$20K in 4 months! December Debt Payoff Update

The last four months have exceeded our expectations.  We did much better than expected on Debt Payoff knocking out $20K in 4 months from August through November and we are on track to hit $25K by end of December.  We will break below $100K after December!

This is averaging about $5000 per month with the following breakdown:

  • $1800 minimum payments
  • $1200 snowball from budget
  • $2000 income/profit from Side Hustle Business (Amazon + Merch by Amazon)

What hasn’t gone so well?  Our budget…

While we have been using EveryDollar and planning and tracking, we haven’t stuck to the budget once.  Specifically around the food and misc. categories.  Food has progressively gone up each month…so we need to get a better handle on this.

So how is it possible that our budget isn’t going so hot but our debt payoff is doing so well?  I don’t really know.  There is not enough discipline in keeping the budget.  This has always been our problem.  I think part of the problem is that we have the good blessing of “excess” each month and we aren’t forced to pinch pennies.  Our excess ends up getting wasted rather than put to intentional use.

We could be doing even better…for example, if we could shave $300 out of our food spending each month then that is another $3600 a year to better use.

Might need to try to the envelope system again for food.

We’d love to hear from you in the comments…what is your biggest struggle in your budget?  

Here is our updated debt progress table:

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