It's the end of the month, and a long month at that, so I wanted to report how we did on our debt snowball. We paid 10% of our income to my school loans! Yes, 10%! And that's not it (yet)! First of all, we were able to do this because this was a 3 paycheck month. Because we are so used to living on 2 paychecks a month, the plan was to use the third paycheck for the debt snowball, which we were able to do. However, because it was a third paycheck month the last paycheck came near the end of January and we needed to keep some money out for February bills and budget. (We're still working on the whole cash flow thing.) So, when the next paycheck comes we'll be able to put another big chunk toward our debt snowball! (And we're keeping track of how much we are "lending" to February).
I must say, at first I was bummed, because I really wanted it to be more, but Greg really put it into perspective for me, telling me we should celebrate because we put in X amount of money, and X amount of money really is a lot, and he's right. It is a lot of money AND (I just had to figure this part out now) the 10% of our debt snowball pays off 11% of my school loan, so that is happy news.
So, how did you do this month?
2 comments:
Congratulations! And hooray for three-paycheck months; we had one too, though it's sort of scary if you treat it as "surplus" and then notice that your first February paycheck isn't going to come for a loooooong time. Wow, 11% of your school loan is really a lot! We sent some of ours to the mortgage, it amounted to less than one percent of the mortgage, sadly...
11% of your student loan is very big. Congratulations! Way to go on sticking to your plan!
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