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OUR FIRST MONTH TO DEBT FREE

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IT’S BEEN A MONTH SINCE WE STARTED OUR DEBT FREE JOURNEY

 

We initially had a total of $124,695 of combined debts on February 24; we are now down to $122,306, a net reduction of $2,389 (personal loan numbers aren’t shown in mint snapshot since it’s from the bank of Mom).

 

 

Here’s a snapshot of our Debt Snowball Month 1

 

 

 

 

 

 

This is our February 2017’s debt numbers

 

 

 

 

 

 

These are our March 2017 debt numbers

 

 

 

 

 

 

 

2017 Household Budget

It’s the first month of a calculated 70-month ordeal.

 

We have a choice to either wait that long to pay off our debts or drastically make adjustments to our lifestyle and accelerate our debt repayment.

 

Since it’s the first month into our journey, my advice to myself is to take it ‘slow and steady’.

 

I’ve already subjected my family to the shock of this ordeal so we’ll have a few budget meetings as we go along to make our tweaks, and also to talk about what near future sacrifices we’re going to make in exchange for an early payoff.

 

Our current monthly budget is $7,300 and $1,759 is slated for debt servicing so we will see how we’ll increase these number as the journey goes along, so stay tuned.

 

 

Do you have budget and money saving tips that you would like to share? Please leave a comment or email us at thedebtfreejourney@gmail.com.

 

Peace and Blessings to you all.

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