For some reason I haven’t had any motivation to write a post lately. I think it gave me something to do while my husband, Cory was deployed (I got tired of referring to him as just my husband so now you know, his name is Cory.) Anyway, now that he is back, my time is more occupied! Cory encouraged me to keep it up though so here I go.
Lets get right into it. I had made it known that these next few months were going to consist of making less money and spending more money so our debt contributions were not going to be as large. However, in July, I made an executive decision to take the money from our Emergency Fund and Honeymoon Fund (the only savings accounts that had any money in them) and put it towards Penny, our car. I did this for a reason. As many of you know, we got an assignment to Italy which entails shipping our vehicle there. Well with our payoff plan we should have Penny paid off in October, but we have to ship her in September. From my understanding, owning the vehicle makes it a much easier process to ship a vehicle. There is less paperwork we need to get for and from the lender and we don’t have to worry about insurance. We won’t be using our honeymoon fund for awhile and honestly I am not worried about an emergency right now because we have plenty of money in our income to take care of any emergency that might happen. I plan to replenish those accounts in October when we originally planned on paying Penny off.
With all that being said… how much money did we put towards our debt in July?
Boom! There is the break down.
If we get all the money we are supposed to this month from Cory’s deployment, we should be able to pay off Penny. If not this month, early next month and then she gets shipped to Italy!
In case you haven’t checked out the Debt page where I keep a running total of interest paid, principle paid and how much debt we have left, I will update you now.
We started with $145,811.88 worth of debt.
To date we have put a total of $31,405.91 towards our outstanding debt!
We still have $118,294.38 to pay.
Meaning..of that $31,405.91…$27,517.5 has gone towards the principle and $3,888.41 has gone towards interest only. Seeing that interest number every month is motivation to make me want to pay this stuff off even faster!
Cory and I had our first budget planning session together and I think it went very well. Bring on August!