Total Money Makeover Update: September

Wah wah.

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.

This month, we paid off o.4% of our loans and have 83.1% remaining.
However, we won’t be discouraged. I think God had a purpose (or several) for making things so tight this month. A slow month like this makes me even more determined to make the next one great! Although we have life and auto insurance premiums due in our next budget month, I’m pumped to be thrifty and find as many leftover pennies as I can to make our next payment count. We have also been considering making a big purchase with money we have saved, and I think God used our heightened drive to pay off debt to help us make a decision in alignment with his will and our minimal available cash to make sure we didn’t make an impulsive decision. I’ll tell you more about that emotional roller coaster later.
This month, we’ll be making several trips to sell things at the consignment shop. Thanks to my parents, we’ll have lots of nice things to sell from their decluttering process and they’re letting us keep whatever money their items bring in. I’m also hoping to make some changes to my envelope system–both to how I store it and how I spend the cash we have.
Thanks for following our progress. Although the internet can be impersonal, sharing our journey with you all encourages us to keep plodding on even when our snowball seems to need a harder push than we can give.

4 thoughts on “Total Money Makeover Update: September

  1. Thanks for sharing, Kelsey! I’m always excited and encouraged by your updates. I keep telling Erik we should try to look at our debt in percentages, but he hasn’t had time to run the numbers yet. I can’t wait to start melting our snowball fro that angle, though!

  2. YOur blog popped up on my facebook and had me curious!! SO cool to see how devoted you are to making GOd first in your money! wow, that’s convicting! Miss you and hope you come to DSM soon because this weekend we are getting the house FINISHED- actual table, painting , etc!

  3. Thanks, ladies!

    Ambre-The percent thing is a huge motivator for me. I definitely recommend trying it when you can¡

    Alisha-We’d love to see the house! It must be SO nice to have it feel like YOUR home!

  4. Pingback: Total Money Makeover Update: February 2011 and One Year Review! « Mrs. Dexter

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