Update #16 – November 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.

This was the first full month of our new jobs, only two incomes, and the holiday season is officially in full swing! How’d we manage the transition?  Let’s find out!

The Numbers

January 2016 (Start) October 2017 November 2017
Car Loan $4,685.88 PAID OFF!! 03/17
Discover Loan $5,511.82 PAID OFF!! 06/17
Discover Card $7,939.49 PAID OFF!! 10/17
K Student Loans $14,058.10 $11,310.81 $11,167.71
R Student Loans $47,879.41 $45,153.68 $43,749.58
  Loan 1   $2,845.47   $2,823.62
  Loan 2   $3,139.69   $3,112.47
  Loan 3   $1,915.46   $1,898.87
  Loan 4    $3,476.11   $3,445.99
  Loan 5   $1,481.91   $883.58
  Loan 6   $32,295.04   $31,585.05
Total $80,074.70 $56,464.49 $54,917.29

Total Change:

$25,157.41 paid off since 1/1/2016
$15,239.80 paid off in 2017
$1,547.20 paid off this month

The Artwork

Debt Snowball

Payoff Projection

We’ve managed to shave off a month from last month’s projection so far. Hopefully that trend continues!

The Road Ahead

So, Christmas is coming up.  We’re not going to be able to have as much for gifts as we thought we were going to have due to the employment shakeup, but that’s where creativity makes a difference, right?  We also had a little bit of an artificial boost this month through an overpayment with our student loan refinance.  I don’t know if you were paying attention last month, but Rachel’s student loans actually went up because we were over-financed for the loans we were trying to get rid of.  That washed out this month, which makes the numbers look better, but we probably won’t enjoy that level of paydown in the months to come.  Our sights are currently set on that “Loan 5” number in Rachel’s student loan bundle.  See you next month!

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