The debt snowball is hard at work!
Wow, hard to believe September is almost over. Time has really flown by here, I (Engineer) have been working a lot lately, doing work on the side after hours, doing surveyhead surveys late at night when I can’t sleep and spending a lot of time outside with my son.Â
Most of the balances have updated as expected, using the debt snowball means that other than the one target we are working at, the others just continue on minimum payments. That being said, the one target debt, the home loan, has taken another serious drop thanks to an extra payment on top of the normal snowball. The minimum payment on the home loan is about 350, but since the vehicles are paid off we are using the snowball and putting that 650 towards the home loan. When we first started the debt repayment a couple years ago we were only able to pay an extra 20 or 50 dollars a month. Now that several of the other loans are paid off the snowball has really gained momentum. We have gone from 50 extra a month to 650 extra a month now that we have freed up all those payments. Of course, this has meant continuing to live ultra-frugally and not changing our lifestyle. It’s slow and depressing at first, seeing balances barely change, but this is really motivating now that the snowball has momentum.
Since I worked so much extra and did all the side jobs and extra surveys we were recently able to scrounge up an extra thousand dollars ($1000) to send in for principal reduction. Man, this felt good to knock out even more principal. It was a ton of hard work coming up with the extra, but well worth it.
Anyway, here is the snapshot, only about $87,500 left… ‘only’… lol.
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