Where is the Money Coming From?

Over the last two pay periods, we have been able to make two big payments towards our Line of Credit totaling $1,345.30 out of a net income of $4081.11. That's 33 % of our income for the last two pays. Part of the reason we've been able to do this is because we are controlling our spending. The other part (I think) is the way I have our budgeting spreadsheet set up. I enter the net value of each of our paycheques and the spreadsheet automatically determines what is left after our regular expense deductions (including our minimum debt payments). It then populates a line marked Snowball with the amount of income over any budgeted amounts. All that extra money now has a name and is committed to a purpose.

I then deposit that money to the Line of Credit as some as possible after getting paid. That way it's gone and can't be used for anything else.

If I'm able to keep up the OT at work, we should have the Line of Credit paid off by Canada Day! So that is my Number 1 goal now. Pay off the Line of Credit by Canada Day!