Sam’s January Debt Progress Report

The graph below summarizes my short term debt progress during the month of January.

  • The blue columns represent my debt totals for individual loans as of January 1, 2014.
  • The pink columns represent my debt totals for individual loans as of January 31, 2014.

January Progress 1You will see that these columns look pretty even…because they are. I wasn’t able to pay any extra toward debt this month due to Christmas expenses I put on my credit card that I had forgotten about. I pay off my credit card in full every month and collect airline miles. Looking at this chart and seeing how little progress is made when only minimums are paid really motivates me to work harder next month to put as much as I can toward debt.

January Interest ChartBecause my car loan is my focal loan, I’ve been paying extra each month; therefore, the interest is very small. My student loan, on the other hand, is out of control. Most of my minimum payment went toward interest in January. Once I’m able to focus on my student loan, the amount going toward the principal will drastically increase.

January Total debt Progress ChartPaying more than the minimum has made a significant impact toward decreasing my debt.

January Debt Pie ChartUnfortunately, less than 25% of my income went toward debt in January. Typically, I am able to put almost 50% toward debt monthly.

Roadblocks: I miscalculated the date of which my Christmas expenses would be applied to my account, leaving me with a giant credit card bill to pay. I ALWAYS pay off my credit card, so the extra money I had left over that typically goes toward debt is saved so that I can pay off my credit card balance next week. On the plus side, I am more motivated to stay on track and focus on decreasing my debt amount to one debt!

January Dollar Hollaaas: Nothing to report for January.

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Sam

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