Tag Archives: paying off loans

Brittany’s November Debt Progress Report

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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?

Follow us on FacebookPinterest, and Twitter!

Follow on Bloglovin

♥ Brittany

Brittany’s June 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 June 1, 2014, and the green columns represent my debt totals for individual loans as of June 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 ACS Student Loan is my current focal loan, and in the month of June its total was nearly split in half by the end of the month, whereas loans I am paying minimums on only decreased by an average of 1%.

individual prgoress

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 am paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest actually dipped to 0.4% of my total payment this month! In contrast, 40% of the total amount I put towards the loans I am making minimum payments on went towards interest!! My largest loan is being paid off SO SLOWLY because 86% of my monthly minimum is going toward 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.

interest comparison

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 June. Fifty percent of my earned income went towards debt—that includes my minimum monthly payments and extra cash flow—and the other 50% went towards my living expenses (food, rent, etc.). I did not delegate any money to long term or short term savings this month.

pie chart

Roadblocks: I experienced a couple of roadblocks during the month of June. The first was that I have SO MUCH free time since the school year ended, and this has really increased the temptations and opportunities to spend more money. Sticking to my bi-weekly allotted cash amount has been more difficult than it was when 8-10 hours of my day were consumed by work. I’m not complaining too much though 😉

The second roadblock I faced was a credit card payment that was about double what I typically pay each month. I had been ordering bridesmaids dresses from companies that offer free returns so that I can try them on, make a judgment, and send them back to get refunded and pretend like the whole thing never happened. It was an excellent plan until it my payment was refunded AFTER I had received my monthly statement. In other words, by the time my credit card payment was due; my current balance was LESS than original statement of money owed for my previous month’s purchases. I always pay the full statement amount because paying interest on a credit card is a complete waste of money. Instead of calling the company and trying to get my refund applied to the previous month’s statement (the statement whose payment was due), I just paid the whole thing off at once knowing that I will have little to nothing to pay in July and won’t have to waste any of my time dealing with the credit card company or worry about potentially earning interest. A roadblock for now, but I know that it will put me a little bit ahead in July.

June Dollar Holllaas: Other than my regular paycheck, there were no dollar hollaaas in June. I think I may be hollering a bit louder on payday though—does that count? 😉

Looking Forward: My goal is to have my ACS Student Loan completely paid off by the end of July. Because I can see my next smallest loan—my car loan—decreasing each month I feel pretty good about it, and I have decided to tackle my biggest loan (and biggest headache) as soon as the ACS is wiped from my slate. After nearly a year of minimum payments that $21,000 loan has only decreased by about $500, and it is MAKING ME FURIOUS. It’s time to grab a life vest and save myself from drowning in those Great Lakes….too much? I’m sorry, I couldn’t help myself.

For more information about how to start making progress on getting out of debt or gaining control of your finances, check out our Getting Started tab at the top of our page.

Follow us on FacebookPinterest, and Twitter!

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 Brittany