Update #21 – April 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.

Another month somewhat on cruise control as we get back on track after paying off our tax obligation.  We were able to put a little extra towards student loans again, but we’re moving forward cautiously as we prepare for a week-long trip in June for family.

The Numbers

January 2016 (Start) March 2018 April 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 $10,603.54 $10,463.09
R Student Loans $47,879.41 $42,056.50 $41,735.78
  Loan 1   $2,737.54   $2,715.92
  Loan 2   $3,021.03   $2,999.35
  Loan 3   $1,843.10   $1,704.82
  Loan 4    $3,344.74   $3,320.73
  Loan 5   PAID OFF!! 12/17   —
  Loan 6   $31,110.09   $30,994.96
Total $80,074.70 $52,660.04 $52,198.87

Total Change:

$27,875.83 paid off since 1/1/2016
– $9,957.61 paid off in 2016
– $16,469.25 paid off in 2017
– $1,487.27 paid off in 2018

– $461.17 paid off this month

The Artwork

Debt Snowball

 

Payoff Projection

Courtesy unbury.us

The Road Ahead

As I said at the top of this post, we’re going to be on the road for a week in June for a family event.  Rachel isn’t earning paid time off yet, so we’re saving now to replace her lost income as well as the expenses this trip will incur.  Also, the student loan repayment minimums have gone slightly up thanks to our increased earning last year, even though we’re making much less this year.  I think May and June will end up being fairly slow progress-wise, but let’s hope I’m wrong!

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