Monthly Financial Review – February, 2017
Disclosure: This page may contain affiliate links. JustAnotherDollar will only recommend services or products that we would use ourselves. Hopefully you will find value in these recommendations.
Welcome to the first installment of our monthly financial review. I plan to track our financial position at the end of each month in order to show our progress in real-time as we pay down our debt and live on a budget. Eventually, I would like to include a bit more detail and track things like how well we follow our budget, but for now we’ll settle for the basics. The first edition will also include progress from two months as January seems to have gotten away from us. Remember, we’re still getting the hang of this blogging thing, and I’m dug in deep working as a CPA in tax season.
So, where were we? If you take a look at our position as of 1/1/17, you’ll see that we had a total of $107,614.32 in debt. We focused primarily on that during the last couple of months and each got a decent tax refund, which was directed straight to debt. The end result is that we each paid off our smallest balance for a total of $4,835.37 in debt reduction! This brings our debt total down to $102,778.95 as of 2/28/17.
As I shared in chapter 2, we had about $500 extra in January and February income to pay toward debt. With Alyssa supercharging her income starting in March, we will have close to $5,000 extra each month to pay toward debt, and we look forward to CRUSHING IT in the coming months! Sorry for the short post, but I really wanted to get it written. I’m actually posting it sitting at my desk on my lunch break.
Let me know in the comments how you’re spending your tax refund! Check back soon for more updates!