Not Impressed with our Debt – July Update

Going into this new plan for paying off one of our credit cards I knew July and August would be the toughest months. For the month of July I did not think any farther ahead than the week I was in. Putting all of my paycheck into the credit card debt and living off the Hubs paycheck actually worked! I made two $900 payments to the credit card this month for a total of $1800! And guess what? All of our monthly bills for July are paid and we still have money left over! Not a lot of money left over mind you, but still…

Beginning balance at the start of July was $7979. 82. Current balance is $6314.50. That’s a total of $1665.32 of debt gone in one month. The interest I paid on my June bill was $161.84. The interest I paid on my July bill was $127.12. It will be interesting to see what the total for interest charges will be in August after paying more of the balance off.

Here’s a recap:

  • Beginning Balance July $7979.82
  • Payments Made July $1800
  • Interest Charges $127.12
  • Current Balance end of July $6314.50

Total Debt Paid for month of July $1665.32!

I mentioned above that I knew July and August would be the toughest months but didn’t explain why. I have been paying on a large loan since 2012 and our last payment comes out in August. We will be free of that debt in September. It will be such a great feeling!

How did I get that much paid off in one month and still have enough money for bills, food and gas? Each week the Hubs and I talked about how much money I thought we would have at the end of the week so we were on the same page. I also luckily have my baking and a side gig that carried us through each week. Without them I would have not been as successful. If you would like to check out my side gig which is my Etsy Shop please view my shop here https://www.etsy.com/shop/RedMillVintageandNew

The results from putting all our energy into paying off this credit card by October have been pretty impressive. Hopefully August will be just as fruitful.

I’ll update you on how much money we spent on groceries and what we ate in the next post.

Till next month! -MM

Published by marymargaretripley

I am a professional Bakery Manager at a privately owned grocery store. I also owned my own bakery for over four years. I have been baking for 15+ years professionally. I also teach canning and preserving classes and have been gardening since I was 5 years old. I live in Western, NY with my husband, teenage son, Bernie the Cat and Muffins the Hamster.

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