Debts to Pay
|
June
14, 2016
|
Doctor Bill B
|
204.82
|
Doctor Bill C
|
231.20
|
Doctor Bill D
|
2,422.48
|
Student Loan D
|
2,765.51
|
Student Loan B
|
2,787.87
|
Student Loan F
|
2,998.40
|
Student Loan A
|
3,517.61
|
Student Loan C
|
4,495.04
|
Student Loan PX
|
7,861.52
|
Student Loan G
|
8,161.63
|
Student Loan E
|
8,320.70
|
Car Loan
|
13,181.02
|
Mortgage
|
52,189.46
|
Total
|
109,137.26
|
*Current chart shows adjustments for interest, pay downs, and pay offs.*
Today I want to talk about extra “income” and how that works in our home. The way our budget is set up, we can enter our projected income, or a rough estimate of what we will bring in for the month, and our actual income which is the solid numbers. We tend to underestimate on our projected income because it helps to build a tighter budget. However, with that in mind, our projected expenses still exceeds this number. But that’s ok. As long as we aren’t going over our actual budget, this is fine for us.
My husband and I both have jobs that will pay us for travel. It isn’t much, but when we are both traveling a few times a month, it will add up. Of course we use this money firstly for maintenance on our vehicles, but since our cars are both reliable and we take good care of them anyway, there isn’t much that needs to go into this particular fund. And we also budget these sort of things anyway, so that gets us a little ahead of the game. So what do we do with the remainder? We have a separate line in our budget just for additional debt payoff!
Our budget already has lines for the bills and debts we currently owe on, but with extra money coming in, we can pay these off much quicker by designating extra money this way. So for the month of June, so far we have $160 of extra income in the debt payoff fund. Using this money, I have paid off one bill entirely, as well as paid $40 extra on Doctor Bill C! So just this week alone, we have been able to pay off $408.37 (minus adjustments for interest on loans)! That is so exciting!
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