Sam’s December Debt Progress Report

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

During the month of December I paid a total of:

  • $1,551.44 towards all of my outstanding debts
  • $231.93 of that went towards interest

I currently owe:

  • $15,319.44 less than my original loan amounts
  • $1,315.54 less than I owed on December 1st

Dec Debt Progress Chart

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 December:

  • Months left in repayment: 2
  • Amount saved in interest: approximately $75
  • Months left to pay if I didn’t pay off early: 15 months

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

Dec Car Chart

If I continued paying my typical monthly car payments, I would be paying until April 2015…no thank you! By paying off my car early, I will have 228 more dollars to put toward my big student loan EACH month.

Dec Car Chart 2

Luckily my car loan interest rate isn’t very high (about 3%). Normally, this would not be a priority loan because of the low interest rate, but since it is SIGNIFICANTLY lower loan amount, I feel like I have to get this out of the way so that I can use this money to put toward my big student loan.

Roadblocks: Luckily, I did not have any roadblocks in December! I was actually able to pay more than I had planned due to my incredible Christmas budgeting skills :-)

December Dollar Hollaaaaas: Some Christmas gift money allowed me to put a little extra toward my car payment this month :-)

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Sam

 

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