Welcome to my second round of The Debt Diaries! Today, I’ll be updating on our progress over the last month with our credit cards and loans. This is the progress we’ve made since my last post on August 7th, so exactly one month’s worth of progress. I will check in again in another month! As a side note… I’m still trying to figure out how best to format these posts, so feel free to let me know if you have any input. Let’s get started!
Visa Credit Card
Previous Month’s Balance: $5,588.33
Payments Made: -$155.00
Interest Accrued: +$52.61
Current Total: $5,485.94
(Debt Reduced This Month: -$102.39)
Previous Month’s Balance: $4,247.00
Payments Made: -$41.20
Interest Accrued: +$9.68
Current Total: $4,215.48
(Debt Reduced This Month: -$31.52)
Personal Loan (Parents)
Previous Month’s Balance: $110.00
Payments Made: -$40.00
Interest Accrued: +$0.00
Current Total: $70.00
(Debt Reduced This Month: -$40.00)
Personal Loan (Bank – Funeral Expenses)
Previous Month’s Balance: $1,000.00
Payments Made: – $100.00
Interest Accrued: +$11.21
Current Total: $911.21
(Debt Reduced This Month: -$88.79)
Previous Month’s Balance: $10,945.33
Payments Made: -$336.20
Interest Accrued: +$73.50
Current Total: $10,682.63
(Debt Reduced This Month: -$262.70)
This was an okay month. I did pretty good cutting out my needless spending for the first couple of weeks, but went a bit off track the last couple of weeks. I caught some good sales at Bath & Body Works and bought more candles and soaps than I needed. On the plus side, I did NOT use my credit cards at all which is great! Additionally, I started contributing to my “Dakota/Vet” sinking fund again throughout the month for his annual visit last week. I was able to pay for it in full without dipping into our savings account OR using credit cards.
Even though I didn’t pay as much debt as I would have liked, we had those small wins this month. Jerry also worked a lot of OT so he could make some progress on his debts. He put a lot of that OT money onto his Amazon card (not featured here), some into our savings for his upcoming car repair, and then the $100 payment on the bank loan up above that was used for his trip to CA for his dad’s funeral.
I’m thinking of including our savings account and sinking fund accounts here in the future so we can share how we’re progressing with those financial goals as well. Thoughts? As I mentioned in my first Debt Diaries, our main focus right now is on paying the debt off, with growing those accounts being secondary goals. Even though they aren’t my first financial priority, they are important and I’m working on them slowly but surely.
Our month in a nutshell. Catch ya in another month with hopefully a lot less debt!
Thanks for reading and following along in our journey to financial freedom!