Journey to Financial Freedom Update - May Month-End

May was a good month for the financial health of our family. First, I received a tuition bonus from Citibank this month. We had a few expenses that were not normal, such as a (hopefully) last $300 for Draven's birth and medical care. We finally got tired of our old table and chairs which needed to be badly replaced, so we budgeted in a little over $300 and got a new dining room table and 6 chairs. We like them very much, although it was a shock to be actually making a large purchase after so much time not spending much on anything except necessities and debt reduction.

Of course, we had to increase our budget category for gas because of the prices out there. It's a good thing we did! We also bought some zoo passes so we can take the kids there whenever we want.

Also, we were very happy to pay off our second to last credit card balance. Only one left to go before we're completely done with credit cards forever! That last one should be paid off in the fall of this year. The next victim will be our GMAC payment for our GMC Jimmy....we are still shooting to have that paid off by the end of 2007, but it may be into the first few months of 2008 depending on how life happens. After that, it's just the student loans and then attacking the mortgage.

In the end, we paid off a total of $2,751.07 in debt this month. That brings our rounded off total to $25 K of debt paid off since January 2006! We kept our savings at the $1,000 baby emergency fund level, except for adding $30 + $.49 in interest to our Christmas fund. So our total increase in net worth for May 2007 was $2,781.56.

June seems like it's going to be a more average month. We are still on track for our plan to have our house paid off in 2012, and then pay cash to build our dream house in 2015.