Credit Card Debt Update

After finishing yesterday's post, we updated all of our spreadsheets and numbers to account for no more auto-debits to our emergency and gift funds which meant we freed up some monthly cash flow to go towards our credit card debt.  We also decided to put the $500/month towards our 'house fund' on hold until the debt was paid off - which freed up a lot more cash flow.

So - here's the updated debt pay off plan:

That's right.

June.

The last time I posted on this we were looking at November.  We've shaved off five months - great news!

When Jordan and I were talking on Monday evening, he admitted that he had been feeling like the money in all of our savings funds were 'off limits' - he felt like he had no say and no access to that money.  I on the other hand, feel freedom and safe when we have money tucked away - so that it's their if we need it.  We both actually want the same thing: flexibility - but have fundamental different ways of going up getting it.

From there we talked about our credit card debt a bit.  He mentioned that his card had a balance of about $850 on it - $300 of which were for repairs for the truck that he didn't want to use the credit card for (the joint one) and didn't feel good about talking about it.

He also has felt like he had to use his card as a buffer - even for normal day to day spending.  That said, he hasn't touched it except for a Valentines day gift for the house since we started our new spending plan - which we both feel a lot more comfortable with.

So, we have committed $300 from April's budget to go towards his credit card for the truck repairs.

We're also going to continue the conversation on our allowances and if we still need them.  Jordan feels strongly that if we didn't have an allowance, he wouldn't use his card and would even rather cancel it and just stick to the joint account.  I tuck my allowance away to help pay for clothes that aren't 'needs' and guilt free purchases for lunches with friends sometimes - but if we find a way to build that into our regular spending, then maybe we don't need them anymore.

5 comments:

  1. Congrats on shaving that down a few months!

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  2. That is so cool to see that goal so close within reach! Congrats!!

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  3. That is pretty sweet! I remember when you guys were planning all of this out, and the end is now so near.

    I'd be interested to hear what you guys do with the allowances. BF and I were planning on doing the allowance thing in separate checking accounts once we merge finances. But my parents do it the way you may change it to...and it works too!

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  4. It sounds like a good plan to get your credit card debt completely paid off.

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  5. Woohoo your credit card debt is almost gone!! June's so close - good luck.

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