Tag Archives: debt progress

Brittany’s February Debt Progress Report

Brittany's Debt Progress Report - Fun on a Budget Blog

January and February of 2015, mark a major turning point in my debt payoff journey. In the middle of February I gained an amazing husband, his additional income, and really the only raw end of the deal—his student loan debt (to be fair, he is getting stuck with my $43,000 of debt too).  Because of my recent change in income and the addition of a partner and partner’s debts, my progress reports will have to be adjusted as well. We still haven’t ironed out the details regarding how I will be reporting progress, but we have March to get all of that sorted out don’t we :)

Until then, here is my final single lady debt progress report. I nearly paid off half of my debt all by my big girl self in 18 months.  It’s pretty anti-climatic seeing the progress compared to previous months, but the events of the last couple of months are priceless and worth much more to me than a few thousand dollars extra put towards our debt.

The graph below summarizes my short term debt progress across all of my individual loans. The blue column represents my debt totals for individual loans as of December 31, 2014, and the green columns represent my debt totals for individual loans as of February 28, 2014. If you make payments above the minimum monthly requirements, looking at the debt progress in this format really emphasizes how paying more than the minimum has a significant impact on your debt decrease. In January and February I paid only minimum requirements on all of my loans, and as you can see the amount of “progress” I made was very, very minimal.

Monthly Progress on Individual Loans - Fun on a Budget Blog

The bar graph below represents the long term and short term progress I have made on my overall debt. The grey bar represents my original total debt amount, the blue bar is my total debt one month ago, and the green bar shows how much debt I have today. Sometimes it’s hard to feel like you are making progress when you look at your BIG number on a month-to-month basis, but looking back to the beginning can remind you how far you have come.

total debt progress

Having ONE target loan will increase the rate at which you can pay off your debt and decrease the amount of money you will pay towards interest to help you become debt free sooner!

If I was paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest would have been much smaller—I’ve been ranging between 10% and 16% of my total payment being applied towards interest; however because I paid only minimums on all my loans this month, 29% of my total payments across all loans went towards interest. You want to pay as much as possible toward the principal because that is what helps speed up the process of eliminating debt. The chart below gives you a visual representation of these numbers.

Percentage towards interest

It might seem like cash flowing money right now is rough, but if you make minimum monthly payments until all of your debt is gone, you will end up paying MUCH MORE than your original loan amounts in the long run.

Tell your Income Where to Go

Typically at this point in my progress report I share a pie chart that summarizes where I delegated my earned income during the past month. This month I don’t have a pie chart to share because I actually spent more than I earned. January and February were the final months of using my already-stashed-away savings to pay for the remainder of our wedding expenses. A pie chart wouldn’t represent the actual income and outgo of my cash, but I am considering writing a post to explain how I stayed organized during those two hectic months—well at least organized enough to stay sane 😉

January and February Roadblocks: The big road block was simply having the patience not to debt snowball as I sat on cash that I might need in the event of an emergency or unplanned expense for our wedding.

January and February Dollar Holllllllaaaaaas: No extra scrilla to write home about this month. I’m just happy to have experienced the most exciting day of my life without adding any debt to our already large mountain :)

 For more information on how to gain control of your finances check out our info on Getting Started by clicking the link in the menu bar at the top of the page. How do you stay motivated and track your debt progress? I recently read a blog post about living on a budget without a written budget—do you think you could do it?

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 Brittany

* You can find this post linked up with lots of other good financially blessed stuff at Thrifty Thursday, Frugal Friday, and Financially Savvy Saturdays!

Brittany’s December Debt Progress Report

Header

The graph below summarizes my short term debt progress across all of my individual loans. The blue column represents my debt totals for individual loans as of December 1, 2014, and the green columns represent my debt totals for individual loans as of December 31, 2014. Looking at the debt progress in this format really emphasizes how paying more than the minimum has a significant impact on your debt decrease. My Great Lakes Student Loan 3 is my current focal loan, and I decided to pay a predetermined amount above my minimum requirements before halting my extra payments until after all of my final wedding expenses are completed. My car loan has an interest rate of less than 3%, so even though I only paid its minimum, it decreased by 2.7%. I paid just under eight times the minimum requirement for my Great Lakes Student Loan 3 and in result its total decreased by nearly 6%!! I am only making minimum monthly payments on Great Lakes Student Loan 2, and therefore its total only decreased by .04%. Pretty defeating.

indiv.debts

The bar graph below represents my overall long term and short term debt progress. The grey bar represents my original total debt amount, the blue bar is my total debt one month ago, and the green bar shows how much debt I have today. Sometimes it’s hard to feel like you are making progress when you look at your BIG number on a month-to-month basis, but looking back to the beginning can remind you how far you have come.

total progress

Having ONE target loan will increase the rate at which you can pay off your debt and decrease the amount of money you will pay towards interest to help you become debt free sooner!

Because I was paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest was smaller—11% of my total payment went towards interest—than percentage being paid towards interest on my other loans—an average of 40%! You want to pay as much as possible toward the principal because that is what helps speed up the process of eliminating debt. The chart below gives you a visual representation of these numbers.

interest

It might seem like cash flowing money right now is rough, but if you make minimum monthly payments until all of your debt is gone, you will end up paying MUCH MORE than your original loan amounts in the long run.

Tell your Income Where to Go

The pie chart below summarizes where I delegated my earned income during the month of December. About 43% of my earned income went towards debt—that includes my minimum monthly payments and extra cash flow. Just below 33% went towards my living expenses (food, rent, etc.), and 24% of my earned income was put into long-term savings this month to sit there until after my wedding so that I can sleep at night. I may have an over-planning problem…

brit.piechart.12-14

December Roadblocks: Because I’ve been over planning ahead for the past few months, I didn’t get hit with any major expenses. I had previously purchased airfare for the Christmas traveling, and while back in the Midwest, I was fortunate to stay with family and share their food and homes (and many other perks that my parents/future in laws provided—like family gym membership benefits, dinners out, and a pedicure—I am spoiled).  As the wedding gets closer and becomes more tangible (aka I actually start making the payments I’ve been saving for) it has been easier for me to stash my extra cash into my savings account without grumbling about it.

December Dollar Holllllaaaas: I was able to milk the Christmas money I received into grocery and spending money for the rest of December (and spoiler alert, since I am writing this post in mid-January) and at least half of January. That’s a few hundred bucks that goes into my savings account!

For more information on how to gain control of your finances check out our info on Getting Started by clicking the link in the menu bar at the top of the page. How do you stay motivated and track your debt progress? Do you have any tips that help you stay motivated when you aren’t able to put as much as you’d like towards debt because you have other looming expenses?

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 Brittany

*Part of Financially Savvy Saturdays on brokeGIRLrich and Autoimmune-Protocolling Around the World*

Frugal Friday

Sam’s November Debt Progress Report

Nov 2014 Debt Progress Report

Monthly Progress on Individual Debts

The graph below summarizes my short term debt progress during the month of November. The blue columns represent my debt totals for individual loans as of November 1, 2014. The pink columns represent my debt totals for individual loans as of November 30, 2014. Looking at the debt progress in this format allows you to see that the debts I made minimum payments on only decreased by a relatively small amount.

Nov 2014 Monthly Progress on Ind DebtsSince I am only paying minimum payments on my student loan (for right now), the total amount decreases very little (only about $130!).

Total Debt Progress

Nov 2014 Total Debt ProgressPaying more than the minimum (overall) has made a significant impact toward decreasing my debt.

Amount Applied towards interest

Nov 2014 Amount Applied Toward InterestMost of my minimum payment went toward interest in November.

Nov 2014 Amount of income applied toward debtRoadblocks: New brakes for my car, flight for a friend’s wedding, bachelorette party, wedding gifts for two friends, and niece’s birthday set me back about $1,000 in November! As much as I hate not putting every extra penny toward debt, I love being able to spend money (and not go into debt) to celebrate exciting things happenings in loved ones lives.

November Dollar Hollaaas: Unfortunately, none this month! Next month for sure :-)

For more information on how to gain control of your finances check out our info on Getting Started by clicking the link in the menu bar at the top of the page. How do you stay motivated and track your debt progress? How are you balancing holiday spending while attacking your debt snowball?!

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Sam

Sam’ Progress Report is linked up at the following Frugal Parties: The Thrifty Couple’s Thrifty Thursday, Living Well Spending Less: Thrifty Thursday and as *Part of Financially Savvy Saturdays on brokeGIRLrich*!

Brittany’s November Debt Progress Report

Heading Picture

The graph below summarizes my short term debt progress across all of my individual loans. The blue column represents my debt totals for individual loans as of November 1, 2014, and the green columns represent my debt totals for individual loans as of November 30, 2014. Looking at the debt progress in this format really emphasizes how paying more than the minimum has a significant impact on your debt decrease. My Great Lakes Student Loan 3 is my current focal loan, and I paid as much as I could above the minimum requirement in November. Because I used about half of the money I had left over at the end of the month to cushion my savings account as I prep for a wedding and travel expenses, the chunk I put towards my focal loan was smaller than usual.

individual loans

The bar graph below represents the long term and short term progress I have made on my overall debt. The grey bar represents my original total debt amount, the blue bar is my total debt one month ago, and the green bar shows how much debt I have today. Sometimes it’s hard to feel like you are making progress when you look at your BIG number on a month-to-month basis, but looking back to the beginning can remind you how far you have come.Total progress

Having ONE target loan will increase the rate at which you can pay off your debt and decrease the amount of money you will pay towards interest to help you become debt free sooner!

Because I was paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest was smaller—16% of my total payment went towards interest—than percentage being paid towards interest on my other loans—30%. You want to pay as much as possible toward the principal because that is what helps speed up the process of eliminating debt. Because my savings was higher in November, you’ll notice that the impact on interest was smaller than usual. The chart below gives you a visual representation of these numbers.

intesrest

Tell your Income Where to Go

The pie chart below summarizes where I delegated my earned income during the month of November. About 30% of my earned income went towards debt—that includes my minimum monthly payments and extra cash flow. Just below 52% went towards my living expenses (food, rent, etc.), and 18% of my earned income was put into long-term savings this month to prepare for holiday season travels and any surprise wedding expenses I haven’t considered in my budget. Much my my current dismay, I am staying on the safety train and continuing to build the wiggle room in my budget.

pie chart

November Roadblocks: I’m not paying as much towards my debt as I’d like to because of the extra savings I’m building for any last minute or surprise wedding/holiday expenses. At this point it’s really just that darn wedding that is holding me up. I think it’s worth it 😉 Jokes—I know it is worth it ♥ I also had a significant increase in living expenses in November because of the way we paid our rent. Basically we were just slowpokes, so instead of going halfsies like we usually do, I wrote a check for the full amount upfront and was “reimbursed” in cash later. With the upcoming merging of our lives and bank accounts the whole “reimbursement” seems a little silly; however we currently have separate bank accounts, and I wouldn’t have made it through the month without being “paid back”. Because of the rent snafu and my higher than usual saving habits, the amount of money I put toward debt was nearly halved.

November Dollar Hollllaaaaas: I didn’t create extra income, but I really kept my spending under control this month and was able to capitalize on a work trip by stretching it out into a weekend with Sam. Without the flexible thought and strategic use of my funds, I probably wouldn’t have been able to see Sam’s new home until next Spring or Summer–and we all know that is unacceptable in a friendship :)

For more information on how to gain control of your finances check out our info on Getting Started by clicking the link in the menu bar at the top of the page. How do you stay motivated and track your debt progress? Is it getting harder or easier now that the year is coming to a close?

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 Brittany

P.S.

My progress and other financially mindblowing 😉 (exaggerating a bit–lots of coffee this morning) posts are linked up over at *Part of Financially Savvy Saturdays on brokeGIRLrich* Head over and check them out!!

Brittany’s October Debt Progress Report

This week you can also find Brittany’s October Debt Progress Report along with some other amazing financial posts at the Financially Savvy Saturday Link Up! Click the button below to get there.

brokeGIRLrich

The graph below summarizes my short term debt progress across all of my individual loans. The blue column represents my debt totals for individual loans as of October 1, 2014, and the green columns represent my debt totals for individual loans as of October 31, 2014. Looking at the debt progress in this format really emphasizes how paying more than the minimum has a HUGE impact on your debt decrease. My Great Lakes Student Loan 3 is my current focal loan, and I paid as much as I could above the minimum requirement in October. Because of that, it’s total decreased by just over 9% this month, whereas in prior months it was moving down at a rate slower than 1% decrease per month. You can also see that its total is decreasing at a rate much faster than the two loans that I am making minimum payments on. What was once my largest and most mentally defeating debt actually no longer holds the title of “largest debt”. Can I get an Amen?!?!

ind. progress

The bar graph below represents the long term and short term progress I have made on my overall debt. The grey bar represents my original total debt amount, the blue bar is my total debt one month ago, and the green bar shows how much debt I have today. Sometimes it’s hard to feel like you are making progress when you look at your BIG number on a month-to-month basis, but looking back to the beginning can remind you how far you have come.

total debt progress

Having ONE target loan will increase the rate at which you can pay off your debt and decrease the amount of money you will pay towards interest to help you become debt free sooner!

Because I was paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest was small—only 7% of my total payment went towards interest. In contrast, 21% of the total amount I put towards the loans I am making minimum payments on went towards interest!! You want to pay as much as possible toward the principal because that is what helps speed up the process of eliminating debt. The chart below gives you a visual representation of these numbers.

percent toward interest

It might seem like cash flowing money right now is rough, but if you make minimum monthly payments until all of your debt is gone, you will end up paying MUCH MORE than your original loan amounts in the long run.

Tell your Income Where to Go

The pie chart below summarizes where I delegated my earned income during the month of October. About 55% of my earned income went towards debt—that includes my minimum monthly payments and extra cash flow. Just below 32% went towards my living expenses (food, rent, etc.), and 13% of my earned income was put into long-term savings this month to prepare for holiday season travels and any surprise wedding expenses I haven’t considered in my budget. As much as including wiggle room in my budget pains me, I am continuing to do it. L Deep breaths…and I’ll be thanking myself in about three months.

pie chart

October Roadblocks: October was the first month since this summer that my credit card bill wasn’t (in my own opinion) HUGE at the end of the month, and no other surprise expenses snuck up on me. I’m still saving up for my wedding/holiday buffer—which even though it feels like it’s hindering my progress on paying off debt, is not a roadblock. Saving AHEAD of time is smart, not debilitating. I’ve got a life to live here, right?!?!

October Dollar Hollaaass: No additional income on my end throughout the month of October; however I have been doing a lot of research in freelance writing and am looking to take a (baby) step in that direction come November.

For more information on how to gain control of your finances check out our info on Getting Started by clicking the link in the menu bar at the top of the page. How do you stay motivated and track your debt progress?

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♥ Brittany

Brittany’s September Debt Progress Report

Today’s Debt Progress Report can also be found on the Financially Savvy Saturday Link up happening over at BrokeGirlrich. Be sure to click on the button below to head on over and check out all the other savvy posts!

brokeGIRLrich

The graph below summarizes my short term debt progress across all of my individual loans. The blue column represents my debt totals for individual loans as of September 1, 2014, and the green columns represent my debt totals for individual loans as of September 30, 2014. Looking at the debt progress in this format really emphasizes how paying more than the minimum has a HUGE impact on your debt decrease. My Great Lakes Student Loan 3 is my current focal loan, and I paid as much as I could above the minimum requirement in September. Because of that, it’s total decreased by nearly 9% this month, whereas in prior months it was moving down at a rate slower than 1% decrease per month.

Brittany's September Debt Progress Report

The bar graph below represents the long term and short term progress I have made on my overall debt. The grey bar represents my original total debt amount, the blue bar is my total debt one month ago, and the green bar shows how much debt I have today. Sometimes it’s hard to feel like you are making progress when you look at your BIG number on a month-to-month basis, but looking back to the beginning can remind you how far you have come.

Brittany's September Debt Progress Report

Having ONE target loan will increase the rate at which you can pay off your debt and decrease the amount of money you will pay towards interest to help you become debt free sooner!

Because I was paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest was small—only 6% of my total payment went towards accrued interest. In contrast, 18% of the total amount I put towards the loans I am making minimum payments on went towards interest!! You want to pay as much as possible toward the principal because that is what helps speed up the process of eliminating debt. The chart below gives you a visual representation of these numbers.

Brittany's September Debt Progress Report

It might seem like cash flowing money right now is rough, but if you make minimum monthly payments until all of your debt is gone, you will end up paying MUCH MORE than your original loan amounts in the long run.

Tell your Income Where to Go

The pie chart below summarizes where I delegated my earned income during the month of September. Just over 45% of my earned income went towards debt—that includes my minimum monthly payments and extra cash flow. Just below 49% went towards my living expenses (food, rent, etc.), and 6% of my earned income was put into long-term savings this month to prepare for holiday season travels and any surprise wedding expenses I haven’t considered in my budget.

pie chart

 

Roadblocks: There were no major roadblocks this month—which is nice because the months leading up to September were full of plenty crazy. A moment to breathe was very much appreciated, and it gave me an opportunity to jump start my holiday saving without feelings of stress or anxiety.

September Dollar Hollaaass: I have felt pretty good about how my income is funding my life and debt progress lately, and because of that, I haven’t gone out of my way to make additional income. I don’t see that changing anytime soon, but never say never :)

For more information on how to gain control of your finances check out our Getting Started page by clicking the link in the menu bar at the top of the page. How do you stay motivated and track your debt progress?

Follow us on FacebookPinterest, and Twitter!

Follow on Bloglovin

 Brittany

Brittany’s August Debt Progress Report

The graph below summarizes my short term debt progress across all of my individual loans. The blue column represents my debt totals for individual loans as of August 1, 2014, and the green columns represent my debt totals for individual loans as of August 31, 2014. Looking at the debt progress in this format really emphasizes how paying more than the minimum has a HUGE impact on your debt decrease. My ACS Student Loan was my focal loan, and I completely paid it off by the end of August because I paid as much as I could above the minimum requirement. In contrast, loans I am currently paying only minimums on decreased by an average of just 1.4%.

Next month there will only be three loans to report on!!!

Next month there will only be three loans to report on!!!

The bar graph below represents the long term and short term progress I have made on my overall debt. The grey bar represents my original total debt amount, the blue bar is my total debt one month ago, and the green bar shows how much debt I have today. Sometimes it’s hard to feel like you are making progress when you look at your BIG number on a month-to-month basis, but looking back to the beginning can remind you how far you have come!

total debt progress

Having ONE TARGET LOAN will increase the rate at which you can pay off your debt and decrease the amount of money you will pay towards interest to help you become debt free sooner!

Because I was paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest was very small—only 3% of my total payment went towards accrued interest. In contrast, 38% of the total amount I put towards the loans I am making minimum payments on went towards interest!! You want to pay as much as possible toward the principal because that is what helps speed up the process of eliminating debt. The chart below gives you a visual representation of these numbers.

It might seem like cash flowing money right now is rough, but if you make minimum monthly payments until all of your debt is gone, you will end up paying MUCH MORE than your original loan amounts in the long run

It might seem like cash flowing money right now is rough, but if you make minimum monthly payments until all of your debt is gone, you will end up paying MUCH MORE than your original loan amounts in the long run

Tell your Income Where to Go

The pie chart below summarizes where I delegated my earned income during the month of August. Just over 51% of my earned income went toward debt—that includes my minimum monthly payments and extra cash flow. Just below 49% went toward my living expenses (food, rent, etc.), and no money was put into long-term savings this month.

pie chart

Roadblocks: I did some “back to school” aka “back to work” shopping that was a specialty category separate from my allotted spending money for the month, but I kept that expense fairly low (probably lower than the amount I used to allow myself for clothes alone each month…yikes). I also had a credit card bill that was higher than normal because I used it to purchase a couple of plane tickets to head back to the Midwest for a wedding midmonth. We actually had two weddings we wanted to go to in August, but budget and work schedules only allowed for us to attend one :(

August Dollar Hollaaas: No significant increases in income this month, and I am aware that it will probably be that way for the rest of the year…so I am mentally prepared!

Looking Ahead

Up until this point, I have been choosing my focal loan based on its size. In order to reach my short term goals of paying off individual debts quickly (thus reinforcing my efforts with something to celebrate a couple times a year), I have made the smallest loan my focal loan and thrown all extra cash at it at the end of each pay period. Starting in September, I am going to tackle my debt a little differently.

Because my car loan has a very low interest rate, 97% of my minimum monthly payment is going towards principal. In contrast, my Great Lakes Student Loan 3 has remained stagnate for a year, and this is because less than 20% of my minimum monthly payments have been going toward interest. When that happens on such a large loan, it becomes nearly impossible to stay afloat— and more importantly, impossible to get ahead. That is why I have decided to start tackling my largest debt now.

The most crucial piece of keeping momentum to paying off your debts is to find ways to stay motivated. I know that watching the most stubborn loan I have FINALLY start to decrease will be more motivating than anything else, including paying off my car.  Even better, my car debt will continue to decrease at a steady rate as I make only minimum payments—so I will have visible progress across two loans.

Announcement

For more information on how to gain control of your finances check out our “Getting Started” page by clicking the link in the menu bar at the top of the page.

Follow us on FacebookPinterest, and Twitter!

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 Brittany