April Debt Recap

We went a little YOLO in April – do you guys ever do that with your spending? We’ve got this perfect budget but something unexpected (but “necessary”) comes up. That one unplanned expense leads to more and more because hey, if the budget’s already blown we may as well live it up! Starting to sound familiar?

Anyway, we reigned it in before things got too out of hand and judging by the numbers below I’d say we did pretty well!

The Budget

Savings: $1162 (actual $1277)
Sinking funds: $75 (actual $75)
Debt payment: $734 (actual $734)

Debt Savings Focus

In April we were focused on putting all available funds into our emergency fund and we were even able to exceed our budget goal!

The Numbers

This brings our total credit card balance to $5,839.56 and our total debt balance (including the Honda loan) to $25,032.10.

May Goals

My second job will end for the summer this month so we’ll be losing a little income. While we still have it we’re going to loosen up the budget for a couple “quality of life” purchases – namely flowers for the front porch and an outdoor grill.

I want to get back in to selling things on the Facebook marketplace (and decluttering the house) so my goal is to sell five listings this month.

Our total minimum debt payments in May should be $656 and we estimate saving $1002 which would bring our savings to $3508.

Because we are in savings mode I can’t accurately calculate a debt free date but we hope that we won’t be too far off from our last estimate of April 2020!

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

3 Replies to “April Debt Recap”

  1. You guys nothing wrong with the quality of life purchases. They are a plus. You will have home made meals more often. These are usually healthier and more economical and is something you might enjoy doing together. WIN, WIN, WIN. You never want to make the minimim payment on a credit card. so much of your payment will go towards interes and not the actual debt. Just a suggestion here. I know you are on savings mode, but I would cut back on the savings and kill the credit card debt. Unless you have something like a 0% intro rate you are probably paying more in interest that your savings acct is earning.

    1. Hi Javier, thanks for your input! We are currently in savings mode for a very specific purpose – we may have some large bills coming up that we don’t want to finance and create further debt for ourselves 🙁 But hopefully we will be in the clear soon and can take all that money socked away in savings and send it straight to credit cards. Eating at home is one of the best and EASIEST ways to save money!

  2. Good for you for paying attention to when your spending was starting to slide and rein in back in again.

Leave a Reply