Monthly Progress on Individual Debts
The graph below summarizes my short term debt progress during the month of December and January.
- The blue columns represent my debt totals for individual loans as of December 1, 2014.
- The pink columns represent my debt totals for individual loans as of January 30, 2015 (two months of debt payoff).
Looking at the debt progress in this format really emphasizes how paying more than the minimum has a HUGE impact on your debt decrease. You can also see that the debts I made minimum payments on only decreased by a relatively small amount.
I made my minimum payment plus additional payment of $350 toward my principal balance in December and $350 in January (see how I did it at the bottom of the report!). This is a new habit and works best when I make my minimum payment as soon as I receive the statement. Most of my minimum payment went toward my principal balance because I had just paid my previous statement 4 days before (I used to wait until the due date to make a payment).
Total Debt Progress
Amount Applied towards interest
Roadblocks: Saving for wedding expenses and building my emergency fund to prepare for a one income household once I get married has stopped me from putting significant amounts of my paychecks toward debt.
December Dollar Hollaaas: My new side job/hobby has created extra income that is strictly dedicated as debt payoff money. $350 in December and $350 in January were applied toward my principal balance. Thank you Beachbody!
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?