We finally made it through the two-week waiting period between beginning our financial peace journey and jumping into our first *real* month of our Total Money Makeover. I gave a few hints about what will happen in our March 15 budget, and now I’ve got an even better picture of how that will look on April 14. But, we’ll save that for when it’s all really happened!
Here’s what happened the first two weeks of March.
- We got rid of all our credit cards except one that we had to reopen because of a charge I forgot about.
- We stuck to a tight cash budget.
- We paid minimums on two student loans and our “piggyback” mortgage. (Dave Ramsey is gagging right now.)
- I accidentally paid the minimum on a third student loan twice by setting up one one-time payment, not realizing that the auto-debit hadn’t stopped. I guess that’s one way to avoid paying interest.
- We maintained half of our baby emergency fund, with plans to finish it next month.
- We planned to make our regular payment on our car, but because we had extra money before our payment went in (which is technically later this week, but I had it down as part of the previous budget to make sure cash would flow appropriately), we decided to pay it all off! Hurray!
In summary, at the end of our first two-week period of our Total Money Makeover, we are at 98.6% of our total debt, meaning we reduced our debt by 1.4%. This isn’t the rate I want to go at long term, otherwise we definitely won’t meet our goal of having this debt paid off by March 2014, but the future is looking bright! We’ll watch the debt snowball lesson in Financial Peace University this weekend, and I’m looking forward to crossing off more debts from our list.
Thanks for your support and encouragement as we strive to honor God with the money he’s given us!