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’re getting so close to being rid of rental #1 and we are so excited. We’ve been side hustling, working extra hours, and really ramped up this month. We had 2 windfalls – stimulus and a reward at work – and both went to the mortgage. They really helped propel us to under the 10k mark.
Let’s get into it. Below is our monthly debt update.
What We Did Well
• Side hustling – working our butts off! But it’s paying off.
• Prioritizing – We made it one of our priorities to support small businesses so we’ve made space in the budget for it.
What We Can Improve
• Nada – No critiques this month. We’ve sacrificed too much to even bother.
At A Glance
10% of the total debt paid.
The Breakdown
| Account | Starting Balance | Current Balance |
| Vehicle | $2,832.30* | $0 |
| Rental Property #1 | $41,455.52* | $7,799.00 |
| Rental Property #2 | $51,290.16* | $50,593.69 |
| Primary Residence | $282,163.00 | $278,195.81 |
| Total | $377,740.98 | $336588.50 |
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 $7,799.
Wins
• Milestone – We hit the 10k mark and surpassed it on Rental Property #1. Looking at that goal tracker fill in is getting more and more exciting.
• Milestone – Got to double digits in percentage of debt paid. 10%!
Our Goal Tracker!
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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I love that mindset of honing in and focusing on the 1st rental property instead of being overwhelmed with the big , scary total debt number. With this mindset, you will be debt free before you even realize it!
Let’s hope so! That tunnel vision really helps us to stay positive. Thanks for reading and commenting, Tyler! We appreciate you!
Great progress! Rental property mortgages are the definition of “good debt.” Keep chipping away!
Thanks so much, IF! We are glad to be making progress and appreciate your support along the way. Thanks for reading and commenting. We appreciate you!