August 2017 DEBT PAYOFF!

[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!

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18 Replies to “August 2017 DEBT PAYOFF!

    1. Thanks Eliza! (Thomas here)…we are both really proud of how our first month back on track went. September is looking strong too. Thanks for following!

  1. Love the post! We are looking to do something very similar, except don’t have extra income right now. But I love it! It’s great to be transparent. Not everyone is the perfect that social media and the internet portrays, I think it is important to be real.

    1. Thanks, Madison! I totally agree about being transparent. Hopefully, it will encourage others! You can get started with your snowball with really small steps…find something to sell or look into some kind of side hustle. Cut back on everything you can…even 401K if you are contributing. Once you get your snowball started it is really motivating. We were stagnant for so long only paying minimums on everything and we were literally eating all our extra money (spending it on mostly food). Time to get intense!

  2. This is amazingly inspirational for me. I have so much student loan debt that it is super discouraging. This gives me hope.

    1. Thanks Ellen for commenting! We were really discouraged about the student loan debt for a long time but now we can finally see the light at the end of the tunnel now that the snowball is going. Just get started and keep plugging away. Also – We just caught the fact that we loaded the old chart image…but fixed it and now you can more clearly see what we accomplished in August. Thanks for following and commenting!

    1. Thanks Tiffany! We just caught the fact that we loaded the old chart image…but fixed it and now you can more clearly see what we accomplished in August. Thanks for following and commenting!

  3. I absolutely love your excel sheet! My husband and I are working on paying off our debts too and it is a very daunting task. It looks like you are heading in the right direction!!

    1. Thanks Emily! We just caught the fact that we loaded the old chart image…but fixed it and now you can more clearly see what we accomplished in August. Thanks for following and commenting!

  4. Impressive!! Going debt free is always a good goal, and don’t worry about hiccups along the way (speaking from experience). 🙂

  5. That chart is incredibly inspiring! I’ve always thought that being able to visually see the progress of something really helps increase motivation, and I have no doubt that is exactly what that does for you. Congratulations on the debt payoff!

    1. Thanks Erin! We just caught the fact that we loaded the old chart image…but fixed it and now you can more clearly see what we accomplished in August. Thanks for following and commenting!

  6. Real people, making real progress! I love it. Thank you for being transparent about your debt and the steps you’re taking to pay it off. Best of luck to you!

  7. Great job! Attacking our debt is overwhelming to think about, but I like how you show it in the table to make you feel like you are accomplishing the feat! Good luck for September!

    1. Thanks Jennifer! We just caught the fact that we loaded the old chart image…but fixed it and now you can more clearly see what we accomplished in August. Thanks for following and commenting!

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