How much did we pay off?
February turned out to be an awesome month for us. For the debts on our snowball list, we paid off $3,444.93! Keep in mind that we received a large escrow refund in January so $2525 went towards eliminating a home improvement loan. Although I added it to our total, I like to point out that $919.93 was paid from our regular incomes, selling things and simply cutting back. Admittedly I've often felt a tad discouraged when I'd read of others eliminating enormous amounts of debt each month while we struggled to pay off a few hundred. While we do have a decent income, we also have an indecent amount of debt to pay off. I want to give hope that no matter where you are in your journey, you can do this too!
For our mortgage debt, we paid off $1,310.04 which was also higher than last month. Our mortgage debt not only includes our house but also an RV that we are upside down in. Our eventual goal is to dump that as well. Since much like a house, we can claim the loan interest on our taxes (viewed much like a second home) we have chosen to lump it in with our house. With the remaining escrow return we chose to get the RV payment ahead by a month. Our car (which we are snowballing and intend to sell) is also paid a month ahead. I feel like it gives us a slight cushion, which makes me feel a bit more comfortable.
With all that being said, our entire debt is now down by a grand total of $6,055.28 since officially drawing the line in the sand on January 1. Since my focus remains on the snowball, that part of our debt is now down by a grand total of $4,163.19!
Our baby emergency fund (BEF) will be at $2,000.17 on Monday once our automatic weekly transfer of $50 goes into that account. We intend to continue adding that $50 each week and avoid using the BEF and continue cash flowing whatever comes our way.
February was indeed a good month! No projections for March as we have several extra expenses and I also have no clue how we will do with our taxes. Having sent them off yesterday, I expect we should know something by the middle of the month.
Have you tallied your numbers for February? If you feel comfortable doing so, please share how you did. Keep your eye on the goal of the freedom that comes with getting out of debt. We can do this!