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Hi friends! Another frugal month is in the books. This post shares our July 2018 Debt Payoff Report which keeps us accountable in reaching our goal.
Truth be told, I’m kind of relieved that this month’s payment is behind us. It was fun but I always feel a little antsy putting money toward other things than the mortgage since I talk so much about paying it off. That said, I want to speak honestly about what it’s like for those who have similar goals/interests.
Some of the highlights were:
- I worked the most I’ve worked in one month since delivering Terin.
- We traveled by plane for the first time with baby Terin.
- We went over budget(!) on our Alaska travel. We budgeted $800 but still cash flowed everything.
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July 2018 Debt Payoff Report – $1,944
Some fun stats about our payoff so far:
- Current balance: $75,136
- 19 months along
- Total paid off: $54,938
- 42% complete
- We’ve shortened our loan by 16 years, 10 months
Our financial life in July felt much like fireworks! We had several changes in our family life routine with our Alaska trip. We kept focused on debt payoff through the process, though. I made our principal only payment before our minimum payment was due. We crossed off two more lines on our debt free chart! Yay!
We juggled daycare scheduling and traveled for 9 days. So much of the month was outside our normal routine and required a little more planning than normal. Nana and Grandpa came to visit Terin for a week. We loved having them bond with her and enjoyed Nana’s awesome cooking. 😀
Our current balance is $75,136. I’m stoked for August because it’s a three paycheck month. I’d be thrilled if we could get $2,500 in principal only payments on the mortgage. If we keep on track, we could have 50% paid off by the end of the year.
Related: We paid off $50,000 of our mortgage!
July’s Finance Faves
I consume a little bit of personal finance content each day and want to share a few tidbits of what I’ve enjoyed, learned, laughed in July. Having financial peace connects how we relationship with others, give, and grow. There’s a wealth (pun intended) of information on the web for personal finance, each with a different spin on how to spend, save and give.
I’ve been listening to Tim Ferriss’ podcast for a while and heard him talk about his latest book Tribe of Mentors. Ferriss interviews experts in a variety of fields, some famous, some relatively unknown. All of them provide short life advice focused on their respective areas of expertise. I checked out the book from the library and will share some tidbits on my Insta account.
Around the personal finance innerwebs
- Tips for #adulting in personal finance
- A list of other personal finance courses beyond Dave Ramsey
- A feature from Root of Good on what it’s like retiring at 33 years old
- Totally trying this DIY Starbucks Chai. BRB
- Maybe this is what BS7ers do with when they pay off their house?!
Goals for July
A few of our July goals are to:
- Meal plan more to avoid impulse buys
- Grocery shop while in Alaska for Terin’s allergies
- Stay in budget while out of town for 8 days
- Keep posting regular content on the blog 🙂
What’s going on with your debt payoff? Share with me in the comments!