I’ve mentioned before how it can be a motivator to add up all of your minimum monthly payments to debt. For me, seeing that number helps me realize how much money could be available for other things in life, like saving for retirement. That’s something I hope to be able to start soon.
I’ve added up the April payments, and here they are:
Auto Loan: $258
School Loans: $208
Credit Cards: $950
The grand total $1,753 / month. That’s 52% of our monthly gross income.
Assuming those minimum payments did not change (but they will as the balance on the debt is reduced and as I obtain lower interest rates on the credit cards) that would be over $21,000/year.
What an eye-opener!!!