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