Wow, its already time to let you all into our financial world again. I obviously haven’t been making this blog a priority since Cory has been home. Oops. We have fallen off the horse a few times but we keep getting back up! We are proud to say we paid off Penny yesterday! (our 2013 Ford Fusion) You guys, I convinced Cory we could afford this car two years ago. The only reason/way we could “afford” it was by getting a 75 month term loan. Therefore, we really couldn’t afford it. But I wanted it and fell in love with it, so we got it. It is nice to say we paid off our vehicle 4.5 years early! I have googled interest calculators to try and figure out how much interest we saved, but haven’t been able to really figure it out. If anyone knows how, I would love the help!
I should mention that we didn’t technically pay it off with our August budget. We got paid yesterday and I had to use $560 dollars from our September budget to make the final payment. I typically wait until the end of the month to make the large debt payments; however, we need the title by the end of September because we have to ship her to Italy.
So now that you know we reached another milestone (on time might I add, according to our Financial Goals post from the beginning of the year), how much debt did we pay off in August?
To be honest, that was better than I initially expected. We got a lot more money from finalizing Cory’s deployment than I thought we would. Technically, we should have been able to pay her off without using any of September’s budget but we had a lot of weddings and vacations so our budgeting was not the best. Nonetheless, almost $5000 is awesome!
Again, this is just August so even though we paid Penny off, August’s debt pay off will not reflect that.
My last few posts have mentioned how tight money was going to be the minute Cory got home. Well July and August weren’t actually that bad. But now I promise September is going to be. There are a lot of last minute things I need to get for my training. We also have to make a few purchases (plane tickets, gas, hotels) that the military will eventually reimburse us for when we get to Italy, but it will make things tight for September. We already made the budget for September and the only extra money going towards debt was the $560 used to pay Penny off.
Once October rolls around it should be a little better because I won’t be spending really any money in training and should be making a little more money. We will use the extra money that month to replenish our savings I used in July and to also save for our move to Italy. We aren’t sure what to expect for initial costs of things there so we want to be ready for it. November should have a pretty good payment towards our next loan and I will go ahead and guess December will be a mediocre payment. And just like that its the new year! One year of our goal will be down and we will have 2.5 years left to accomplish paying off $145,000 of debt in 3.5 years! I still think we can do it!
To get a running tally of the amount of debt we paid off, be sure to check out the Debt Page!
I am hoping to post a little more this month since my posts will be even more limited or nonexistent come October. Who knows, maybe I will get Cory to make a couple of posts 😉