Tag Archives: progress

Sam’s June Debt Progress Report

For the next couple months I will be writing my progress reports a little differently. I am paying minimums or a little more than minimums while I save up for my move in July. Therefore, I will be reporting on my student loan progress as well as my moving “savings” progress.

The Debt

The table below summarizes my long term and short term debt progress. In the “Current Debt” column, my totals as of June 1, 2014 have been crossed out and replaced with my debt totals as of June 30, 2014.

Progress Report June Chart

During the month of June I paid a total of:

  • $52.34 toward principle
  • $370.76 toward interest

I currently owe:

  • $17,912.60 less than my original loan amounts
  • $86.29 less than I owed on June 1st

The Savings

The table below summarizes my moving fund progress. I provide information about my monthly savings goals as well as my actual amounts saved up to this point.

Progress Report June Savings Chart
Roadblocks: None this month!

May Dollar Hollaaaaas: Due to a trip in early June with family, I was able to decrease my spending money this month by half! I also have picked up a side job teaching swim lessons, allowing me to take out less spending money.

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Life Happens…Goals Change.

Throughout the course of a year, your short term plans may change drastically. You may lose your job, move, get married, have a baby, etc. Life happens and your budget and long term goals should change with it. Below are some options to keep in mind when life happens and goals change.

My plans changed when I found out I was moving halfway across the country this summer. I had to re-evaluate my debt repayment plan. Here are some of the options I considered:

Plans Change Chart 1

Plans Change Pic

Plans Change Chart 2

Plans Change Pic 2

Plans Change Chart 3

Plans Change Pic 3 Plans Change Chart 4

My decision: Option #1: Continue putting some (a set amount) extra toward debt/savings while saving for the move.

I am able to continue paying a little extra toward my student loan, making me feel like I’m making some sort of progress toward debt. I also am able to save more than enough for our move and may have some leftover to throw toward debt as well!

Don’t be afraid to change your financial goals but don’t forget to make new ones that fulfill your needs!

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Sam’s March Debt Progress Report

I will be moving across the country in July, and have put my debt snowball plans on hold to save up for the big move. I will be paying about $600/month toward my student loan for the next four months. If I have money left over from our move, it will get dumped onto my student loan.

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

The blue columns represent my debt totals for individual loans as of March 1, 2014.

The pink columns represent my debt totals for individual loans as of March 31, 2014.

Looking at the debt progress in this format really emphasizes how debt payments can affect your progress. You can see that the debt I made minimum payments on only decreased by a relatively small amount. You can also see that paying more than the minimum has a HUGE impact on your debt decrease (not shown on the chart below).

March Monthly Debt 1Since I am only paying minimum payments on my student loan, the total debt amount decreases very little.


March Total DebtPaying more than the minimum (overall) has made a significant impact toward decreasing my debt.

March Applied Toward Interest

Most of my minimum payment (77% of it!) went toward interest in March.

March Income Applied Toward Debt

Roadblocks: Going to TWO trips in March really messed up my debt snowball and savings plans. I spent about $1,700 total on trips in March. Some of the money was saved up, and some was taken from my typical monthly debt snowball money. I’m excited to get back on track and start saving like crazy!

March Dollar Hollaaas: Unfortunately, none this month!

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