My credit card payment did hit on Saturday, with $222 going to principal (I sent in a bit more than the minimum payment). So our January grand total is $3216 of debt paid! If all goes well and my dad actually cashes checks when I tell him, February should be even better, but my stated debt goal will be really modest, to make sure I don't fall short should Dad flake.
So my minimum February debt payment goal is $1800, but I'm hoping it's more like $4800...
And...one more January debt payment, plus February debt goal
February 1st, 2010 at 02:37 am
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- Three incomes, no kids (for now). None of us has a huge salary but it adds up. We also make a small profit off renting an apartment in England. Additional income streams are sporadic but include selling things we don't use or need, freelance work, online surveys, etc.
- Very little transportation costs. We don't have cars and our bus passes are partially subsidized by work & university. Also we rent our unused parking spot at the condo for $75 for a month, so that brings our transportation cost to nearly break-even.
- Very little saving. We only put about 5% to our 401(k)s and that's about all we do for long-term savings right now. It's something we can't sustain for much longer; as it is, we're going to have to do quite a bit of catchup saving for retirement. But I decided that it was higher priority to knock off a ton of debt before we really got serious about retirement.
- Budgetary strictness. About 40% of our take-home pay goes to necessary housing and living expenses. After that, we typically put 30-40% to debt repayment and the rest (20-30%) is for discretionary stuff such as travel, entertainment and spending money. We're not bare-bones and do allow ourselves a good deal of pleasure-spending, but it's all controlled and preplanned. We never splurge on something unless we know where the money is coming from.
February 1st, 2010 at 01:44 pm 1265031850