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“Rule #1: Never lose money. Rule #2: Never forget Rule # 1” Warren Buffett
We’re 5 months into our Debt Free Journey and here are our snapshots
July’s total debts came out to $120,099.64, down $1,601 from June’s $ 121,701.
Slowly but surely we’re making a dent.
Last month we kinda messed up our budget a little since we traveled, but like I mentioned in my earlier posts, this year we’re taking it easy to gear up for at least 3 years of buckling down 🙂
Big gotcha was my school loans that jumped to a whopping $1,036 a month from $236; this due to my ‘Income Based Repayment’ having expired in June.
I hurriedly placed a forbearance request on my account and re-applied for the “IBR” and I’m waiting on the result; meanwhile, I’ll continue paying the $236/ month as usual.
It’s really a slow grind, having started with $124,695 last March to this month’s total, I’m only seeing a decrease of $4,596 despite budgeting $1,811 a month for debt repayment, well, June hit me like a train since my school loan interest shot up, and our travel also didn’t help; but we’re keeping at it.
The main thing is we’re still moving forward.
JULY 2017 NUMBERS
JUNE 2017 NUMBERS
LAST JULY’S GOAL UPDATES
OVERTIME
I was able to work about 7 hours of overtime, GREAT!!! But we had a few setbacks, like an unforeseen car emergency which cost $280 and our camera broke and had to be repaired to the tune of $269 L and since they’re not emergencies we had to cash flow it.
My extra income doing overtime really helped though, it paid for most of these unforeseen bills so I feel good.
MONETIZING
Well, nothing happened in July, no income whatsoever; I’m still feeling my way around the monetizing strategy but to be honest, I’m really not expecting for this blog to make money soon, in fact, that’s just not my goal even though I put it as one. I’d rather just document our journey, share our experiences and hopefully help someone out, rather than sell out; although I have banner ads and affiliate links just in case, it’s still not a goal for me at this point. If it happens then it’s a bonus, but bottom line, it’s more a wish than a goal at this point 🙂
GOALS FOR THIS MONTH
OFFER FREEBIES
I’m almost done with my Ultimate Guide to Buying Real Estate e-book and hopefully should get that up within 2 weeks, barring any emergencies or travel. I already have the budget tool online and ready to be downloaded from the home page.
KEEP TRACKING MY SPENDING
Did I mention that Personal Capital is the bomb!!!! I prefer using it now from mint, It just feels more secure, report views look really better, and best of all, it’s FREE. Who wouldn’t want that?
WORK O.T. Again
I’m still having a goal of at least 5 hours of OT, while I’m still allowed, hoping this would be good to go for this month.
READ READ READ
I’m giving myself a 2 book a month goal, audio books not included. I read 2 books last month and hope to do that this month as well… stay tuned.
REFINANCE
Look at refinancing my 2 credit cards which have interest rates of 9.5 and 23 %, yikes. Also look to refinance, if I get approved, my school loan, right now it’s at 6.8% so I’ll see if there’s anything better out there. I’m looking at companies like Sofi and Financially Fit to see if I get approved.
WRAPPING UP
It’s a challenging predicament but one that is really fulfilling. We feel like we have a renewed purpose as a family and are working at it. Slow and steady this year, refocus and be intense next year, that’s our plan 🙂
Do you have a similar debt situation that you’re trying to overcome? Any strategies you want to share? Please send us feedback below and if you like to join our journey, won’t you subscribe via the form below.
Thanks for stopping by, until our next post.
Peace and Blessing to you All.
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