Snowball Status

by jolyn on November 4, 2009

in Debt,Snowball Status

October’s Progress

  • Debt #1 Original Balance: $2260.17
  • Paid Off
  • Debt #2 Original Balance: $6493.00
  • Paid Off
  • Debt #3 Previous Balance: $8,802.00
  • paid $1000.00
  • Current Balance: $6,607.12


Original non-mortgage Debt:
$19,375.72


Current Grand Total:
$6,607.12


***

We paid $2,128.10 in debt last month! Woo-hoo! We met and even exceeded our goal of $2000!

One snowflake that helped us achieve this goal was an escrow overage check we received in October for $151.60.**

*Snowflakes is a concept that I believe originated with the blogger I’ve Paid for this Twice Already. She outlines the method of snowflaking in this great post.

**Escrow is the money held in an account by the mortgage company to pay your yearly property taxes and insurance premiums. Most people make their escrow payments to this account automatically along with their monthly principle and interest mortgage payments.

Taxes owed, however, may not turn out to be the exact amount the mortgage company estimated at the start of the year. Thus, at the end of each year your mortgage company may either bill you for the difference… Or send you a check!


{ 4 comments… read them below or add one }

Carmen November 5, 2009 at 4:48 pm

This is amazing!

[Reply]

Jerilyn November 4, 2009 at 9:41 pm

You're doing such a good job!

[Reply]

Bethany November 4, 2009 at 8:39 pm

Wow, great job! I can't wait to get to the snowball part…I"m still "stuck" on the emergency fund and it's going to take a few months at least.

[Reply]

Kelly November 4, 2009 at 3:40 pm

Congrats on meeting and exceeding your goal!!!!

[Reply]

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