HOW IN THE WORLD is 2015 halfway over? What is this madness? What is this nonsense? Moving on to the more important things. Like a recap of what I’ve been doing the past month in regards to debt repayment.
As of May 25, 2015, this is what those numbers look like
Car:Â $20,426
Dental Credit:Â $1,627
Credit Card:Â $1,668
Combined debt of $23,721
Here is where those numbers stand today:
Car: $20,074 (-1.72%)
Dental Credit: $1,368 (-15.91%)
Credit Card: $1,495 (-10.37%)
Combined debt of $22,937Â (-3.3%)
IN JULY, I will FINALLY owe less than $20,000 on my car!! I’d considered paying an extra $75 so I could see that number sooner but I took that money and put it towards my dental credit… because there’s a huge difference between a 20% interest rate and a 3% one, haha.
Let’s look at my
JUNE GOALS:
$150 towards Dental Credit
Smashed this! After the interest charge I ended up putting $259 towards my dental credit. If I pay that much each month, then I’ll be free of that debt in less than 6 months. I still threw a lot of money towards my credit card, so next month I may pull back on that one to see how quickly I can pay off my Dental Credit!
Cash Only
Fail. Absolute fail. We went to Disneyland. I forgot to take money out. Game over.
Drop my overall debt by 1.5%
Smashed this. I was down 3.3%. BUT. I’d looked at May’s drop, which included an overlooked charge, and based June’s from there. If I’d only dropped by 1.5%… I wouldn’t have even paid my complete car payment, haha.
JULY GOALS
$260 towards Dental Credit
I did it last month… I can do it again!
Cash Only
Let’s try this again, shall we? No Disney trips on my horizon this time.
Drop my overall debt by 3.3%
Keeping up a good thing.
For some reason, this month was really hard for me. Even though I did a pretty good job of throwing money at my various accounts, I felt like I was constantly spending money. Something about traveling that will do that to you. The good news is that the other day I was trying to figure out how in the world I’d spent $70 in cash in a week without having any idea of where I’d spent it. Then I found $52 hidden in my wallet. So we’re good on that one.
You know what I keep doing? I keep thinking of all the things I could do if I had no debt. Nothing super crazy, but like… I could put a lot of money into savings, I could quickly earn a lot of Southwest Airlines Rapid Rewards points by taking short trips more often… not that I’d become some sort of ultra glamorous person, but I can’t get past the idea of FREEDOM.
Past posts on Debt Repayment:
Way to go!!
I’m sorry my reply to you last week about this was so emo. It was a bad day. I’ll email you later and tell you where we’re at on our debt and all of that.
i already texted you about it but again… NO WORRIES. that’s what friends are for. keep me updated. and e-mail me.
I love that you’re tracking by percentage and not dollars!
thanks! i figured that watching that percentage go up as the balance goes down would be more rewarding than watching similar numbers each month. 🙂
Is it weird that these posts fascinate me? I’m so interested! Haha! I’m pretty frugal and so excited for when my student loans are paid off (in like 10 more years…) and I try to pay down my credit card in big chunks (not just the minimum payment).
NO! they absolutely fascinate me too, which is why i started doing them! it would be so awesome to eventually do budget posts, but let’s be real… i’m not the best at budgeting. or income reports, if i were able to generate some sort of online income at any point in time haha. you should try to pay your student loans off faster!
Good for you!! Look at that 15% on the dental bill. You are killing it.
awwww yeeeaaahhhh!!! that’s the one that feels like a beast. the minimum payment is $75/month, which would take me like FIVE FREAKING YEARS to pay off with the 20% interest. um, no thanks AT ALL. getting that one out of the way ASAP.
Awesome job! I’ve still got school loans I’m paying off so I know the feeling. But having a plan like yours is the way to go! Keep it up, high fives from afar!
THANKS KELS!!! <3
keep going with yours. throw as much extra money towards it as possible… i'm looking forward to financial freedom!
you go girl!!!! also i have yet to get a credit card…i applied a few times before getting a full time job, and all the rejections make me want to wait even longer til i apply again (which is not logical. also i’m going to need a credit score at some point in my life. so. yeah.) 😛 congrats on making so much progress!!!
oh gosh… it took me YEARS to get a credit card. i actually bought my car to help improve my credit so i could get a credit card. when i finally got one i was like… PRAISE THE GOOD LORD!!! LET’S BUILD ME SOME CREDIT!!!! haha.
Nicely done!!! This month was tight, so we didn’t get much paid toward our debt besides paying regular bills. I’m so impressed with you!
thanks!!!! dude. etsy store, i’m telling you. make some side hustle dollars to put towards your debt! small amounts matter!
What do you sell?
oh. i don’t. but you should ;D