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Last Fall, we went through a Financial Peace University Class. We are continuing the journey by working through Dave Ramsey’s list of Baby Steps. The new year has brought changes to our insurance costs and annual income. The pay raise kicked in the middle of the month. Here’s our progress as of the end of February:

Baby Step #1 

Our “baby” emergency fund is currently: $1,009.54

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 (-$1,791.27)
November 2016:  $47,627.15 (-$2,616.84)
December 2016:  $45,352.38 (-$2,274.77)
January 2017:  $43,814.66 (-$1,536.52)
February 2017:  $36,084.65 (-$7,730.01)
(current projected payoff – March 2019)

Notes: We were able to throw a nice sized chunk of cash at the debt and knocked another 4 months off the projected payoff date!

EveryDollar 2017 Challenge Update

  • Build our initial 2017 budget spreadsheets. – goal met Dec 2016!
  • Continue having at least 1 budget committee meeting per month. – 3/12
  • Continue giving every dollar a name each payday (zero-budgeting). – done in Feb
  • Pay down our Debt balance by at least $18,892.86. – $9,266.53 so far
  • Pay off at least one of our five remaining debt balances.goal met Feb 2017!
  • Increase our giving category by at least 1%. – increased by 2%

Speed Bumps Encountered

  • Hard Drive Crash – The hard drive we use to backup everything started having issues. So, we had to replace it before it crashed. (-$50.87)

Didn’t dip into the emergency fund for the speed bumps this month. We did have to float some payments on medical stuff until the HSA reimbursed us, but that turned out to be less of an issue than I thought. We did get a bonus and a little back from the IRS (which was a surprise), hence the dramatic drop in debt.

We were able to get rid of another credit card balance because of the bonus. This wasn’t even the debt I was talking about eliminating this year when I set the goals. However, since we had a chance to wipe out Chase now, I took it (really don’t like that bank).

I spent some time gathering numbers for our assets and liabilities and much to my surprise, our net worth is actually in the positive. Looks like we’re just shy of $60K… $100K here we come – ha ha!

Well, that was February… on to the next billing cycle.