July 1 - 15th Budget With Me | How the Debt Snowball Method has Worked for Us | MistakesWereMade
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- Опубліковано 27 сер 2024
- Hello! We're heading into July so it is time to see what our budget looks like for the 1st pay period. We'll run through our budget sheet and talk a little bit more in depth on how we utilized a modified debt snowball method to help boost our progress.
If that sounds interesting and you'd like to follow our ups and downs with debt reduction, we'd love to have you subscribe!
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Been a subscriber for a few months now and am so impressed with the progress that you are making! I always look forward to seeing your videos in my feed because they are just so real and not so heavily product or aesthetic driven! Keep up the amazing work!
Thank you! I'm glad you're enjoying the videos - we hope to keep going strong with our debt progress!
You guys have made sooooo much progress!!! Great job!!!
Love your budget template & wonderful budget breakdown 💚
Thank you!
Having followed you since about Jan-Feb '24, the concept of a $975 (or $976) self imposed, minimum payment for the debt of emphasis just seems unreal and huge! At the end of May/ beginning of June, I commented the benefit of getting just 3 more paychecks through July. It looks like they will give you patio chairs and a big, big dent in the Reflect balance.
Right!? The snowball method has very much impacted our processes, though a lot of other little steps and changes have made it that much more viable. We've come a long way!
Not you saying "Welcome back to the dining room table" as I'm sitting with my budget binders spread across my dining room table. 😂😂😂😂😂
I always round up my debt payments to the nearest $10 at minimum. I also hate dealing with change. 😂😂😂
We're twins! :D I don't mind having change for my change jar, but its too fiddly when dealing with the credit card payments.
Hi MWM, another great budget w me. Congrats on getting rid of citi, pew pew pew!!! I have followed u since the beginning and every thing uve done has been smart and worked! U guys are doing very well! I think you're going to be at ur job longer than u think, idk y they would have given u a promotion just to fire u in a couple months, just my take lol
Thank you! It's very possible they'll just keep extending us a month at a time for a while but I think the promotion was honestly more an effort to motivate me to stay on (I'm the last leadership person in my department area) and a bit of kindness from my newest/most latest boss. It'd be amazing if it was a sign of more longevity though!
You guys are making such beautiful progress! I love how you divide up what’s left over, by percentage, at the end. Makes so much sense! 🎉🎉🎉
Thank you! We're very proud and so glad the awesome folks in the comments made the suggestion to keep savings in the mix! It is definitely working well for us.
You might look at a discount for paying your car insurance every 6 months or annually. I was able to realize some pretty good savings with mine. You have the funds, are planning on paying the bill anyway, and this would lower your monthly expenses when your job goes away. You guys are doing a great job. Best wishes
That's an excellent idea - I'm not 100% sure if our insurance gives a discount but it is well worth checking into for sure. If so, I think we'd need to create a sinking fund to build up the cost and maybe look into switching next year. I appreciate the tip!
If you did not get into the $10,000's on Reflect with the second June '24 paycheck, the budgeted approximately $2k in the first July paycheck will definitely get you there and below. Super congrats on the progress you make pay check in and paycheck out.
Thank you so much! I very much appreciate your regular contributions (including encouragement!), I look forward to seeing your thoughts each time we post a video!
I really love your progress! It is amazing! When will your reflect card run out of the promotion?
Thank you! We have a pretty decent runway - not until October of 2025 so well over a year which is very helpful if things start to go south once the job hunt has to kick into high gear.
1920, 1909, 1900 ... Sometimes it is easier to see what affect small differences make when its income based versus some variable or other expense.
It is amazing how a small amount can have larger ramifications over the longer term!
Another great budget! When does the reflect start accruing interest?
Reflect is our most recent addition so we have a generous amount of time, not until October of next year. We thought about switching to Discover due to that length of time but we're paranoid with the job loss so for now it stays our focus.
You inspired me to actually set up a snowball tracker and I realized I am paying $1602 a month to credit cards. 🤦♀But now I have a plan in place for October when 2 of my accounts are due in full.
Ooo is that $1602 being paid due to the true mins or because you're paying extra? I'm glad you have a process in place for your October deadline!
Now while the job loss looms with a little more reality, consider what you would do with any left over job loss monies. Let's dream and consider what you would do with that savings should you get another job with comparable pay and benefits 2 weeks after job loss; you'll probably need/ want about 4 to 6 weeks of supplemental income from the savings or other new-job non-pay sources. A more realistic, good outcome is that you are drawing a paycheck from a new job within 2 to 6 months and that it is at least somewhat comparable to your existing paycheck. Do you fund a project(s), pay off debt, invest in retirement accounts, add to other savings, or other? Don't lock yourself into a decision let alone a firm decision this far out with so many possibilities both good and bad. But do start to talk it over between the two of you, think about it, muss the possibilities, etc...This way if it becomes an eventuality, you will have already gone through the different "thought wrangling" and any decisions with be clearer and more confident.
Oh yes, any thoughts on the future at this point are VERY tentative. We just don't know what the job search will hold but it is fun to speculate how a chunk of savings could come into play if I'm only out of work for a short period of time!
Dogs are kids😂😂😂always fighting over something, I like how you play out possible future scenarios be it good or bad🧡🧡🧡
They sure are! Such a fuss and then hit you with those sad puppy eyes when you tell them to behave.
Just want to say Hi🙋♀️
Hi! I hope you're having a great weekend! It's been beautiful and sunny here but a rainstorm just brewed up and turned everything wet and gray. I don't mind though the garden loves it!
@@MistakesWereMade-MWM ugh, so hot here in Ohio! I'm not a fan of summer! Can't wait for fall!!!
Oh, I meant to ask you, having 4 dogs, how do you feel about this time of year with the constant fireworks?? Or are you lucky enough to have dogs that don't care? Ugh, the 4th is 6 days away and they are already starting! Time to get the trazadone out!!
I'm not at all looking forward to the 4th. One of our dogs doesn't seem to pay any attention to the fireworks but the other 3 absolutely hate them and one of them will harm themselves trying to get out of their kennel if we try to have them stay inside it during the night. We will probably be up until the majority of the fireworks are over so we can keep the pups company. With any luck, people will be considerate and cut things off no later than midnight and keep the big boom ones to a minimum. Murphy HATES those in particular.
@MistakesWereMade-MWM why can't fireworks just be pretty without making noise????. 🤔🤔😊😊