Welcome to the third round of The Debt Diaries! Below is what our debt has looked like in the month since my last update. Spoiler alert: it is underwhelming, to say the least.
Visa Credit Card
Previous Month’s Balance: $5,485.94
Payments Made: -$150.00
Interest Accrued: +$50.20
Purchases Made: +125.00 (unexpected vet visit)
Current Total: $5,511.14
(Debt Increased This Month: +25.20)
Previous Month’s Balance: $4,215.48
Payments Made: -$30.00
Interest Accrued: +$9.36
Current Total: $4,194.84
(Debt Reduced This Month: -$20.64)
Personal Loan (Parents)
Previous Month’s Balance: $70.00
Payments Made: -$0.00
Interest Accrued: +$0.00
Current Total: $70.00
(Debt Reduced This Month: -$0.00)
Personal Loan (Bank – Funeral Expenses)
Previous Month’s Balance: $911.21
Payments Made: -$50.00
Interest Accrued: +$11.57
Current Total: $872.78
(Debt Reduced This Month: -$38.43)
Previous Month’s Balance: $10,682.63
Payments Made: -$230.00
Interest Accrued: +$71.13
Purchases Made: +$125.00
Current Total: $10,648.76
(Total Debt Reduced This Month: -$33.87)
This is the total progress we’ve made since beginning our debt payoff journey in August 2017.
Starting Balance (August 2017): $10,945.33
Current Balance: -$10,648.76
Total Debt Reduced: -$296.57
This month was ROUGH from the very beginning. We had to repair Jerry’s car much sooner than expected and were unprepared. We hadn’t saved enough money since we weren’t planning on doing car work until November-ish. Luckily, we were able to cover it without using the credit card, but it meant the budget for the rest of the month was tight and left little to no wiggle room.
Money was also tight because of Ruffles! We had to pay an adoption fee, buy a lot of things for her to bring her home, and also take her to the vet unexpectedly when she got sick. Luckily, we had $40 in our vet sinking fund, so we put that towards the bill of $165.00. Unluckily, we had to put the remaining $125.00 on the credit card. We haven’t used it in months and I wanted to keep that momentum going, so while I’m disappointed, this was an “emergency,” and I think that is what credit cards should be used for… not books or clothes, like I’ve used it for in the past.
We basically paid minimums (and maybe a tiny bit extra) on all the debts above, which I hate doing, but sometimes you do what you gotta do. I also spent too much on wax melts, which I know I shouldn’t have done, but I recently discovered vendor wax and it’s fun and addicting. Need to rein that in! On the positive side, I didn’t buy any new clothes or any new books, so there’s a small win. Sigh.
While I am saying that in general it was a bad month, I guess I need to realize that ultimately, the debt still went down. No, it didn’t go down much, but the operative word is down instead of up. Can’t be doing TOO badly when your debt is still decreasing, no matter how small.
October looks to be another tight month, but November’s budget is looking better. There are a lot of events in October that we’re doing for fall/Halloween that cost money, and as mentioned, we are still trying to play catch up a bit with the expenses from September. Also… there’s some wax melts that I’m wanting to buy. I KNOW I shouldn’t, but I am trying to be responsible about the purchases at least, and not put them on the credit card.
That’s all for now! See ya next month with hopefully a better update.