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Posts tagged with: tracking debt

Ashley’s April 2016 Debt Update + NEW Balance Transfer Loan

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Hi all!

Thanks for your patience with me as I was out of town and kind of absent (especially in the comments) for awhile. I only logged in a single time on our week-long vacation and then had to spend a few days playing catch-up with work-related obligations once I returned before really rejoining you here. LOTS of posts to come very soon, but for now let me get up this overdue April debt update!

Perhaps the first thing to note is that I initiated another balance transfer loan! I’ve labeled it in my debt spreadsheet as “Balance Transfer #2” (to distinguish it from the first balance transfer, which I paid off in full prior to initiating this new transfer). See my reasons for why I’m okay with using balance transfer loans to help pay down student loan debt in this throwback post.

I transferred $7,500 from my Navient student loans onto my Capital One credit card. I will have 0% APR for 12 months and paid a one-time $150 transfer fee. In my debt spreadsheet I list the new balance transfer debt as $7650 (which includes the $150 transfer fee). I also altered the “original debt” column of my Navient loan, reducing it by $7500 (since that debt has been moved to the balance transfer loan).

Here you go:

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient$731686.55%$1476April$74218
ACS Student Loans$85966.55%$20April$8215
Balance Transfer Student Loan #2$76500% (through April 2017)$0transfer initiated April 2016$7650
Medical Bills$58360%$25April$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$95,250 (March balance = 96,175)$1521Starting Debt = $145,472

One thing you’ll notice is that nothing was paid toward the new balance transfer loan in April. I initiated the loan toward the end of the month, so I’ll begin making payments this month (May).

Also, I edited the APR for my Navient loans. It used to read 6.55%-8.25%. But the balance transfer loan covered the 8.25% APR loan in full, so now all that remains are student loans with 6.55% APR. Wahoo! Excited to be chipping away at those loans and to get rid of my last remaining >8% APR debt!

Also, you’ll see in an upcoming budget update post that we continue to save toward our Emergency Fund and the down payment for a new home. This impacts our debt payments, as we are prioritizing savings above debt for right now. We plan to begin house hunting soon-ish, and once that’s all locked away we’ll again return our focus to paying down debt with a vengeance. In the meantime, I’m still happy with our current level of debt payments. Not too shabby, especially considering all our savings! Look for the budget update post soon!

I hope everyone’s weeks are going well! I’ll be back soon! : )


Staying Motivated

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It’s happening…

I decided to focus on the car in our current debt repayment strategy. That means it is going to be the recipient of our monthly snowball (fyi, the snowball was $1055, but that’s added on top of the existing car payment of $411, making the minimum monthly car payment = $1466, which I’ve just rounded up to $1500). We will also pay additional monies toward the car if we end up having money leftover at the end of each month. Since we’re now living on last month’s income and pre-budgeting our entire month, I don’t anticipate that we’ll have large surpluses at the end of the month. However, I do try to err on the side of caution when planning the budget (particularly in reference to utilities or other variable expenses) so I do hope to have at least a couple hundred leftover at the month’s end.

Aaaaaaanyway….

I decided to make another one of THESE bad boys to help with the motivation.

IMG_4345

I apologize for the unsightly food splatter. The thermometer lives in our kitchen and it appears it has been splattered once or twice with food or water. Ick!

I had made this thermometer back when I made the one for my Wells Fargo credit card, but its been growing so, so slowly. Now that we’ll be making larger payments I can’t wait to watch the red grow! We do have a good amount of debt to cover, but if we really buckle down I’m sure we’ll get there in no time. After all, when I started my Wells Fargo thermometer we still owed $7,000 on it and we managed to pay it off in just two months!

Can’t wait to pay off the car ASAP!!!

Is there one debt you CAN’T WAIT (or couldn’t wait) to pay off? My first big one was the Wells Fargo card. The car is definitely the next in my line of fire!