Our Financial Peace Journey – February 2016

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If you are new around these parts, the Mister and I took the Dave Ramsey Financial Peace University course through our church last year. We have a goal to pay off half of our consumer debt this year. You can catch up on our journey by checking out our January updateDecember update and/or reading our weekly FPU updates.

 

February Budget

Okay, February is a weird month, and it reflected in the budget. We stayed on track mostly, but only because the Mister was able to work extra hours at his job and pick up some significant side work on the weekends.

One of the tough things about being self-employed is that the business expenses are up, that affects your pay. My rent and business payment increased last month in addition to a couple unexpected expenses, so I sacrificed a paycheck.

As you can see, our extra income was awesome last month. The Mister has found a side gig where they currently need him on the weekends for as many hours has he can give. I really admire the man; at this point he’s work 20 days in a row (he’s working right now), but taxes are real and April 15 is coming.

February Victories

I have said over and over again that having an emergency fund brings a lot of peace of mind, and I thought we were going to have to use it this month when the Mister’s check engine light came on. We have a great mechanic, but quality work doesn’t equal the cheapest in town.

Luckily, with all the side income, we were able to pay cash for the repair. That’s $400 that didn’t have to come out of emergency dollars. Dave Ramsey says that you feel pain when you use actual cash; I’m going to attest that we confirmed this with our own experience last week.

 

No account closures this month, but in addition to paying cash for car repairs and putting a bunch in the tax fund, we did throw an extra $225 at our lowest debt on the snowball. Fingers crossed we knock that one out this month.

Since we started our journey in September, we have paid off five accounts, totaling $1950. We have also set aside our baby emergency fund as well as started a savings fund toward taxes.

Do you want to get started on your journey to financial peace? I’d suggest reading The Total Money Makeover or going to daveramsey.com to find a local Financial Peace University class.

What are your financial goals for 2016? What changes are you making with your money and budgeting processes this year?