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May 2016 Debt Update

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Late is better than never! Plus, my debt payments are all scheduled for middle-to-end of the month so these are all still true numbers, no additional payments have been made in June yet. Here ya go:

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient$725356.55%$980May$74218
ACS Student Loans$85966.55%$20May$8215
Balance Transfer Student Loan #2$73500% (through April 2017)$300May$7650
Medical Bills$58110%$25May$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan-2.49%-Paid off in January 2016$24040
License Fees-2.5%-Paid off in April 2015$5808
BoA CC-7.24%-Paid off in June 2014$2220
Mattress Firm-0%-Paid off in May 2014$1381
Wells Fargo CC-13.65%-Paid off in May 2014$7697
Capital One CC-17.9%-Paid off in March 2014$413
Totals$94292 (April balance = 95,250)$1325Starting Debt = $145,472

The past couple months (April & May) had smaller debt payments than what I’d originally planed. One of our 2016 goals is to pay $30,000 toward debt in total. Here’s a table showing planned and actual debt payments:

Month 2015 2016 GOALS 2016
January $1678 Goal: $3500 $4013
February $1822 Goal: $1000 $1261
March $653 Goal:  $1000 $2134
April $1796 Goal:  $2000 $1521
May $1708 Goal: $2000 $1325
June $725 Goal:  $4000  
July $2125 Goal: $4000  
August $2250 Goal: $2500  
September $2575 Goal: $2500  
October $5513 Goal: $2500  
November $2751 Goal: $2500  
December $2522 Goal: $2500  
Total $26118 Goal: $30,000  

At this point (Jan-May), our goal was to have paid $9,500 in debt so far. Our actual payments put us at $10,254. So even though our recent payments have been below our goal, overall we’re still on track to hit our annual goals. Just as a note, the reason why the goal is set so high for June and July is because I get big checks from my part-time job these two months (instead of spreading out the payment across 4 months, which would be normal sized, I don’t get paid in May or August at all, but instead I get double-sized payments in June & July). Right now it feels scary/intimidating/impossible to be making a $4,000 debt payment (though, to be fair, I haven’t been paid yet this month so that’s probably why). I still want to be cautious and re-allocate some funds back to our emergency fund after having to raid it for life’s recent emergencies.  But I still think (fingers crossed) we should manage to make some pretty hefty sized debt payments, too. Time will tell and I’ll keep you updated! : )

Hope you all have a great weekend!

 

Ashley

Texan at heart; Arizonan on paper. Lover of running, cheese, camping, and family (fur-family included!). Blogger, motivated to get out of debt YESTERDAY! Follow along with my journey!

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3 Comments

  • Reply Kiki |

    Slow and steady wins the race. It will be good when your total debt sits at about $50,000. Then the end will truly be in sight!

  • Reply Jean |

    Just curious why you’re not throwing more money at the 0% balance transfer/student loan – did you talk about that already? I know it’s hard to decide which one gets the ‘extra’ money and everyone has their own psychology/reasons for how/why they attack their debt. I know you HATE Navient, so maybe it works better for you to knock that one out faster.

    You’re doing a great job – and so glad that you haven’t had to go further into debt with everything that’s happened lately. Keep up the good work!

    • Reply Ashley |

      I just barely initiated that balance transfer so it’s a brand new thing. Generally I’ll try to put about $500/month toward it, but this was a lower month due to our lower income and extra expenses.

So, what do you think ?