Update #15 – October 2017

Hey!! If you’re new to the site or haven’t been here in some time, you may be wondering what this post is. TL;DR – my wife Rachel and I started our marriage together with over $80,000 worth of debt between us. That got old REAL quick, so we turned to Dave Ramsey’s Total Money Makeover for help getting out of it. Though we “started” our journey as a New Year’s Resolution to each other in January 2016, we started really hitting the gas when this blog launched in August 2016, and I’ve been posting these monthly progress updates ever since. If you missed the last one, you can find it here, or you can see all of them from the Updates link on the home page.

Well, October was full of pleasant surprises.  Both of us have new jobs, I’m back down to one, and our consumer debt has been completely knocked out!  We got rid of our Discover card this month, so now we’re just focused on student loans.  I can’t believe we’ve made so much progress, but it’s extremely obvious that managing our money God’s way has resulted in His blessings on our lives.

The Numbers

January 2016 (Start) September 2017 October 2017
Car Loan $4,685.88 PAID OFF!! 03/17
Discover Loan $5,511.82 PAID OFF!! 06/17
Discover Card $7,939.49 $600.00 PAID OFF!!
K Student Loans $14,058.10 $11,540.50 $11,310.81
R Student Loans $47,879.41 $45,471.44 $45,153.68
Loan 1  $2,845.47
 Loan 2  $3,139.69
 Loan 3  $1,915.46
Loan 4   $3,476.11
 Loan 5  $1,481.91
 Loan 6  $32,295.04
Total $80,074.70 $57,522.19 $56,464.49

Total Change:

$23,610.21 paid off since 1/1/2016
$13,692.60 paid off in 2017
$1,057.70 paid off this month

The Artwork

Debt Snowball

Payoff Projection

New chart, whooo!! This is our current payoff projection, thanks to unbury.us. Click to see the whole thing. Hopefully we blow this out of the water!

The Road Ahead

Now that we’re 100% focused on student loans, things are going to get a little boring chart-wise. Rachel’s student loans are made up of 5 smaller loans under $3,500 each and two bigger ones that we refinanced and combined into one, which now clocks in at over $30,000.  Mine are made up of 5 little loans, but trying to pay them individually is next to impossible, so we just count them all as one big one.  The plan is to attack the five small loans in Rachel’s bundle, then go to mine, and then turn back to the $30k behemoth for the final boss fight.  You won’t be able to tell as easily which loans are being reduced by looking at the chart, but I expanded out the details of the loan table so you can see the balances.

As you can see in the new chart I added, our current projection is that we’ll have everything paid off by June 2024.  That’s quite the slowdown from the initial projection of February 2021, and it’s because we’ve lost the income from my second job.  But, it’s assuming that A) we never get raises between now and then, B) side jobs are never an option again, and C) God has run out of surprises for us.  All sorts of life can happen between now and June 2024, so for now, we’ll trust and obey.  That strategy has worked pretty well for us so far!  I’m beyond excited to be starting this new chapter with my wife as we celebrate our 2nd anniversary today!

2 thoughts on “Update #15 – October 2017

  1. Go you guys! If anything this year, with its crazy highs and lows, has taught me that we never know what will come around the corner. Excited to see what will happen for you guys!

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