Joshua Hurtado has been driving for Uber Eats since August 2018 and has an Associates in Paralegal Studies.
Scripture of the Week
I would like to lead off with a scripture for each week's update. This week's verse is Romans 13:8 "Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law." KJV. This is a scripture that has stuck with me. I really desire to owe nothing to anyone except to love them and to do that, I need to be free of all my debts.
Okay, lets do a recap of the debts that we still owe and the amounts owed before we started making extra payments on them. We owed about $1,500.00 to Social Security due to an overpayment on their part. We owed right about $22,884.00 on our car, and about $28,000.00 for student loans.
This Weeks Income
So, I drive for Uber Eats full time. This means that there is no set salary or set hourly rate for my job. What I earn is based on the orders I am able to take on any given day. I have been fortunate enough that God has blessed my wife an I in this area. After calculating our monthly budget, I need to make at least $800.00 per week to make all of our minimum bills. Since we have cut our budget down to what is pretty much bare-bones, we can take any amount we earn over our bills and put it on our debt.
This week our income from Uber Eats was $817.55. So we will be taking the extra $17.55 of income and applying that to our debts. We also had a form of one time income this week from the sale of our non-retirement stocks. We will have about $212.00 that we will also put onto our debt.
Social Security has begun deducting $100.00 per month from the amount of the payout until the cost is recouped meaning that there is now a balance of about $1,400.00. We want to keep as close to the baby steps as we can, and have the money on hand to pay them the rest of their money in a lump sum after we contact them this coming week.
We are going to go ahead and put all of our extra money with the exception of the $1,400.00 on the car to get that paid off as quickly as we can. We happened to have $173 extra that we were able to put onto the car in addition to the minimum payment of $495.00. So, adding all the amounts together (we have the $173.00, the $17.55, and the $212.00) we have out a total of $897.55 on our car this week!
Life Style Changes
Since we have decided to get out of debt, we have also made some decisions on our lifestyle. We came to the conclusion that there are some things that we just do not need. One of these is fast food, or really any restaurant food. We looked at how much money we were spending on getting food from restaurants and it was absolutely disgusting. We have also agreed that we do not need anything fancy for our internet. Once we get to West Virginia we will probably just get whatever is the cheapest as there is not much we actually need it for.
We have also stopped all of our investing. While I understand that mathematically it makes more sense to take extra money and invest it at 8% than it does to pay off debt with an interest rate of 5%, for us this is about changing our behavior. The only person I can control is me and this will help build overall discipline as well.
Something that we have decided to downsize is my collection of chess sets. It is a very small collection and there are there are not many chess sets that would be considered collectable. There are a few that I will be keeping such as the 2020 Presidential Election set, and Indonesian set that my wife got me, a Mario collectors edition set, and a Byzantine Empire set. We might not get a lot for what we will sell, but it will be something and the little bits of progress will definitely add up as we go.
Goal For Weekending 3/14/21
Our current goal for week ending 3/14/21 is to pay an additional $30-$50 on the car. I will definitely give an update on that in the next blog.
My Wife's Perspective
- Miranda's Perspective
Click the link to get my wife's perspective on our debt free journey. It is important for any couple to be in agreement on their finances.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.