Our Debt as of June 2022

I started this blog intending to post monthly updates on paying down our debt but that did not happen as planned. But will going forward.  At the end of March, we had $366,927.72 in debt. So where are we three months later? 

Medical Debt $17,870.05

As of right now, we pay $340 per month for medical debt. In three months we were able to pay off $1,020.04 of our medical debt. 

Credit Cards $570.30

We were able to pay off a credit card with our tax return. Leaving us with one left to pay. In three months we were able to pay off $737.17 of our credit card debt. We are doing Dave Ramsy’s Snowball method. So we are paying $163 a month with a rollover from the last two debts that are paid off. While also putting any extra money towards this debt first. Even when it is a small amount such as the $20 I earned through the Ibotta app, I have been loving this app to make a little extra cash. Use the link to get $10 when you submit your first receipt. I will also receive $10 which will go to paying off debt.

Family $2510.00

We have not made any progress on this yet. Once we pay off our credit card, part of our medical and 401k loan we will be able to pay about $420 a month to this debt.

Misc $1,713.28

This is our 401K loan I can not wait to get this paid off.  This debt is taken directly out of my husband's paychecks so we do not even see the money so it is hard to miss it.

Collections $69,840.68

The interest in collections is frustrating. We pay $660 a month; only about $130 goes to the principal balance. Until our smaller debts are paid off, we will chip away at collections. In three months we were able to pay off $538.30.

Student Loans $93,203.26

One of my loans is a private loan so it is not in forbearance. Luckily, the payments are only $50 a month right now. I am not looking forward to having to pay on federal student loans. In three months we were able to pay $170.35.

Mortage $176,010.60

Just making the monthly payment until we can make extra payments. It will be a while and that's ok.  Owning a house is a huge accomplishment for us.  We paid off $1,237.88 in three months.

Total $361,378

In three months we have paid off a total of $5,549.55!!! Paying off debt takes time and a lot of patience.

Budget? What Budget?

We are not doing the greatest at sticking to a budget. However, we are doing amazing at tracking our spending. We use a Google sheet created by Leila from Personal Finance - Debt Over It. (edited 11/2024 I no longer use this Google sheet) However, Leila sheet is a free resource and she is an amazing financial person to follow. I now use a Google sheet I purchased off of Etsy. Paying off debt and budgeting is a process and have to find what works for you. Finances are personal.

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