August 2015 Debt Payoff Report. We Paid off $3000!


We Paid off $3000 in debt for the Month of August by living Broke on Purpose |Being Melody| Broke on Purpose


Blessings on Blessings on Blessings! August was an amazing month for us financially. We stuck to our budget, we practiced discernment and lived content with the things we already had. I spent the first week of August in South Carolina with my family and there were many times where I was tempted to go out and shop, but I constantly had to remind myself that I had everything that I needed already at home.

This month we were able to pay off $3000 in debt. If you follow me on Social media you know that my goal was to pay off at least $4000. That’s right I reach for the stars with our debt payoff goals, but I’ll take this $3000 payoff. The debt we are currently working on is part one of my first set of student loans which started at $21,000. Seeing a number that large can be overwhelming, at least for me it is, so I broke it down based on the amounts consolidated into this particular loan $5045 and $15,955. We’re tackling the one for $5045 first by assigning all our extra payments at this particular loan.

Since we were able to pay off all our credit cards and no longer have a car payment we are able to budget a debt snowball payment of $775 with our usual payment to this loan of $385 With the money that we earned from our side hustles, we were able to add another $1750. Finally, with the money left over in our budget at the end of the month we were able to add another $90 totaling $3000 in debt reduction payments.


Broke on Purpose Debt Pay Off Student Loan Debt Snowball Payments


To date, we’ve paid off over $16,000 in six months!

We now have only $2000 left on the first debt within this particular set and I am confident that we will exceed the $840 that it will take to be completely done with this particular loan. For September, I’m claiming another debt payoff amount of $3000. How was your particular month living Broke on Purpose? To learn more about Broke on Purpose and why I got started you can read all about it hereAlso stay tuned for the Broke On Purpose website coming to you soon.

 

 

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