I still can’t wrap my head around the fact that it’s October, and we’ve been doing this whole Broke on Purpose thing for seven months. What I can wrap my head around is the fact that I don’t worry about my bills getting paid anymore. I don’t worry if we’re going to have money left at the end of the month because I made a budget at the beginning of the month, and I told my money where to go. I like to think of it as me being the pimp and our money being the ho.. well you get it. I tell my money to get to work, and it does without all the back talk.
I’m so amazed at how far Broke on Purpose has come and how many people have found success by implementing some of the strategies I’ve discussed in past post into their lives. I’m also excited to announce that this month I will be releasing my highly requested Broke On Purpose Ebook! In the Ebook, I really break down the Broke on Purpose Plan plus give you information on how to have a life on a budget as well as discuss Debt and Relationships.
Okay so let me get to the September 2015 Debt Payoff Report. We’re currently working on a Student Loan which is comprised of two loans lumped together. We started with the smallest balance in that loan which was $5045 and ended that month with only $2045 left to pay. This month to my surprise my husband decided to listen to Dave Ramsey and stop his 401K contribution while we tackled the debt. This added an extra $400 to our income and really helped out with the debt pay off this month.
Regular Loan Payment: $385
Snowball Payment: $1200
Side Job Income: $ 722
Budget Leftover $295
Total Payoff Amount: $2602
Grand Total Debt Pay Off Amount: $18,673
Our original goal was to pay off at least $3000 of the debt this month, but it’s okay that we fell short because we were still able to pay off the entire first loan plus take a small bite out of the second one. Due to interest (rolls eyes) Loan #2 starts off with a balance of $16,501. Marcus and I really want this loan paid off before 2016 and so we had a budget meeting where we decided that since we already had a good amount in our savings account we’d take the $500 a month we had going there and add it to our debt payment until this particular debt is paid off. This means our Debt Snowball payment will now be $1700 a month instead of $1200. These next three months will be very busy for us as we’ve vowed to take on as many side jobs as possible to generate extra income to get this done. Whenever we get tired we’re just going to remind ourselves of how far we come. Paying off $18K in seven months is no small feat and if we can do it you can do it to!
How did you do living Broke on Purpose this month? Share it with me in the comments below!