Each month we will share a monthly debt update to document our progress and use it as a way to reflect and keep us accountable and motivated. We were able to pick up some steam this month, which is exciting. My company allowed us to sell back double PTO this year due to COVID-19. We took full advantage and all excess went to debt.
Let’s get into it. Below is our monthly debt update.
What We Did Well
• Side hustling – We both have side hustles now which have been really helpful. They helped us with the roof repairs and we were able to cash flow the repairs between our regular checks and the side hustle money. So we didn’t have to touch our emergency fund!
• Frugal holidays – We managed the holidays well and didn’t incur much extra costs for the season.
What We Can Improve
• Over Budget – by $166.56 Not mad at it. We are doing our best and really being intentional with our spending, so we give ourselves grace on this one. Nothing is perfect.
At A Glance
9% of the total debt paid.
The Breakdown
| Account | Starting Balance | Current Balance |
| Vehicle | $2,832.30* | $0 |
| Rental Property #1 | $41,455.52* | $13,379.00 |
| Rental Property #2 | $51,290.16* | $50,653.30 |
| Primary Residence | $282,163.00 | $278,767.34 |
| Total | $377,740.98 | $342,799.64 |
Focus Debt – Rental Property #1
Sometimes looking at the big picture can be discouraging, so we like to focus on one debt at a time. It makes this large debt pill just a bit easier to swallow. The current snowball is Rental Property #1. Progress chart below. Current balance is $13,379.00.
Wins
• Milestone – We hit the 15k milestone on Rental Property #1.
• Back on track – last month we had to slow down re-payment due to unexpected repairs to the house. We didn’t think we would resume payoff this quickly, but grateful that we were able to.
Our Goal Tracker!
This month ended up working out well and better than we thought. It was boost of confidence to end the year on a financial goal high note. Gives us extra motivation to keep things going in 2021.
That wraps up this monthly debt update. We’ll see you next month.
Find previous Monthly Debt Updates here.
How are you doing with your financial goals? Update us, we’d love to cheer you on!
With Intention,
Sean and Simone
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Wow, that’s awesome that your company offers that PTO sell back! I’m peanut butter and jealous! Also, that goal tracker visual continues to help guide you in the right direction. So glad to see the side hustles help pay for the roof costs. Another great post, Simone!
Peanut butter and jealous! hahaha! Definitely stealing that one Tyler! New Year, new lingo for me. Thanks for the continued encouragement really appreciate it. Yes, that PTO sellback program is awesome and I really appreciate my company increasing how much we could sell last year. It really came in handy. Happy New Year Tyler! Keep up yur great work, ther are amazing things in store for you. Thanks for reading and commenting, we appreciate you!