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In this issue of The Payoff Challenge:
February Update!
Community Debt Payoff Snapshot
Submit your debt payoff totals for this week!
Weekly Action: Get 5 Bank Accounts (Wait, what?)
Money News: 50% of Americans Losing Hope In 2026
My Home Payoff Update
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FEBRUARY UPDATE
In February 2026, the members of The Payoff Challenge paid off a combined total of $7,870.24!
Congrats everyone!
Here’s an update video outlining our first two months!
Now let’s jump to the debt payoff snapshot for this week.
Community Debt Payoff Snapshot
Congrats to the everyone who paid off some debt this week! Let’s put this into a fun comparison.
We paid off a total of $325 last week! Again, the point is progress and $325 fits it. Basically, that’s like buying back 18 months of Netflix. While the rest of the world is watching 'Stranger Things,' we’re busy making debt disappear. Let’s goooo.
$162 was the average paid off, which is basically a whole month of an electric bill.
$162 is also the equivalent of 44 gallons of chocolate milk.
Numbers only move if people act—which brings us to this week’s check-in!
Weekly Check In!
How Much Did You Pay Off This Week?
⏱ Takes under 60 seconds. Any amount. Any debt.
This isn’t about how big the number is—it’s about progress. If you haven’t made a payment yet, consider this your nudge to go make one right now. Missed a week? Just submit the total since your last entry.
Submissions will be included in future week’s Snapshots!
Caleb’s Actionable Strategy
Get 5 Bank Accounts (Wait, What?)
Okay, this is going to sound crazy, but I think it makes tracking finances less confusing if you don’t keep all your money in one or two bank accounts.
Action: This week, open another bank account (or more) to keep money separated for various purposes.
Especially if you have a hard time controlling spending, having more bank accounts can help simplify your money management because it creates a mental (or even physical) barrier between your money and the purposes for it.
For example, even that starter $1000 emergency fund should sit in a separate account while you pay off debt. But there are other reasons you might consider multiple accounts. Mine are outlined in this video!
If you are looking for some bank accounts, I like Discover a lot. But I've also found these checking accounts and high-yield savings accounts are great options.
Check out the video if you haven’t already!
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Member Spotlight
If you want to be featured in the Payoff Challenge Newsletter or related videos on YouTube, Instagram, or TikTok, this is your chance! Any amount of debt payoff is worth celebrating here in the member spotlight.
Personal Financial News
50% of Americans Losing Hope In 2026
1. Despite Rates Going Down, HYSA Are Still Up Near 4%!
Good news on the savings front: it seems like high-yield savings accounts are still offering pretty good rates. Now I always say that if you are paying off consumer debt, don’t be keeping around tons of cash. Just keep that $1000 starter emergency fund ready to go if you need it. But you might a well keep it in a high-yield savings account! Read more here.
2. HALF of Americans are Losing Their 2026 Money Goals
This article was a bit disturbing to me but apparently half of Americans are already losing progress on their financial goals for this year. Half? I get it, normal everyday things are still expensive. Budgets are still tight. But that's all the more reason to stay focused on the end goal: financial freedom for your family. Stay on course and pay off that debt! Read more here.
Caleb’s Challenge Update
Progress We Made Towards Our Payoff
Goal: Pay off our remaining mortgage ($70k) by our 10-year anniversary on June 17, 2027.
465 days left
Mortgage Balance on January 1st, 2026: $70,000
Current Mortgage Balance: $66,673.76 (▼$200 since last week)
Balance paid off since start of challenge: $3326.24
Source: Paycheck, Savings, Interest, Etsy Sales
*This includes monthly principal payments as well as additional payments.
Current Mortgage Balance
As I'm writing this in a coffee shop, I’m literally listening to the song “Put One Foot in Front of the Other” and it's a good reminder that even when things don't feel like a lot of progress is being made, just keep on keeping on. $200 down!
Refer a friend and receive my quick-start guide for saving money TODAY on your existing expenses.
That’s it for this week! I already can’t wait for next couple week’s editions as we start getting numbers to include. If you have any feedback, respond to this email or drop me a line at [email protected].
Till next week!
Caleb
