Monday, February 2, 2015
Our first month of Financial Peace
We just completed our first month of financial peace. Honestly, in regards to finances, it was the least stressful month we've had in years. We paid off over $89,000 in debt last month, the majority was from selling our home. Huge relief!
We also had over a third of our emergency fund in place. However, we ended up having to use it because there was a dead in the family and my husband had to travel out of state. It was less stressful because we had a partial emergency fund in place. We didn't question whether he should go or how we would get him there, he simply went. No worries.
We have started out our second month with budget in place, but not as specific as I would like. I have all our bills listed, the due date, which pay check they will be paid out of, etc. What I don't have is the envelope system in place .... yet. I will be working on getting that started in March.
We will be working on building up our emergency fund this month. We will complete our emergency fund next month when we receive our tax refund. I have already outlined what we will do with our refund, which includes building up our emergency fund and paying off up to five credit cards/loans. Cannot wait! After those five bills are paid off, we are going to snowball what the payments would have been into our next debt.
I am thankful for starting with financial peace journey. It is nice to see our debt amount going down. My only regret is that we did not start it sooner.