January 2019 Debt Payoff Update

The numbers for January are finally in.

I'm just going to be honest...they aren't pretty.

So, we launched our blog (unofficially) at the end of December 2018, and with that came a lot of goals for us to work toward in 2019.

While we knew what our January looked like, we were still hopeful that even with our chaotic schedule, we'd some how be able to magically pull off getting rid of some debt.

As we said, this is our "Highlight REAL," so with that, we have promised ourselves to share the good, the bad, and the ugly.

We quickly went into January with no game plan.

We spent the first 9 days on vacation in Orlando at Disney and Universal.

We then came back and had our best friends come in from out of town, so we were out doing a lot of fun stuff (some of which required more spending than normal)

Finally, we made the decision to move back to Ohio, and so we spent the last few days of the month packing and moving into our temporary house for the next month and a half until we head back.

All of that being said, we are in more debt than we started out the year. $1,091.47 more to be exact. That brings our total debt amount to $122,414.54.


Lesson here: "Fail to plan, plan to fail."

I don't think I need to go into detail about why we failed, and we are absolutely not making excuses. We just let our schedule dictate our budget rather than our budget dictate our schedule, and in the end this showed. If you want more details about what we did wrong, you can watch our YouTube video by clicking here.

I'm going to close this post out writing where our debt is coming from, and what our plan of attack is for February.

Adkins Debt:

Car Loan #1: $11,594.49
Car Loan #2: $7,198.64
Credit Card #1: $3,246.39
Credit Card #2: $4,984.12
Credit Card #3: $11,424.36
Student Loan #1: $8,271.84
Student Loan #2: $37,526.42
Student Loan #3: $38,168.28

Total= $122,414.54

We are working toward paying off our credit cards first. They are the smallest lines of credit, and have some of the highest interest.

Also, because we are moving, we are anticipating some upcoming expenditures that we would not have otherwise:

-Moving truck ($3,000)
-Gas for the drive home + hotels and food ($2,000)
-Deposit for future house/apartment ($1,000)
-Misc furniture/utilities needed once we arrive (couch, kitchen appliances, washer and dryer, deposits for utilities) $2,500

Total= $8,500 needed for move home.

So not only are we just working to pay off our debt, but we also want to consciously save for our move home so we are not accruing more debt during the move.

Here's to a more intentional, and more successful February. It hurts to fail, and if this post does nothing else, its certainly holding Corey and I accountable!

Stay tuned!!

No comments

Post a Comment