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Debt Free Journey Update June 2020

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I wanted to update you guys and let you all know that I did a deep audit into my finances from when I started the debt paying process till now.

I decided to go through my bank statements and start logging in all my debt starting from September 2018 till this month. I found that we actually have a total debt of $127,229 and not $116,000.

A debt snowball app totally messed up my numbers so I decided to do something about it and start tracking everything myself.

Currently, we’ve paid off $89,479 in 21 months and have $37,750 remaining.

As you can see in the chart above, our debt payoff progress really slowed down since March 2020 due to COVID-19.

September of 2018:

8 Credit Cards
1 Car Loan
2 Medical Loans
2 Student Loans
1 Personal Loan and 1 Personal Loan from family
Total $127,229

June 2020:

1 Student Loan
1 Personal Loan from family
Total $37,750

We’re playing it safe these days and paying only $500 a month towards debt.

We do have an emergency fund but we want to be extra safe just in case the worst case scenario were to happen like both of us losing our jobs.

If you’re also paying off debt or thinking about starting, make sure to save for an emergency fund. Always have a 3-6 month emergency fund in place.

In 21 months, we got rid of $89,479 worth of debt. Do you want to start on your own journey to get debt free? Check out these tips that can help you get started like we did.

Related: How To Get Out Of Debt With These 5 Tips

Looking For Savings

Have I ever mentioned that I really don’t like couponing? I don’t have the patience to sit there and go through circulars looking for deals or clip coupons to save for later.

Don’t get me wrong, I do know how important coupons can be though. It can save you hundreds over time!

Instead of couponing, I use digital apps that give cash back.

I use programs like Ibotta and Fetch Rewards.

If you haven’t tried it yet, you need to get it.

It’s so easy to use.

Ibotta

Ibotta partnered up with over 300 stores including all your main grocery stores and others. They most likely have the grocery store you go to on their list.

Once you find your grocery store, you upload your shopping receipt and you’ll get cash back.

In June, I got $21.75 cash back from Ibotta. Pretty kool huh? No need to be clipping coupons! Whew!

It’s an awesome app to use.

Sign up for free at Ibotta and use the code YDIGCFJ to get your $20 welcome bonus

Fetch Rewards

Another app I’ve been using is Fetch Rewards. I basically get points for scanning receipts from grocery shopping, gas, and food.

Once I reach a certain amount of points, I’ll get gift cards or free magazine subscriptions.

Use the code 7JKFH when you sign up to Fetch Rewards and you’ll get 2,000 Fetch Points ($2.00 in points)
You can also refer others and earn 2,000 points ($2) yourself and your friend/family will earn 2,000 points ($2) as well.

Swagbucks

Swagbucks is a site where you could take surveys/poll, play games, watch videos, shop online, complete daily goals, and enter competitions for points. These points convert to cash back via PayPal or gift cards.

I’ve been using Swagbucks to get cash back when I shop online.

Sign up for free here at Swagbucks and earn a $10 welcome bonus

Rakuten

I still use Rakuten when I’m doing any online shopping to get cash back on my purchases. It’s free money back, why not take it?

Sign up today with Rakuten to get $10 in a welcome bonus and be on your way to start earning cash back for online purchases. Don’t miss out on FREE MONEY!

Honey

Have you all heard about Honey? I just recently started using it and it’s awesome.

I downloaded the Chrome extension and when I go to purchase something online, it’ll scour through tons of coupon codes to help find the best price for the item.

It’s good for lazy couponers like me.

It’s a site that finds you all coupons available for stores. It has a chrome extension so when you go to a site and purchase something, Honey will notify you if there’s a better price

This month has been all about looking for savings any way I can, the easy way.

Takeaway

Another month during COVID-19 is really affecting our lives. I want to pay more towards debt but it’s definitely a time to be saving a lot more. You just never know what tomorrow brings.

I’ve been using a lot of cash back / coupon apps and sites to get even more savings throughout the month. If you all can find time to coupon then great, go for it! If you don’t have the patience to coupon like me, then definitely try those apps and sites out.

Every dollar saved is a dollar earned. Don’t dismiss any savings you can get.

We’ve paid off $89,479 in 21 months and have $37,750 remaining. Still can’t believe we paid that much off. Just goes to show, anything is possible.

Are you ready to start your own debt free journey? Get started by grabbing this free Debt Thermometer and join us in the free 5-Day Debt Free Bootcamp to pay off $500 worth of debt in your first month.

About the author

Hi everyone! I'm Jina the creator and founder of My Financial Hill. I was inspired to start this blog to help others reach FINANCIAL FREEDOM after our success in paying off over $100,000 in 24 months. I want to share everything I know about the debt paying process with you all because it doesn't take huge sacrifice, working 80+ hours a week, eating rice and beans, or never traveling. I'm here to show you how to find your own groove to become DEBT FREE !

Jina 


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