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.
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 here. Also stay tuned for the Broke On Purpose website coming to you soon.