We officially crossed $180,000 total in debt paid over the last 25 months. The needle on the remaining debt has moved slowly only due to baby needs and uncertain times with work/contracts. Even though our primary goal for 2020 has been building a maternity fund and an emergency fund, we still managed to pay off $38,000 of our debt this year. We also built our own Covid relief fund if travel ceases to the Smokies and our cabin isn’t rented. Additionally, we maxed out our HSA contributions for 2020 back over the summer.
I’m wrapping up our income to expense spreadsheets for the year and let me just say how different they look from last year. In particular, Our income, savings, food, & travel expenses have changed the most. The other categories mostly remained the same. For 2021, we’ll have a whole new category to track and budget for🤰🏻👼😉 as well as some other changes too.
As we head into Christmas, most of what we put on our list to Santa is related to baby. Healthy pregnancy for Meredith, health and safety for baby, and a few items for baby’s nursery here in our RV. We ultimately feel like we received God’s greatest gift already and anything else is icing on the cake.
Our biggest financial lessons learned for 2020?
1. A fully funded emergency fund of 6 months (maybe longer) will always be required for us. It’s ok to build multiple types of emergency funds.
2. Be Flexible and embrace things that are out of our control. Stay in our lane, stay diligent on our goals, and be creative.
3. Self-educate. Financially speaking, we read, research, seek counsel, review, and retain. Knowledge is power when it comes to finances.
What’s your biggest lessons learned from 2020?