Month 3 was slightly more challenging in terms of debt repayment. With Christmas last month and the holidays, we've spent a lot of January playing catch up as we collectively missed out on about $1700 during our time off since of course we both don't make money if we don't go to work. Thankfully, I do get statutory holiday pay. We also decided awhile back to stop putting away money for savings until we have the debt all paid off since we could be saving money in interest by applying that money instead to debt and then dipping into credit when we absolutely needed to. Three months into our project to wipe out $64,000 of debt before DH and I reach our 30th birthdays and...
We're down $74.00 from last month which brings us to:
I was thinking about delaying this post until next week when a couple more debt payments will have gone out so it didn't look like so little progress but in the end, I guess we can be happy that we did achieve some progress no matter how minimal. Another reason why this amount was so low was that the opportunity arose for us to purchase a new vehicle to replace the VERY unreliable vehicle I have been driving. Consequently, we had a few additional expenses that went along with that. Having a reliable vehicle is important and I'm optimistic that we'll save a lot of money on gas with our new to us 2009 Prius! We did take out a loan for this car but it will not affect our debt repayment as we have enough cushion money in our budget to cover the payments without trimming down our debt repayment.