The end of January is nearly here already and I can’t believe how quickly the month went by! I am happy to say that, during the first month of the year, we had some significant wins in our debt-free journey. Here’s the latest debt update…
Emergency Fund Wins
The biggest win of January was getting our emergency fund fully re-established again. For now, we’ve only got $1,000 socked away. However, as we pay more things off, we will be adding to this. Because my husband and I work jobs that can vary in pay, it is extremely important to have a few months’ worth of expenses saved just in case.
Now, for the numbers…
Altogether, we made $1.,503 in payments towards our debts. This leaves us with the following account balances…
- My Car Amount Owed: $20,217
- Credit Card Total For Both: $487
- Student Loans: $24,362 (my payment hasn’t yet hit my credit report from January)
- Matco/Snap-On: $6,673
- Amount in Collections: $679
See where we were in our debt freedom journey in November here.
Next month we will at least make the same amount in payments and hopefully more. We also will continue to add money to our emergency fund when we have it. There are a few additional expenses occurring next month that will soak up a bit of our savings and debt payoff cash though.
We are preparing to register our car in Georgia (finally). Our North Carolina registration is up at the end of the month. To pass inspection here, register the car, and get our licenses, it will like cost around $1,000 (oof).
Outside of that, I can’t wait to update you on where we are in another month’s time. Remember, if you are on your own debt freedom journey that every tiny step forward counts, even if it seems insignificant now!
Readers, tell me about your recent debt wins!
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Amanda is an editor and writer. She has a passion for sharing information that helps people and communities to better themselves in some way. In addition to writing online, she also freelances for local newspapers in her hometown of Charlotte, NC.