In this issue of The Payoff Challenge:
Total Debt Paid Off in May!
Community Debt Payoff Snapshot
Submit your debt payoff totals for this week!
Weekly Action: Sell Your Plasma
Money News: Household Debt is Increasing
New Video! Dollarwise Budget App Review
My Home Payoff Update
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Here’s The Total Debt Paid Off in May!
Let’s go! Congrats everyone.
Now let’s jump into this week’s payoff snapshot.
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 $1015 last week! There’s something that feels different about having paid off over $1k vs a little under. You gotta love that extra $15. Side note, Baby Step 1 is saving a $1000 starter emergency fund so this is like knocking that out in one week. That’s nothing to scoff at.
$253 was the average paid off, which is like a real nice pair of running shoes. I was shopping last September and was blown away. I for sure got some far cheaper than that and, I mean, my feet feel pretty good 247 miles later so I feel like it was a good move.
$253 is also the equivalent of 68 gallons of chocolate milk. That’s enough chocolate milk to make 68 toddlers very happy little people.
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
Do a No-Grocery Food Week
And no, I’m not talking about only going out to eat! I’m talking about a use-it-up week.
Action: This week, attempt a no-grocery-run week. Instead, try using up leftovers and ingredients you currently have in your fridge or pantry.
This is actually something we’ve partially been doing lately. We had a bunch of meal prep food in our freezer. Instead of going to the grocery as frequently, Bailey has been pulling out lasagnas and soups for us to chow on. This has helped alleviate a bit of our high grocery cost lately.
Otherwise, we really try to use up our leftovers before they go bad.
Member Spotlight
I Want To Celebrate Your Wins!
But I can’t do that if you don’t tell me about it. So fill out this short form about the debt you’ve paid off and your current wins!
Any amount of debt payoff is worth celebrating here in the member spotlight.
Personal Financial News
Savings Rate Hits a 4-Year Low
According to PYMNTS, savings rates hit a long time low of 2.6% in April. Not good, no. But here’s your take-away:
Your take-away: You’re not alone if you’re having a hard time socking away money for a rainy day or even a vacation. Stay strong!
Just because you can’t save very much doesn’t mean it’s time to resort to credit cards and other forms of debt. Stay focused on budgeting, frugal living, and your long-term goals. Read more here.
New Video!
I posted an updated review of the budget app Dollarwise. Some of you may be here on the newsletter because of it. Check it out if you’ve been wanting to find a basic, starter app that makes it easy to track your everyday expenses. It’s not perfect, but budgeting with anything is better than not budgeting at all.
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.
367 days left
Mortgage Balance on January 1st, 2026: $70,000
Current Mortgage Balance: $60,700.27 (▼$910.63 since last week)
Balance paid off since start of challenge: $9,299.73
Source: Paycheck, savings, interest, Etsy poster sales, selling scrap metal, bicycle, TV cabinet
*This includes monthly principal payments as well as additional payments.
Current Mortgage Balance
With the start of the new month, our mortgage payment knocked down our principal by over $900! I honestly love those weeks.
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
