May 2018 Financial Report

Monthly finance report

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Drumroll, please….it’s officially official! We’ve not only paid off the last of our student loans, but we’re officially debt free!

It’s hard to believe after years of having debt and just accepting it as the norm, we don’t have the weight of student loans, car loans, or credit card debt hanging over our heads anymore.

It took us a total of 17 months to pay off $26,620, but it was totally worth it. We cut a lot of expenses but still found ways to do the things we wanted to. For more ideas on how to cut your monthly expenses, check out 13 Quick & Easy Ways to Save Money that Freed Up $700 a Month!

What’s Next on Our Financial Journey?

We’ve discussed several goals for our next steps, but for us, retirement takes the priority. We’ll also be adding college savings for our kids to our budget, as well as setting aside some cash to try out investing. Not to mention saving up for a vacation or two 😉

Total paid off: $26,619
Amount net worth has raised since December 2016: $59,458

DebtOriginal AmountCurrent AmountPercentage RateAmount Paid Last MonthPercentage Paid
Credit Card$5,500.00$0!!9.75%0100%
Car Loan #1$14,093.00$0!!1.99%0100%
Car Loan #2$10,000.00$0!!1.99%0100%
Student Loans$23,000+$01.75%$769.54100%
Totals$52,593.00$0$769.54100%

we paid off $7,482 of debt in 7 months with this budget workbook



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