Update #19 – February 2018

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.

Our debt snowball is still on pause as we work towards paying off our tax bill.  We are still paying the minimums, though, so our debt position has improved ever so slightly.

The Numbers

January 2016 (Start) December 2017 January 2018
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 $10,889.20 $10,747.28
R Student Loans $47,879.41 $42,462.93 $42,269.12
  Loan 1   $2,781.13   $2,759.64
  Loan 2   $3,064.87   $3,043.36
  Loan 3   $1,869.83   $1,856.72
  Loan 4    $3,393.27   $3,369.46
  Loan 5   PAID OFF!! 12/17   —
  Loan 6   $31,353.83   $31,239.94
Total $80,074.70 $53,352.13 $53,016.40

Total Change:

$27,056.60 paid off since 1/1/2016
– $9,957.61 paid off in 2016
– $16,469.25 paid off in 2017
– $669.74 paid off in 2018

– $335.73 paid off this month

The Artwork

Debt Snowball

Payoff Projection

The pause is starting to catch up with us. Our payoff projection is now June 2024.

The Road Ahead

We knew from the beginning that this would be a marathon, not a sprint.  I’ve never run a marathon (we have cars now), but from what I hear, it’s a pretty grueling thing.  What really keeps us going is reminding ourselves that little by little, dollar by dollar, we’re improving our financial situation and continuing to inch towards that finish line.  We’re not in some get-rich-quick scheme, and you’re not going to read about us in Fortune magazine.  But we are learning, growing, and changing, and hopefully we’re becoming better stewards of the money God has given us in the process.

2 thoughts on “Update #19 – February 2018

    1. Woof. A negative month would be hard to swallow, but that’s when you zoom out and look at the whole thing, right?

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