Sam’s November Debt Progress Report

The table below summarizes my long term and short term debt progress. In the “Current Debt” column, my totals as of November 1, 2013 have been crossed out and replaced with my debt totals as of November 31, 2013.

During the month of October I paid a total of:

  • $1,051.44 towards all of my outstanding debts
  • $369.23 of that went towards interest

I currently owe:

  • $14,003.90 less than my original loan amounts
  • $692.36 less than I owed on November 1st
November Debt Progress Chart

You may have noticed that my Original Debt Amount for my car loan increased. I realized that I had reported my car loan amount from the time I started Dave Ramsey’s debt snowball method instead of the actual debt amount when I bought the car.

My car loan 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 November, I will have this loan paid off in 5 months. That means I am saving myself the hassle of 15 months of minimum payments and $295.40 extra in interest.

The graphs below give you a visual comparison of these numbers.

November Car Loan Chart 1

Instead of spending $228.34 every month for the next year and three months, I will knock this debt out of the way, giving me more money to put toward my big student loan every month.

November Car Loan Chart 2

These dollar amounts are estimates based on average interest rate accrued over the past year.

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

 Roadblocks: Between Christmas and end of the year expenses, I wasn’t able to contribute as much as I wanted toward debt in November. Below are some of my extra expenses:

  • Christmas Gifts
  • Missouri Property Tax
  • 6-month Auto Insurance
  • Replace Broken Cell Phone

November Dollar Hollaaaaas: Since my 6-month premium was renewing in December, I decided to shop around to see if I could get a lower rate. I switched from Geico to AAA auto insurance and saved $200. That unexpected savings was able to pay for my phone insurance deductible!

Have a great Holiday Season!

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