So you want to get in on the #debtfreecommunity numbers each month? Well, here’s how you do it!
- Follow @debtfreeinsunnyca on Instagram and be on the lookout for the posts on the first of each month. The posts go live 8am PST on the 1st of each month. They will look similar to the posts below. If you don’t feel comfortable commenting your numbers, please message them to me and I can comment anonymously. You can turn on post notifications as well to make sure you don’t it miss the posts.
2. Get your numbers ready. Figure out how much debt you paid off during the month and how much money you saved up.
Confused about what should be counted as debt paid off or money saved?
Use the quick guide below.
In baby step 1?
Count all money saved towards your $1,000 starter emergency fund. You can also count your minimums paid towards debt as debt paid for the month.
In baby step 2?
Count all baby step 2 minimum payments and extra payments towards debt.
In baby step 3 or above?
Count all amounts saved. Emergency fund, investments, general savings, it all counts!
3. Now here’s the part most people get mixed up on. In oder to make it easy for me to add up all these numbers each month, I request that a certain format is used when commenting your numbers on the posts. The formula is as follows:
Put the amount of debt paid off/money saved with a dollar sign $
THEN, if you want to leave a comment, put a % after the number and before your comment
$1,284 % February was amazing
If you just want to just leave a comment with no debt totals, put a % before your comment
% Murphy stopped by. No debt payments this month
Full example: $1,000,000 % I murdered my debt this month!! 🔪💣💀
The $ and % are very important as it’s what allows me to filter out everything except the number needed. Otherwise I would have to go line by line and remove the text and other numbers to get the total needed. I so appreciate those who use the correct formula!
4. After the posts have been up for one week, I use Excel to calculate the monthly totals for each category. Then I announce them to the #debtfreecommunity to show how we did that month!
5. If you missed the deadline for that month, no worries! Just add your numbers to the next month.
I hope this explains the WHY behind my crazy formula. I’m excited to see these numbers grow over the years as the community gets out of debt and builds wealth. Let me know if you have any questions.