Each month ( at this point, it’s on occasion 🙂 ) 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’ve been gone for a minute, but we’re back! With an update… Things have been busy, full of wonderful adventures and loads of love. We are working so hard to eventually be debt-free. That combined with having two toddlers has been tiring. But when we accomplish a milestone, it makes it all worth it.
Let’s get into it. Below is our monthly debt update.
What We Did Well
The sacrifice is real and we are proud of our focus and dedication.
What We Can Improve
Believe it or not, we have slacked off on budgeting. It isn’t as detailed these days. We keep track of bills, do a round figure of our expected expenses and then dash everything else toward the debt with a hope and a prayer that we make it to the next paycheck. We don’t advise it, but we got tired.
At A Glance
27% of the total debt paid.
The Breakdown
| Account | Starting Balance | Current Balance |
| Vehicle | $2,832.30* | $0 |
| Rental Property #1 | $41,455.52* | $0 |
| Rental Property #2 | $51,290.16* | $0 |
| Primary Residence | $282,163.00 | $274,218.49 |
| Total | $377,740.98 | $274,218.49 |
Focus Debt – Rental Property #2
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 #2 and it is PAID IN FULL!!
We changed up our game plan to pay off rental property #2. This time around we chucked all extra debt payments into a savings account. When we had enough to pay the debt in full, we made 3 payments over a few days until it was gone. We could have paid it in a lump sum but for some reason, a part of us was nervous to let go of all of that money at once.
Wins
• Milestone – Rental Property #2 is paid off. Not to get ahead of ourselves but it’s really exciting to have only our primary mortgage left! We’ll address our plans in a future post. For now, we take a short break, reset and start building our emergency fund.
Our Goal Tracker!
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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Great to see you guys blogging at your own pace. I often feel guilty about inconsistent blogging schedule but then I realize “real life” should come first. Congrats on the 2nd rental property payoff! That’s a big win!!
Thank you so much! Really appreciate it. Yeah, it has been challenging finding the time with life in overdrive, but we’ll get back at it soon. Hope you are doing well. Thanks for reading and commenting, we appreciate you as always!