by Ashley
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:
Place | Current Balance | APR | Last Payment Made | Last Payment Date | Original debt, March 2014 |
---|---|---|---|---|---|
Navient | $72535 | 6.55% | $980 | May | $74218 |
ACS Student Loans | $8596 | 6.55% | $20 | May | $8215 |
Balance Transfer Student Loan #2 | $7350 | 0% (through April 2017) | $300 | May | $7650 |
Medical Bills | $5811 | 0% | $25 | May | $9000 |
Balance Transfer student loan #1 | $0 | 0% | - | 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) | $1325 | Starting 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!
Hi, I’m Ashley! Arizonan on paper, Texan at heart. Lover of running, blogging, and all things cheeeeese. Freshly 40, married mother of two, working in academia. Trying to finally (finally!) pay off that ridiculous 6-digit student loan debt!
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!
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!
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.