Posted by: waterwalkerla | February 16, 2010

Making Over Our Money – Mid-February Update

In January, I wrote about our renewed commitment to be debt free.  At the end of January, I posted an update on our work toward our goals.  I decided that a month is too long for me to go between updates, so I am going to try to post a mid-month update as well as an end of the month round-up.

As I posted in our January Round-Up, we set some short term goals for February.  Let’s see where we are in terms of meeting those short term goals…

Short Term Goals for February:  We will have our emergency fund completely funded within the next 10 days.  (Done) We will be receiving a tax refund later this month, and will use it to pay off two bills and to pay down a third.  (Done) My husband wants to use all of his referee income to pay off debt.  February should be a very good month for him on this front – unless there are weather-related cancellations or his knee decides to give out before the end of the season.  (We have been applying my husband’s referee income toward debt reduction and he has only had one cancellation so far due to weather.) Therefore, we estimate that we will be paying off that third bill and paying down a fourth by the end of the month.  (As of this evening, all of our small medical bills are paid off and we have paid off our smallest credit card.) By the end of February, we will also create our March budget spreadsheet.  (Our March budget spreadsheet is almost finished).

So far, we have made quite a bit of progress toward our debt reduction goals.  We have been very blessed this month by extra income, which has helped.  Since my husband’s income is not constant, budgeting long term is not very easy for us.  However, we have been able to get into a routine with short term budgeting.

We still have around $6000 in non-mortgage debt to pay off.  That includes a small loan and a little credit card debt.  That number still looks overwhelming, but it is nice to see that we have at least made a dent in the original number.  For a while at the start of this month, it looked like we might be losing yet another source of income – and with the overall economic uncertainty, we don’t like to take any income for granted.  Because of this, we paid a little less than we planned toward debt reduction this month and made our emergency fund a little bigger than planned.

Rather than add any new or additional goals for the month of February, we will continue our bill paying and budgeting.  At the end of the month in my February Round-Up I will include new short-term goals for March.  This would probably be a good time for a reminder of why we are doing this.

Long Term Goal:  Be debt free, of course!



  1. Hey there fellow homeschooler! Sounds to me like a Dave Ramsey plan @ a Debt Snowball…Great Job!
    We too are working towards paying off our debt and rebuilding our ER fund {we needed to use it shortly after building it the first time}. 😉
    Found your sight during a homeschool blog surf.
    Lovin’ your Day (or shall we say Week) Book.
    Where did you get this idea? This is the first time I’ve ever heard of it. Would like to know more about the Day Book and how it can be applied to us Homeschooling Moms.

    • Hey DeAyn! I hope things are going well for you on your debt repayment. It’s easy to get bogged down by it all, but it sure is fun crossing off those debts when they are paid off! As for the Week Books, I have seen a few homeschool moms do something similar for themselves, so I just decided to change one around a little for the kids to do. A good source is Tracy at My Life and Homeschooling. She posts one just about every week. You can find her link in my blog roll.


  2. […] February?  The first two months of 2010 have flown by.  It feels like I just posted my mid-month Money update and now it’s time for a month-end […]

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