Debt Paid Last Month: $1034
Today I thought I’d keep myself open and accountable. My husband and I owe more money than either of us really want to admit to others. It’s embarrassing the decisions we made that lead us to this point (most of them of my own fault). So this is a post of both determination and motivation. Rather than hide it from the world and try to ignore it, I want to put it in the limelight and prove everyone wrong about it taking a lifetime to pay off student loans and other debts.
So today is our first monthly review and goal for this month! February was a rough debt payoff month for us. We had an unexpected medical expense/debt come up and we decided that instead of delving into the emergency fund we would save that for a true emergency where we didn’t have the money and take from our other funds to pay it off. Unfortunately part of that had to come from our extra money to pay off debt.
Another decision that had our expenses a bit higher this month was to meet with a tax accountant and make the correct decisions for our businesses. First, we wanted to meet with an accountant for our personal taxes anyways. It just is less stressful and well worth the money spent to have it done right! Secondly, we knew that by starting Ogden Customs and reviving this blog as potential avenues of revenue we needed to talk about liabilities and incorporating. We decided to create our umbrella LLC Ogden Customs to go ahead and be able to properly monetize these blogs! Long term it was the smart move but it did cost us a hundred dollars to do properly.
That being said while we did have a few setbacks, overall we saw an increase in our income as well! Now that I was working the full month vs having a bit of a gap after graduating we saw a nice increase from my paychecks. Also Avery has been managing an hour or two overtime here and there which adds up quickly! I’m also on the hunt for a different job than waitressing and have high hopes.
All of that being said here is what we are hoping for the next month:
We want to have the truck paid off before June when my loans kick in! So to be on task to do that we want to pay over a $1000 this month (which includes the normal payment).
So make sure to check back and see how we did in our post next month!
How is your debt payoff and financial goals coming for you?