January 2018 Debt Update

Each month I chronicle our progress on our debt free journey. This is how we did for January 2018.

In January, we paid $1,089.87 on debt.

Credit Card:  $389.87
Student Loans:  $180
Mortgage:  $500

I knew going into January we wouldn’t be paying a lot on debt for the month. I found out back in September that my speed sensor on my front drivers side tire was faulty, and it was causing ABS and traction control errors. At the time, we were in the middle of soccer season, and I wanted to wait until we were out of that whirlwind of a schedule before I scheduled the car for maintenance. Besides, I kept telling myself it only set off at 65mph, and it’s easy to find another way around besides the highway here.

When November came, we had a large medical bill that needed paid, and with our FSA being out of money for the year, it came from our monthly budget. That means the car didn’t get repaired. At the same time, the sensor was getting worse. It would start to trigger my ABS and traction control fault codes at 50mph, then 45mph.

Then it started affecting my transmission, and was leaving my car in one gear depending on which road I used to go to town and back. I did not want to replace my transmission as well due to my own stubbornness, so I paid for the car repairs out of our monthly budget.

Now, you’re probably asking yourself, why didn’t you pay for it with a sinking fund? We do have a sinking fund set up for the car, but it’s more for maintenance, not major repairs like this. I don’t want to drain the sinking fund for repairs, and then not have it on hand when it’s needed for maintenance.

In this journey, it’s about progress. As long as I knock this credit card debt out this year, through the months where I can put a ton of money towards it, and months where the money has to go towards other expenses, it’ll be progress. And progress is the name of the game.

If you’re interested in other debt updates I’ve done this year, you can check out these:

I want you to remember throughout your debt repayment journey is a thing called life. There will absolutely be months where you’re crushing it, and months where life happens and you’re just getting through. In the end, all of that is completely okay! The end game is financial freedom, and financial security. The journey is all about changing your financial habits, learning to spend within your means, saving for the known, and having a little money on hand for the unknown.