April 2013 Getting Out of Debt Update

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Spending budget: $400/mo.

We bought $211.65, made $23 $63 selling some miscellaneous items, and made about $175 at a garage sale.
(I forgot about a $40 furniture sale when I originally posted)

Total spent in April: $211.65 – $63 – $175 = – $26.35    :-)
If you’re wondering how in the world we did it, you might want to read this post on cutting your household and grocery expenses.

Current splurge $$ from coming in under budget:  $149.24

Our $400 spending budget has to cover all groceries, household supplies, personal care products, gifts, clothes and other shopping purchases, as well as home improvement and entertainment.  It’s about a 30% reduction to our spending budget. If we come in under the $400, half will go towards the principal on our 2 homes and the other half will be split between us for splurge money. As a partial reward for buckling down and spending even less than with our previous shoe-string budget, we took a trip to Disney World in February with our savings. Our next goal for our splurge money  is to pay for a flat screen tv – it will be our first!
We just paid another extra 11 payments on our house in Arkansas. This was money from our tax refund.  Unfortunately the rest of the refund will need to go towards repairs on the home in Arkansas and some maintenance on the home here in TX.  May’s extra payment will be slim, but there will still be one!
Is your family being intentional to get debt paid off before it’s due?  I’d love to hear your story, and to even share it here as a guest post if you’re interested.

If you haven’t been following our quest to pay off both houses and be 100% debt free, you can catch up here. 

Getting Out of Debt Step 1: Know how much debt you have and the associated interest rates.
Getting Out of Debt Step 2: Build an Emergency Fund
Getting Out of Debt Step 3 (Budgeting Step 1): Know how much money you have to spend and make sure your tax withholdings are correct.
Getting Out of Debt Step 4: Create a Budget
Budgeting Step 2: Track your current expenses– preferably 1 year’s worth – to see where you’re spending money.
Budgeting Step 3: Make a plan for all your money, taking into account one time expenses.
Budgeting Step 4: Check up weekly
Budgeting Step 5: Reassess monthly
June Update
July Update
August Update
September Update
October Update 
November Update 
December Update
January 2013 Update 
February 2013 Update

March 2013 Update

Estimated date to have both houses paid in full: November 2020! This puts us in a great position to help our kids with their first vehicle and pay state tuition for their college.

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  1. You can’t have that much longer on the Arkansas house. How long until it is officially yours and not the bank’s? Y’all are doing great!

    • Cricket says:

      Conservatively 3 and a half more years. We’ll pay it off in just under 15 years. If we could sell it now we could have this house paid off in about 4 years. I’m really tempted to take on another part time job in the fall to knock it out even faster. :-)

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