Brittany’s September Debt Progress Report

The table below summarizes my long term and short term debt progress. In the “Current Debt” column, my totals as of September 1, 2013 have been crossed out and replaced with my debt totals as of September 30, 2013.

During the month of September I paid a total of:

  • $2,593.02 towards all of my outstanding debts,
  • $336.79 of that went towards interest.

I currently owe:

  • $8,562.40 less than my original loan amounts
  • $2,256.23 less than I owed on September 1st

sept progress

SallieMae is highlighted because that is the debt I am currently working to pay off quickly. If I continue at the rate that I paid in September, I will have this loan paid off in a couple of weeks!! That means I am saving myself the hassle of 22 months of minimum payments and $68.53 extra in interest. The graphs below give you a visual comparison of these numbers. 

At my current repayment rate I will pay off my SallieMae loan in less than 1 month. If I continued to ignorantly make minimum payments, I would be paying for 22 more months—that is almost 2 years!!!

At my current repayment rate I will pay off my SallieMae loan in less than 1 month. If I continued to ignorantly make minimum payments, I would be paying for 22 more months—that is almost 2 years!!!

At my current repayment rate, I will pay $1,124.75 to pay my SallieMae loan off in full. If I continued to ignorantly make minimum payments until all my debt was paid off in full, it would cost me $1,193.28.

At my current repayment rate, I will pay $1,124.75 to pay my SallieMae loan off in full. This is less than half of what I owed at the beginning of the month! If I continued to ignorantly make minimum payments until all my debt was paid off in full, it would cost me $1,193.28.

Dollar amounts and month totals displayed in these graphs were calculated using the Financial Calculator that can be found on our Resources Page.

Roadblocks: I did not face any significant roadblocks this month, and that is why I was able to pay about $600 more towards debt than I did last month.

August Dollar Hollaaaas: The last weekend of August I dog-sat, and when I went on my Paypal account to transfer my payments into my bank account, I found extra money that I had in there from watching dogs at the beginning of summer!! In the midst of moving across the country, I completely forgot to cash in on my extra work! It was a nice surprise, and altogether my dog-sitting adventures upped my income in September by $170.00.

Staying Motivated: My SallieMae debt total was 2.5 times bigger on September 1st than on October first. Focusing all of my extra money on one specific loan has enabled me to shrink it to less than half the size it was only one month ago! Starting a written budget and payment plan is the most difficult part in this process. Once the ball is rolling, the budget and bi-monthly checks and balances are more encouraging than defeating. I never imagined that I would see results so quickly!! It is much easier to get excited about the future when it entails my debt being gone within three years instead of 15 or 20 :)

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 ♥ Brittany

 

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