Update #24 – July 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.

Hey, remember that bump I promised you?  Here it is!  A relatively uneventful month (aside from celebrating my wonderful Grandma’s 80th birthday!!) allowed us to stoke the fire once more and get this thing rolling again.  Also, while you peruse these numbers, you might notice a certain milestone being reached in the “total remaining” column.  We’re under the $50k mark!!  It’s hard to believe that we’ve paid off $30,000 already, but God is good!

The Numbers

January 2016 (Start) June 2018 July 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 $10,175.63 $10,031.16
R Student Loans $47,879.41 $41,189.11 $39,660.33
  Loan 1   $2,636.10   $2,596.28
  Loan 2   $2,891.34   $2,849.26
  Loan 3   $1,702.67   $424.34
  Loan 4    $3,201.17   $3,154.59
  Loan 5   PAID OFF!! 12/17   —
  Loan 6   $30,757.83   $30,635.86
Total $80,074.70 $51,364.74 $49,691.49

Total Change:

$30,383.21 paid off since 1/1/2016
– $9,957.61 paid off in 2016
– $16,469.25 paid off in 2017
– $3,994.65 paid off in 2018

– $1,673.25 paid off this month

The Artwork

Debt Snowball


Payoff Projection

Hey! That thing says April! Keep on moving 🙂

The Road Ahead

Sometimes, it’s good motivation to peel back the band-aid a little bit and peek at the damage.  I did a little extra credit this month and found that since January 2016, we have paid $12,297.54 in interest on these debts.  You all don’t see that every month since we focus on the balances instead of the payments, and honestly, I’d been purposefully ignoring the calculation because it made me sick.  That’s $396 every single month that we just lost.  It didn’t go “toward” anything other than making our lenders richer.  I shared that fun fact with Rachel, and while she’s been on board with this project since the beginning, I think it’s safe to say that both of us have a little bit of a renewed resolve to slay this monster.  It felt really good to get back in the saddle on this thing.  I don’t know that we’ll have another month like this in August, but we’ll see!

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