[Edited on 9/14 – we had the wrong chart image loaded – fixed it so now you can see what we did in the month of August more clearly].
We are really excited. Our first month “back on plan” was a success for debt payoff. We paid over $6100 towards debt which resulted in a balance reduction of almost $5800 factoring in interest paid.
We had a little extra infusion of cash in the month which allowed us to completely pay off a credit card balance of $2086 and then with our debt snowball we attacked our smallest student loan and paid over $2000 to it as well.
Our Side Hustle contribution from Amazon Business was $810 pulled from profit and applied to the debt. This is the first month pulling money out of the business and it feels really great to be able to do so.
So, in summary, for August our debt balance went down from $124,889 to $119,405. The table in the image shows all of our debts smallest to largest, starting balances, the amount paid, and % progress.
I’m tracking how much debt we have paid off since our “August restart” separately to the overall payoff which we’d been working on a slower pace over the past 4 years. Overall we’ve paid over $58K towards debt. Our 18-24 month payoff target started August 2017 which is why I will break it out separately.
Hopefully, this coming month will be very successful, as well! We’re hoping and praying we can contribute at least $4000 towards debt in September!