February was a short month in terms of days but a big month for debt repayment. We managed to eliminate $2,532.86, our biggest month ever! This was in addition to replenishing our emergency fund (about $800) that was depleted from paying some estimated taxes in January. We feel great about what we were able to accomplish this month. It’s even more uplifting knowing that in the next few months, our income is going up and our expenses are going down thanks to the new job.
We were able to pay a big chunk on the personal loan in February and by this time next month, it will be gone. We also started paying on the family loan for personal reasons. We just wanted to get started on it and the family member could also use the money due to some unforeseen circumstances. Another great reason not to get into a family loan. Now onto the spreadsheet!
Great job! With an increase in income you s/be able to knock it off even faster! It’s amazing how much quicker it seems to go toward the end; we just finished our (initial) debt snowball, and when we made the final payment it was almost anticlimactic, it seemed so sudden somehow, like we hadn’t been working at it for months. It’s still sinking in! Of course, we’re not done yet; now we have (lots of) mortgage debt to tackle.
Keep it up! It’s worth it!
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I think we will LOVE the day we pay off our last debt. It’s going to take as awhile so it will be that much more sweet. We know once we pay off that last debt, we can begin saving for a house, etc.
Good luck to you!
That’s awesome and it looks like you’ve got great momentum moving forward. Keep an eye on it over time because at some point, the month to month probably won’t be enough to wow you, but when you then look back at six or twelve months ago, you’ll realize how it adds up. Keep it going and keep us posted!
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The momentum feels great! I think once we are to a point where we pay the same each month, we will want to find ways to make more money. That will help us out in more ways than one.
This is great Adam! It took my husband and I 3.5 years to tackle $93,000. You are definitely on the right path! Best of luck to you guys.
Thanks! We know it’s going to take us awhile too.
WHEOOOO! Jealous. We can chip away just $600 a month. I would love to have one month to chop that much off. Keep it up! Awesome job.
Ted @broketofree´s lastest post ..The shame of debt
$600 is better than none! Keep up the great work and thanks for commenting!
I love how you have the debts listed and you can see your progress from month to month. Great job! Sometimes it can feel like you are not going anywhere when paying off debt, but by charting it every month like this, you can look back when you get discouraged and see your progress.
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Wow! Congrats on the big chop! Can’t wait to see how March works out.
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Just thought I’d drop in to say great job on the $2500 debt reduction in February! You guys really hammered it last month. Keep chopping that wood, and before you know it you’ll be debt free.
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Congratulations on a great month of paying off debt! That is an enormous amount, you are making great progress!