As another month came to an end, we closed out our budget for the month.
It was a super productive month. We got a tax return in, and with it we were able to catch up our missed credit card payments from October all the way. We were also able to make a double mortgage payment which allowed us to pay our mortgage on time for the first time in over 2 years (We have been paying on the 15th which is the last possible day). We were also able to finish off our $1,000 Emergency Fund.
Like I said, it was a productive month.
I always start next month’s budget at the beginning of this month, so I have a good idea of what March’s numbers are going to be. Now that it is March 1st, I also have a good idea of what April’s numbers will be, I just have to plug in variable expenses, like electricity and water, and then that month is good to go as well.
In March we are officially starting our debt snowball. We have a couple of car repairs that will need to happen so my car can pass inspection but, after that we should have a sizable snowball for the month.
I also spent some time in February laying out a timeline, worst case scenario, probable scenario and our best case scenario. It looks like we should be debt free at the end of 2020 or beginning of 2021. We are super excited for the chapter after that. At this point in time we are discussing where we would like to move when we have everything paid off. The house we are in currently is small and we know we want somewhere with land.
So for the month of February our numbers are as follows:
Total sent to Mortgage: $2,171.58
Total sent to Baby Step 2: $1,958.38
Total sent to finish Baby Step 1: $622.80
Total amount Baby Step 2 reduced: $1,197.83
