Each month I will highlight my debt payoff progress and show you exactly how much I paid off for each loan. Some months I will pay large extra payments when I can. Other months my goal is to at least pay off all accrued interest, in addition to the full monthly minimum payment. My income is variable, I work four months, and then I am off for two months twice each year. I don’t get paid when I’m not working. This will affect how much I can pay extra in a particular month.
[AFFILIATE DISCLOSURE: This blog post contains links to a site or product where I may earn a small commission from anyone who chooses to sign up. It does not affect the price you’d pay. I paid for my subscription to the product, and I’ve personally used it since January 2017.]
I discovered a helpful web app this year, called undebt.it , to input my debts and create fun payoff charts. I find the undebt.it website very helpful in maintaining motivation and visually processing the numbers. The website is free for all the basic tools; I choose to pay a $12 annual fee for a few extras that I’m finding helpful. Check out the screenshots for my actual numbers from June.
Total Minimum Monthly Payments: $201.33
- Credit Card: $0
- Student Loan: $201.33
- Student Loan Interest Paid in June: $80.19
February 1 – June 1 Debt Totals
June 1, 2017 – Total debt: $17,864.60
- Student Loan: $17,864.60
June 30, 2017 – Total debt: $17,492.62
- Student Loan: $17,492.62
Total Debt Payoff for June 2017: $425.50
Not my best payoff month, but progress still happened. I didn’t add to my debt, so I’ll take it!
June Debt Distribution and Utilization
I used two strategies this month to pay extra on my debt.
- Paid off my student loan interest weekly plus extra each time, usually a full day extra’s worth each week.
- I snowballed my old credit card payment and a little more into my monthly minimum.
Net Worth Report:
June challenged me with a large medical debt, and the brakes on my car decided to go bad. I’m still at sea, but I’ll need the vehicle in August and September before I return to work. I’ll need to research in July where to get the car fixed so that it’s done right and I don’t get ripped off for being an unsuspecting female (sadly this does still happen).
In June I also received more salary than I earned. The payroll department messed up and we went in circles for the first 19 days of the month. Finally they decided to pay me less next month to make up the difference. It should even out for the two months. [Fingers crossed]
In May I mentioned that I could potentially pay off this loan 1 year and 1 month earlier than undebt.it predicts. But, life happens and I’m also expecting the unexpected. I didn’t expect these high medical bills after a routine physical, or that my car would decide to need work just when I need to drive it.
Next month I’m debating whether to continue making extra large debt payments or save everything left over for bills. I’m leaning towards saving it right now. There’s a danger in getting too gung ho on debt payoff and ending up further in debt when expenses pop up that the budget can’t accommodate – I’m looking at you Mr. Corolla with your faulty brakes!!
So in July, I will possibly just pay the minimum, plus weekly interest?! I will continue to stay focused on what I can do – NOT SPEND MONEY – wherever possible.
Thanks for following me on this journey while I continue to track my progress here each month.
- February 2017 Net Worth: -$375.49
- March 2017 Net Worth: -$4,028.71
- April 2017 Net Worth: -$2,441.44
- May 2017 Net Worth: +$486.54
- June 2017 Net Worth: +$4908.65
February – June Net Worth Report
That’s it for June! I’m looking to find ways to add to my income in July/August, to help fund the car repair and medical bills that had to pop up during my no salary months. [Murphy’s Law, right?!]
Check back again next month for my latest Debt Payoff Progress Report.
Until next time, xo!
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