Debt Payoff, Saving Money

Looking for Change

paying off $40,000 of debt- Making Mommy Money
I’ve gotten into the habit of saving change, rolling it up, and taking it to the bank. I have been doing is since I was a kid. But now is not the time for pennies and dimes. Now is the time for thousands of dollars. It’s time to get to work.
My family and I are getting down to work on paying off $40,000 in debt. $40, 020.33 to be exact. I’m going to track our progress and our ways to pay that off here. Dollar by dollar, I’m going to get it out of my head and out of my hands. So here’s the breakdown of our monthly expenses and our goal for paying it off.

Monthly Income: $3200

 Fixed Expenses (these are the same every month)

  • Mortgage: 636.57
  • Utilities: 193
  • Internet: 74.99
  • Phones:152.15
  • Car Insurance: 107.10
  • Netflix/Hulu: 17.98

Variable Expenses (these change every month but the number below is our budget)

    • Groceries: 250
    • Gas: 180
    • Eating out: 150
    • Shopping: 100
    • Savings: 150
    • Etsy: 15 (I run an Etsy store called GingersnapInvites, the fees are always different)

Debts (this is what is paid every month on the current snowball system)

  • student loan: 300
  • car payment: 272.36
  • credit card: 370
  • old hospital bills: 100
Now, if you’ve done the simple math, that gives us about $175 to spare every month. Lately, however we’ve been coming up short and going over on one or two of the variable expenses. Our goal from this day forward in to change that. Follow our story to see us accomplish our goals.

 

 

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