October 2022 Debt Payoff Update
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October was not the best month for debt payoff. Our debt did decrease but not as much as we had planned. Hand Therapy did not get paid because I called them to have it withdrawn from the account for the following week. The payment was never taken out and I did not realize it until the month was already over. Also, a medical bill of my husband’s went to his collections and we did not make the full debt snowball payment.
We have been taking this journey at a crippled turtle pace and learning as we go. Learning how to budget and what works for us has been key. We have not fully figured out what works best for us yet but we are getting there. One of our biggest budgeting mistakes is not using sinking funds. A sinking fund is a fund of money saved up for a certain expense. An example of one is car maintenance. You put aside a designated amount each time you budget so when a car maintenance expense comes up you can pay for it without throwing your budget or using your emergency fund. We have been using Qube Money to fund some of our sinking funds. Qube Money is a banking and budgeting app that allows you to have digital envelopes that you use a debit card to access the money.
Start of October
Medical Debt
Dental $1,398.00
Hand Therapy $3,215.00
Thunder Basin $12,196.45
Total $16,809.45
Family
$2510.00
Misc.
401K Loan $886.37
Collections
Credit Collections Bureau $3,875.92
Crook County Medical $9,494.96
Collections Pro Mine $16,182.95
Collections Pro His $38,205.23
Total $67,759.06
Student Loans
ZuntaFi $2,562.49
Mohela $90,517.00
Total $93,079.49
Mortgage
$175,072.65
Total
$356,117.02
End of October
Medical Debt
Dental $1358.00
Hand Therapy $3215.00
Thunder Basin $11,996.45
Total $16,569.45
Family
$2510.00
Misc.
401K Loan $626.60
Collections
Credit Collections Bureau $3,756.42
Crook County Medical $9,472.20
Collections Pro Mine $16,145.11
Collections Pro His $38,528.43
Total $67,902.16
Student Loans
ZuntaFi $2,523.48
Mohela $90,517.00
Total $93,040.48
Mortgage
$174,758.36
Total
$355,407.05
For the month of October, we have paid off $709.97 of our debt.
Since we started tracking we have paid off $10,359.09.
