Dec
Holiday update.
This Christmas season has been much more enjoyable than last year. A year ago we were without work and had no money left in our emergency fund, this year we BOTH have great jobs and we are quickly repaying debt and rebuilding our emergency fund. I know it sounds very basic, but the emergency fund has become an obsession. We are throwing every extra cent we earn into the emergency fund as we understand that this economy could see one or both of us unemployed in the blink of an eye. We won’t stop funding the fund until we have a solid six months of living expenses in our savings.
Due to our improved financial situation we are able to simultaneously fund the Emergency account as well as work on Debt repayment.As you can see in the graphs in the right side-bar the debt is eroding and the emergency fund is growing. In addition to our debt repayment and EF growth we are also continually squeezing waste from our family budget.In January we will see at least $500. extra dollars taken from our budget and deposited into the debt snowball or the EF.
This is our January budget. As you can see we will repay $4900. in debt between a small family loan payment, a double payment on our HELOC and a $3800 credit card settlement. Debt repayment is so gratifying when you realize that following a budget and making better choices is all it takes to get things back on track. At this rate will will be completely (non-mortgage) debt free in under two years.
Popularity: 53% [?]
