Here’s a big scary number.
$43,336.84
Why is that number scary? I’ll tell ya.
It’s how much debt we currently owe.
Yup. Wow. I had no idea it was that much. We have student loans, two car loans, and the medical bill from Abigail’s birth. So I knew we had quite a bit right now but hadn’t calculated it out until today.
75% of that big number is student loans, 18.5% is car loans, and the remaining 6.5% is the hospital bill for Abby. The need for a c-section definitely made that number much bigger than planned.
None of this even counts our mortgage.
I hate that we have that much debt. I can usually pay an extra $10 a month but can’t usually do more than that as we have other expenses, like food.
I have a big goal of having it completely gone by the time I’m 30 (will be 26 on Sunday so 4 years). Do I think that is possible? Not really sure. But I do know that I will get there with small goals first.
So here is my goal for the rest of the year. Our smallest loan is a student loan with a balance of $843. I want that gone by December 31st. At this point, I’m not entirely sure how I am going to get there. We have some things to sell, like a weight bench and weights. If I can get that to sell, that money will go to the debt.
I really have no idea how I am going to find the extra money. I already have our expenses cut pretty far back and try to not buy much of anything that isn’t necessary. But I will try to make this possible. I hate being in debt. I hate that over $700 a month is tied up in repaying this debt (again, not counting mortgage). So you know what I could do with an extra $700 a month? My goodness but a whole lot better things than what it is doing now.
I am hoping to do once monthly debt updates. Consider you all my accountability partners. 🙂
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