Wednesday, October 25, 2017

October 2017 Debt Repayment Update: $57,426.88

Hey everyone! After an unseasonably warm start to the fall, the end of October has snuck up on us. The one thing about time flying by though is that it means we are one payment closer to paying off our debt!

This month, our total debt (with clarifications below) is: $57,426.88. We are really close to dropping our monthly interest paid to under $200/month. It used to be around $300, so an extra $100 a month toward principal really helps!

Traveling and spending
October was a really really busy month. Not only did we have a trip to New York for a family member's wedding party, but we also had to get a lot of paperwork done for different things like financial assistance applications and more. I also worked on a bench to go with our farmhouse table.

As far as spending went, we had a few extra expenses on top of the New York trip. Our van needed an oil change and a headlight replaced, and I needed to order some more books for homeschool.

Re-adjustment to food budget
After writing recently about dropping our food budget by $100, I realized that it was putting a lot of stress upon me and my family to cut it by that much. That extra $100 is helpful in making the 5 week months easier and allowing us to have some cushion money to stock up on sales. I decided to raise it back up to $400 a month.

A note on medical spending
One thing I am not including in this debt is an outstanding medical bill (about $3,500) we have at this point. When our son was hospitalized for a kidney infection that included a 2-night stay as well as an MRI, CT scan, IV therapy and an ultrasound, I knew the bill would not be cheap. We have a high-deductible health plan, and while we have had money saved up in an accompanying HSA for times like this, I knew that his bill would probably blow a large amount of those savings out of the water. So after some discussion with my husband, we decided to apply for financial assistance. If for some reason we don't qualify, there is money to pay for everything so we wouldn't incur additional debt.

So that's it for this month. It may sound strange saying this, but I am looking forward to November and December being a little slower and focused more on home and family. The holidays can be notorious for letting your spending get out of control, but this is the second year I've set aside a little each month to cover Christmas presents so we aren't caught off guard. Here's to a drama-free November!


  1. Just discovered your blog. You are doing awesome with your debt pay-off! I think it is good you raised the food budget. Even $400 is excellent. I love the table you built!

    1. Thank you, Isabella! Our debt repayment started off slowly, but has picked up steam as interest has dropped and our salary has increased a little. Blogging about it has helped me see that those little payments did make a difference because they were stepping stones to bigger payments :).


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