What are Debt Reports?
Hello! If you’re new to my blog, I write a detailed report each month of how much debt I’ve been able to pay off. I show you exactly how much each loan balance has gone down and where my total debt stands. I do this to give you a real life example of how you can go about paying off your debts, and show you that it is possible and you’re not alone.
This is all here to help you see my progress, good and bad. There are a lot of generic plans out there that may work, but they never really break down exactly what is being done in real time.
After all of the research I’ve done, I can tell you that I am definitely one of the people who learns by seeing examples, not just by hearing generic directions that then leave you hanging to figure out the rest. So I wanted to give people the option of seeing a genuine example of how a regular 26 year old is getting their act together. Download my free template to create your own Debt Report. Thanks for showing up here to check out my wins – and losses. Here goes!
Current Debt Breakdown
Student Loan @ 6.5% interest – $6,152.26 (-$80.00)
Student Loan @ 4.5% interest – $1,572.16 (-$868.17)
Student Loan @ 3.0% interest – $38,037.35 (-$124.80)
Car Loan @ 2.99% interest – $3,541.22 (-$186.81)
Sears Loan @ 0% interest – $1,348.75 (-$53.00)
Furniture Loan @ 0% interest – $ 5,405.73 (-$132.31)
At the end of August my total debt was $56,057.47, down a total of $1,386.12 from the previous month! Getting paid three times in the same month is always great. You get to build up that extra cushion and pay some bills off early, or pay extra on some debts. You could also go buck wild with your debit card and buy everything you want. 🙂
Since you all are holding me accountable, I decided to do the responsible thing and put extra money towards my loans. I was able to pay more than $1000 towards all my debts and I can’t tell you how great that feels. I am only $1572.16 away from paying off my next student loan. WOW.
How Far I’ve Come
Every month I put every extra dollar I can towards paying off my student loans and other debts. I am using a “modified snowball plan” since I don’t believe any plan is a one-size-fits-all kind of deal. Each person has a different situation and should be paying off debt the way that fits their needs. So, I’m trucking along on my payments and working hard to get these paid off. It’s working…. My total student loan debt is now under $46k which is also amazing to me. Just since I’ve started this blog I’ve been able to pay off almost $7,000! $7k in 5 months! That makes me feel fantastic, it really does.
Now, while that is a great accomplishment, this means that if I continue at the same pace I will have only paid off about $50,000 by my goal date. Buzz kill. I’m trying to get all of my debt paid off in about 36 months, or the month of my birthday – September of 2017.
At this rate I won’t hit my goal. This is simply not an option for me. I’m in this for the win. I will not allow myself to have debt past age 30. So, I think it’s time to figure out a way to bring in more and/or spend less. I need your help.
What ideas do you have for increasing the value of each dollar earned? Leave a comment below and share your ideas.
Creating a debt report was pivotal in me getting started. Want to make your own debt report?
Download the free template to create your own Debt Report.