Let’s cut to the chase. At the beginning of summer, when we were at 89% of our original loan balance, I predicted with confidence that we’d be able to drop to 82% of our loans by the end of summer (defined by the appearance of my first fall paycheck). Unfortunately, some of the teacher-work I had lined up for the summer is still in progress, and I won’t get paid until it’s all over. I was hoping about $400 from that work which would have gone straight to debt.
If you remember, at the beginning of summer, I tried to set aside just enough of money to supplement Dexter’s salary until September and used the rest of my three-months-at-once paycheck to pay off debt. We were able to pay off 4% of our debt in June. As it turns out, my estimate of how much money we would need to get by was spot on. Although we’ll probably have a little surplus to carry into the next month, we didn’t have any wiggle room in spending this month. In fact, we had to use our second checking account (with money for entrepreneurial ventures in it) to pay for gas and a gift this weekend. We also emptied all the envelopes of cash to go toward a purchase we would have normally put on our bank card because, although at the end of the month we’ll have money leftover, timing was the issue. It was fortunate that we spent so conservatively this month and passed up a few Christmas presents I wanted to buy early, otherwise our envelopes would’ve already been empty.