Thursday, October 9, 2008

Second Week of October Update

We had a pretty good run this week. A lot of our bills came due, so, for the first time in several months, our checking account just dipped below $1,000. It’s back up again since I got paid today, but I’ve been so focused on squeezing every spare bit of change out of the budget to throw against the debt that there just isn’t as much play in the balance as I’d like. Perhaps after the first of the year, I’ll work on building up our emergency fund a little more and insulate our account just a little more…

So we started the week with $5,357.69 on the credit card, and we finish the week with $4,581.69, paying off $776 this week! We owe about the same amount on both cards now, and by next week, our total balance should be well under $9,000! This means that our total credit card debt is rapidly catching the truck loan, and should be under that in a week or two.

In the two weeks that we’ve been working on paying the American Express down this month, we’ve paid a total of $1,220.55. That’s rapidly approaching last month’s total, and we are only in the second week! Of course, the big drops for us always occur at the beginning of the month, so most of our “extra” money is already spent, but that means that we’ve been paying down debt this month at a rate of about $87 per day, which will not only allow us to get the AmEx paid off, but also get within a month or so of paying off the other one as well! If we could manage to squeeze just a little more, we should have both credit cards paid off by the end of the year! Of course, that means that we’ve got to pay over $110 a day against the cards, but with the two extra sources of income, that just might happen!

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