Tag Archives: student loan debt

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?!

Follow us on Facebook, Pinterest, and Twitter!

Follow on Bloglovin

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*!

10 Scary Facts about Debt

10 scary facts about debt

Halloween is just a few days away, and we couldn’t pass up the opportunity to get a little bit spooky this week. Don’t let these 10 Scary Facts about Debt become your own personal nightmare!

1. Currently, more than 40 million Americans hold student debt. The population with student loans is actually greater than the entire population of Canada, Poland, North Korea, Australia and more than 200 other countries. It’s also about four times greater than the population of Sweden.

2. The average American pays $600,000 in interest during his/her lifetime.

3. Forty-Three percent of all American families spend more than they earn each year.

4. The average age at which Americans expect to be debt free is 53 years old!

5. Seventy percent of college graduates in 2013 are graduating with debt.

6. The very last time the United States Federal government was completely debt-free was January 8, 1835. when Andrew Jackson was President.

7. If you have $10 in your pocket and no debts, you are wealthier than 25% of Americans.

8. In 2013, outstanding student loan balances reached more than $1.2 trillion, which is more than any other type of debt, except a mortgage.

9. A typical credit card purchase ends up costing 112 percent more than if cash were used.

10. Nine of 10 Americans claim credit card debt has never been a source of worry, but 47 percent would refuse to tell a friend how much they owe.

pumpkin butt

I tried to find some debt horror stories that would be worthy of campfire story telling but most of what I discovered online was more self-pitying that bone-chilling, so I guess we will end the list with a full moon dedicated to debt instead :)

You can also find this post on the Financially Savvy Saturday Link Up–along with some other great financial reads!

brokeGIRLrich

Do you have a debt horror story? Please share it with us in the comments!

Follow us on FacebookPinterest, and Twitter!

Follow on Bloglovin

♥ Brittany

Sources: 
1. http://www.forbes.com/sites/timworstall/2011/12/14/six-waltons-have-more-wealth-than-the-bottom-30-of-americans/
2. http://www.huffingtonpost.com/kyle-mccarthy/10-fun-facts-about-student-loan-debt_b_4639044.html
3. http://www.biblemoneymatters.com/being-normal-costs-an-average-of-600000-over-a-lifetime-heres-why-we-are-fighting-back/
4. http://www.cbn.com/700club/guests/bios/Howard_Dayton060506.aspx
5. http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php
6. http://www.fidelity.com/inside-fidelity/individual-investing/college-grads-surprised-by-student-debt-level-exceeds-35000
7. http://www.npr.org/blogs/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last
8. http://www.brookings.edu/research/papers/2014/05/student-loan-debt-rising-gale-harris
9. http://thecoachnate.com/get-rid-of-the-broke-folks-in-your-life/
10. http://www.fiero.nl/cgi-bin/fiero/showThread.cgi?forum=Archive-000003&thread=20090907-6-053971&style=printable

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.

For more information on starting a personal budget, check out our Getting Started tab at the top of the page.

Follow us on Facebook, Pinterest, and Twitter!

Follow on Bloglovin Sam

Brittany’s May 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 May 1, 2014, and the green columns represent my debt totals for individual loans as of May 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 is my current focal loan, and in the month of May its total decreased by over 30% whereas loans I am paying minimums on only decreased by an average of 1%.

individual debts

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!

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 am paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest is very small—only 2.1% of my total payment went towards accrued interest. In contrast, 36% 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 principle 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 May. Fifty-five percent of my earned income went towards debt—that includes my minimum monthly payments and extra cash flow. Thirty-eight percent went towards my living expenses (food, rent, etc.), and only 7% went into my long term savings.

pie chart

Roadblocks: I did not face any significant roadblocks during May. I know that with summer comes an increased amount of traveling and opportunities to spend money, so I made sure to take advantage of one more month during which I knew I could afford to put over 50% of my income towards debt. Now, the pain of decreased summer contributions can be numbed with the knowledge that I paid a little extra ahead of time.

May Dollar Holllaaaaas:  I didn’t experience any significant increases in income during the month of May, but I did make enough to account for two weeks worth of spending money by dog sitting this cute little lady. :)

dog vacay

Follow us on FacebookPinterest, and Twitter!

Follow on Bloglovin

 Brittany