion since we are ahead of schedule on debt payments, we are determined to stick to our original budget.

Highlight: Even though I had an emergency car repair a few weeks ago, it really wasn't as big of a deal as it would have been a few years ago. I paid for the repair out of my checking account as opposed to needing to use a credit card. Then I moved on and didn't think twice about it. I used to freak out when my car went into the shop because I didn't have any extra money available for an emergency. I 100% prefer the worry-free version of this story. Paying off debt DOES  make a difference!!

Light at the end of the tunnel. We are so close!! I'm excited to start thinking about what our next steps will be when this is paid off!

Stick to it! You can do it! Do you have a debt payoff update? Stay accountable and send me your status.

Stay tuned,
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