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As I’ve mentioned, we’re going through a Financial Peace University Class. Dave Ramsey has a list of Baby Steps to move through, so here’s our progress to this point:

Baby Step #1 

We have our “baby” emergency fund, which is currently: $1,009.14

Baby Step #2

Starting Debt Amount*: $53,285.44
(original projected payoff – December 2019)

As Of:
September 2016: $52,035.26 (-$1,250.18)
October 2016:  $50,243.99 (-$1791.27)
(updated projected payoff – August 2019)

Notes: We’ve been able to throw a bit of extra cash at the debt, and managed to transfer our two highest rate credit cards to lower interest rate cards. This moved our debt payoff up by 4 whole months!

Speed Bumps Encountered

  • Pre-planned Trip – the husband was already scheduled to go on a hiking trip before we started FPU. He was the designated driver, so we had to come up with the money for that. I found $90 in change in our house which helped. (-$150)
  • Airfare – totally forgot to budget flying the college boy home for Christmas break (his first semester away), but managed to buy his tickets without using credit. (-$421.20)
  • Vehicles – the battery spontaneously died in the 13+ year old van and had to be replaced (-$85.89)
  • Appliances – the pressure cooker died last night with our uncooked dinner in it. I think it was about 2 years old and we spent very little on it because I’d never used one before and wasn’t sure how much I’d use it. We use this thing almost every day though. It keeps us out of the take-out lines and saves tons of money in our food budget. I replaced it today and splurged on its replacement because I wanted a quality unit that would take our use frequency. (-$243.51, that’s with a discount, ouch)

These are all things that probably would have ended up on a credit card in the past, and this is largely due to a runaway food budget. Makes me sick just thinking about it. I’m still shocked we’ve been able to cover these things – and no, we didn’t touch the emergency fund.

November 2016

*We thought this number was higher than it actually was because we were overestimating what we still owe the orthodontist. Once we took out the insurance portion, it lowered our part.

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