February 2023 Debt-Free Journey Update

I know this is extra late and our March 2023 update is just around the corner. Nevertheless, I got quite caught up doing things advantages to this journey with a greater ROI on my time vested. Basically I was working an obscene amount of overtime.

The month of February wasn’t too exciting. We continued to stick to our budget and debt payoff plan, which we budget $6,389.36 a month towards our debt. For February our total went down 2.81%. Less than the 2.84% in January which suggests the snowball effect isn’t working. Turns out there was a typo on my end entering the previous balances manually on the spreadsheet.

Credit Card Debt

In total we paid $1,833.45 and $1,393.93 went to paying down principal. Credit Card 3 had the typo, so we expect the amount towards principal in March to increase slightly.

Personal Loan Debt

Here we paid $3,134.97 with $2,647.32 going towards principal. A slight increase of $16.03 from last months $2,631.29. We’ll reflect back on this in March to track what rate the snowball is growing month over month.

Car Loan Debt

For our vehicles, we paid $1,144.94 and $914.92 went to principal. This had a slightly lower principal payment due to another typo on my end again with Car Loan 1 balance.

Tax Debt

Paid $276 with $267.33 going towards principal. I was going to originally ride this one to the end with minimum payments, but I think we’re going to knock this one out when I get back to Hawaii to get that psychological edge of a win.

Moving Forward

We maintain the course and pay $6,389.36 gross towards our debt. No adjustments needed to our strategy, our numbers will be back on track next month.