March Financial Update

We have some exciting news to share!

WE ARE DEBT FREE (excluding our home)!

We paid off the vehicle loan a couple weeks ago & couldn’t feel more blessed & relieved.

1) Pay off vehicle loan by August 2017

DONE ✅

2) Change husband’s 401k contributions from 8% to 10%. Mine is currently at 10%.

-Working on it!

3) Then slowly increase both of our 401k contributions to 13%.

-Plan: over next couple months increase both contributions to 13% (hopefully we meet this goal by the end of May). We have changed our original goal from 15% to 13% because we are looking to funnel more money into paying off the mortgage faster. We are giving ourselves permission to change our minds in the future if this isn’t working.

4) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 1/2 years left!

~Rachel

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Feb 2017 Financial Update

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~Every time you borrow money, you’re robbing your future self~

The month started out well with no non-necessity spending until around the 15th of the month. Then we traveled to Minneapolis for a doctors appointment & along came with was one night in a hotel, meals out & one trip to a home store. We were thoughtful of our purchases & considering didn’t spend a ton. We had a good time though & made it into a little winter getaway 🙂 I’m learning to balance saving & enjoying life too!

1) Pay off vehicle loan by August 2017.

Balance of loan Oct 2016 $4860
Feb 1,2017 $3150

March 1, 2017 $2340

Husband “found” $400 this month…he intended to deposit a couple checks a while back & found it in between his car seats. Happy Day it was! 🙂

I am SO excited to share that we will crush the original goal of August 2017!!! New planned payoff will be at the end of March! Waiting for our tax refund & looking forward to being debt free excluding mortgage.

Steps 2-4 will be completed after the vehicle loan is paid off.

2) Change husband’s 401k contributions from 8% to 10%. Mine is currently at 10%.

3) Then slowly increase both of our 401k contributions to 15%.

4) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 1/2 years left!

~Rachel

Jan 2017 Financial Update

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~If you wait for perfect conditions, you’ll never get anything done~

Unfortunately this last month I was diagnosed with a health condition so there were several copays & one medical bill that was due that derailed the month a little.  Good news is that I’m doing just fine & we were able to fit the unexpected expenses into the budget without going over 🙂 Since insurance can take some time to process there will be more bills to come. However, we are taking it month by month.

Side note: Our family has been using EveryDollar for 6 + months to budget & I am enjoying the ease of keeping up with inputting receipts, income, etc. In the past I would use a spreadsheet but it got to be too time consuming to do it daily. Now I use the app on my phone whenever I make a purchase. I’m sure there are other apps that work just as well, it’s just what I use (husband still has me enter his receipts) 😉🤔

January we took part in our first No Spend Challenge month. Thank goodness for that! I will put up a separate blog post about the challenge & share what we learned.

1) Pay off vehicle loan by August 2017. We just recently started attacking this debt.

  • Balance of loan Oct 2016 $4860
  • Feb 1,2017 $3150
  • We were able to make an additional $250 payment due to the No Spend Challenge!

Steps 2-4 will be completed after the vehicle loan is paid off. 

2) Change husband’s 401k contributions from 8% to 10%. Mine is currently at 10%.

3) Then slowly increase both of our 401k contributions to 15%.

4) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 1/2 years left!

~Rachel~