At 7:30 Friday morning, with one eye still shut, I logged into our bank account to check how much I’d been paid. Last week, I had calculated that as long as my take home pay was over $1,300, we’d have enough to finally pay off our debt once and for all.
To my surprise, our account had grown by $1,487.74! I double checked my math just to be sure we’d have enough to cover all our bills before transferring the final lump sum to our Home Equity Line of Credit. $1,113.51 later and we are FINALLY debt free!!!
Now technically, we aren’t fully debt free yet – we still have:
- A mortgage of $385,231.19
- An appliance loan of $1,665.34 (will be done in 10 months)
- A vehicle loan of $18,450 (will be done in about 3 years)
I know in the Personal Finance community, new vehicles (especially financed ones) are typically seen as really really bad financial decisions. And while I totally get that point of view, I still stand by our decision to purchase new. I can’t say I’d always make the same decision in the future but if you’re interested in the circumstances and reasons that led to us buying brand new, head on over here.
It’s so awesome to see that red HELOC line finally at the x axis!!!
So what now?
Now that we’re “debt free”, we can finally start focusing on our Baby Fund! In an earlier post, I had calculated how much we needed to have saved if I were to take a maternity leave of one year – my rough calculations show that we’ll need $14,051.52. With about 6.5 months to go, this works out to be $2,161.77 per month, or ~$540.44 per week. Although we paid off more than that amount of debt in only four months, I do have a feeling that reaching this amount is going to be a stretch because:
- We don’t have a tax refund to look forward to (which was over $4,000 combined for the both of us)
- I am not working any more overtime
- I am having to take time off work for appointments and because I haven’t been feeling well
In any case, we’re definitely up for the challenge!
10 weeks, 1 day
We had our first actual prenatal appointment this morning, and although it’s supposedly usually too early to detect the heartbeat using the Doppler given that it’s my first pregnancy, our Doctor was able to detect the faint but very rapid heartbeat! Incredible how reassuring a tiny sound can be huh?
After our prenatal, Mr. Unchained had a physical, during which I headed down to the lab for some bloodworks. It’s crazy how queasy I get just drawing blood – all I could think was if I can’t tolerate this, how am I going to survive childbirth?!
In 2 weeks, I have another ultrasound and then another prenatal visit and then assuming all goes well, we can finally start announcing!