Update #25 – August 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. If you missed the last monthly update, you can find it here, or you can see all of them from the Updates link on the home page.

The tortoise took another step this month.  Slow and steady can sometimes manifest itself in the form of painful and frustrating, but staying positive is key.  We’re not always able to make more than the minimum payments on these loans, so celebrating the times when we can is crucial to not burning out and giving up.

The Numbers

January 2016 (Start) July 2018 August 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 $10,031.16 $9,889.68
R Student Loans $47,879.41 $39,660.33 $39,384.19
  Loan 1   $2,596.28   $2,556.59
  Loan 2   $2,849.26   $2,807.36
  Loan 3   $424.34   $393.70
  Loan 4    $3,154.59   $3,108.22
  Loan 5   PAID OFF!! 12/17   —
  Loan 6   $30,635.86   $30,518.32
Total $80,074.70 $49,691.49 $49,273.87

Total Change:

$30,800.83 paid off since 1/1/2016
– $9,957.61 paid off in 2016
– $16,469.25 paid off in 2017
– $4,412.27 paid off in 2018

– $417.62 paid off this month

The Artwork

Debt Snowball


Payoff Projection

Woof, that payoff estimate slipped back into June 2024. That hurts.

The Road Ahead

September is going to be another quiet one.  My company’s review cycle ends at the end of the month, so hopefully there will be a slight boost in income going forward.  Not much to talk about this month, but that just means this is a short and sweet post!

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