February 2018 Debt Recap

Cold and dreary February is over and it’s beginning to look like spring! February really busted our chops, and not just the cold weather. Murphy hit us in the form of multiple illnesses and a flat tire plus a friend’s baby shower that we knew was coming but neglected to plan for. Add that all together and we unfortunately did not hit our debt payment goal, but we still paid off a credit card and rocked our first month using the cash envelope system!

Are you wondering who on Earth is Murphy? That’s a popular Dave-ism that comes from Murphy’s Law: anything that can go wrong will go wrong.

The Budget

Sinking funds: $90 (actual $75)
Debt payment: $6198 (actual $4600)

Debt Focus

Our focus in February was to pay off our Chase and Barclay cards. We are one for two – we knocked out the balance of $3895 on the Chase card and paid the minimum on the Barclay card, which brings it’s balance to $820.

The Numbers

This brings our total credit card balance to $7,093.98 and our total debt balance (including the Honda loan) to $26,927.85.

March Goals

Our total minimum payments in March on four credit cards and the Honda loan are $705. In addition to this we hope to make a $1352 avalanche payment, which will knock out the $820 Barclay balance and bring the balance of our next credit card, Synchrony, from $866 to $334.

We will be continuing to use the cash envelope system in March, fine-tuning our budget amounts and being more conscious than ever with our spending.

If all goes well we will be free of credit card debt in July 2018. At that point we are planning to take two months off to cash flow a trip home to Alaska and then get to work on our car loan. That gives us a projected totally debt free date of April 2020.

Did you achieve your February goals? Tell us in the comments below!