5 Months In....

We've been working on our debt snowball for a total of 5 months now! We've had some ups and downs but overall we are on track to have it all paid off in 15 months!!!!

Here's how our debt thermometer is looking now:

January: We had just started so our motivation was high! We made a list of our essentials and non-essentials to help keep us in check. We also went through the budget line items and brainstormed ways to cut costs more. Some ideas: get Comcast to lower our internet bill, get PMI removed, cancel 401k temporarily, change state tax withholding. 

February: Tax return month! We've changed our tax withholding so we only pay like $5 a paycheck to federal tax. But we still get a decent return between federal and state. Tax returns combined with staying on track with our budget, meant we were able to put just shy of $5,000 towards the snowball! Check your paycheck to see what your withholding level is at. If you get a large tax return each year, it would be beneficial to increase the allowance and keep money in your pocket each paycheck and STILL get a return.

March: Still on track in March but lower than I wanted. We had three paychecks in March so the total dollar amount should have been higher. March is when our motivation started to wane. I went a bit nuts on home decor, we did some home projects, and ate out too much.

April: This month we had NO snowball momentum. We still hadn't pulled ourselves out of falling off the wagon in March so we were just treading water in April. Very disappointing but an eye opener that we need more balance and have to tweak the budget a bit more. The budget is a living document and it will need to tweaked from time to time.

May: Back on track! We were able to pay more than expected this month! Ben worked A TON of overtime and call shifts and had some great paychecks! We also had a super busy month. We went on a couple field trips, had the boys birthday parties, and completed several home projects, all while staying on budget! 

We're going to have a busy summer and I can see us getting off track with the budget again, particularly in the food area, so having a plan-and sticking to it-is going to be key in the next few months!