Debt Update – May

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Here is the updated Debt payoff worksheet for May. I am planning on sharing them every month so we can hopefully see our amount go down together!

This month has been a great one for a few reasons.
1) My father-in-law is who our tractor loan was being paid to. He forgave the loan because there were some other things him and my husband were making deals on.
2) We got our income tax check and paid $900 off the tractor loan and then we had some extra money left today after I paid bills for the week (my husband has been getting some overtime) so I paid another $300 off the tractor. This allowed us to cut that loan in half in just 1 month! This makes me feel awesome!

I love seeing the numbers go down. It may seem strange that we are choosing to pay off the tractor first. Normally, I would say to pay off the either the debt with the highest interest first or pay from lowest amount to highest (because you see results faster). The reason I chose the tractor is because that payment is $212/month and the credit cards are only $50/month. My school loans start very soon and I want that extra $212 to be available to pay towards the school loans.

My goals for June:

  • Get the tractor loan down to $600.
  • Don’t rack up any more money on my Discover Card. (online shopping happened this month…)

I am working on a Budget outline too (maybe with a pretty printable..) so stay tuned. (:

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