Journey to Less Debt Update

macbook at a desk

Hi All,

So, it’s been a while since I posted about our journey to less debt (and hopefully debtless). I figured now is a good time for an update. Ideally, I’d like to post about it on a monthly basis but it would probably be more realistic if I made quarterly updates. This is something I find myself passionate about because I absolutely HATE being in debt! Before I got married (and had to buy a new car) I enjoyed minimal debt. The only debts I had when Scott and I were first married were my student loan and a single credit card. 

Since then, we hit a really rocky year, had some unexpected tax bills roll in, and my paid for car crapped out. I swear our first year and a half was pretty rough. Honestly, no one knew about it, either. This is the first time I’m sharing any of this — and with some complete strangers, at that! Moving on, he and I both agree that it’s time to get back on track and improve our situation. The good news is our debt is relatively low compared to quite a few other people. The bad news is it will take a little bit of time to get where we’d like to be.

One thing I mentioned in my last post is I found a new job. Sound the alarm! I wish I had a reggae horn right now — I’m that excited. This new job means we have an additional $1400 each month. The rub, though, is now we have to pay for daycare for our little one, and our health insurance will be coming out of my check, as it did at my last employer. The insurance with my new job is substantially more expensive than it was previously. We’ll be paying around $600 per month now, as opposed to $330. But I think the plan is probably better than the last. Now, that extra money just shrunk by quite a bit. In the end, we’ll have an extra $500 to throw toward debt. I’ll still take it! That’s $500 we didn’t previously have. And the total for our payments toward debt will eventually decrease as our number of accounts decreases.

Below is a snapshot of our progress in the table. When we started this journey, we were at 14% progress; we’re at 22% now. That’s fine with me! Any progress is great progress.

Screen Shot 2017-06-10 at 11.13.36 AM.png

One thing I’m really trying to adhere to is the envelope system. You guys, it can be so hard because your cards are within arm’s reach but stick with it! I have to get Scott onboard because he’s a BIG swiper. I really want us to stick to our budget so we can achieve our goals quicker. What are some things that have helped you stay on track? I’d love some new ideas.


image source