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. Here are all of the previous debt reports if you’re interested in seeing them.
I am definitely one of the people who learns by seeing examples, so I wanted to give people the option of seeing a genuine example of how a regular 28-year-old is getting their act together.
You can download my free template to create your own Debt Report.
Student Loan @ 3.0% interest – $32,104.40 (-$741.66)
Progress Since the Beginning
I’ve paid off almost $31k….I still can’t believe it. I’m getting closer to that halfway mark! 🙂
If you have any questions about creating your own debt report, I’ve set up a system to make it easy for you to create your own, and keep track of your progress.
This year was my first full year of really digging in and trying to get rid of my student loans. I paid off $19,806 in 2015, compared to the $11k I got rid of in 2014. I am definitely happy about that progress.
My initial plan when I started the blog was to have everything paid off by September of 2017. For me to stay on that path, I’d need to put $1,600 a month towards my student loans. At this point, I just don’t have the income to keep that up. I’m going to try and make some extra money to keep payments higher than usual, but in 2016 I just want to focus on doing my best as opposed to getting down on myself about it.
Changes in life happen when you least expect it. Unplanned events take place that throw off even the most seemingly solid “plan” we had for our lives. So, I’m coming up with a new “taking life into account” plan: pay off as much as I can comfortably put towards my loans, and let that payoff date come when it may.
If I put my normal $800-some dollars each money towards loans, I will have them paid off sometime in 2019 – and that is perfectly fine with me.
Have you ever had something similar happen? How did you handle it?