9 Month Progress Update

This past month was slow in terms of debt payments.  I had a job interview recently and have another lined up for Tuesday.  Hopefully I’ll have a real job soon!

In the case of The Second Car Dilemma, we won’t be getting a second car.

I found a park and ride 2 miles from our apartment that leaves early enough that hubby could get to work on time, but he was not persuaded and will not be taking public transportation, nor is he interested in carpooling.  So, as long as the 90 degree weather is done for the year, I will be trying out the bus system, for the most part.  Hubby hasn’t taken leave since this time last year and has quite a few days built up.  He also has sporadic underways building up to his deployment next year and he plans to use his leave days in between these underways so I can have the car more often.  One of the potential jobs is only 3 miles from our apartment.  If I end up getting that one (cross your fingers!), I’ll probably purchase a bike and bike to work! I’ll have our shared car to myself during his deployment and by the time he gets back, it’ll be time to reenlist and PCS (move).  However convenient it would be to have a second car right now, we can do without.

PROGRESS

Original Debt (beginning mid December 2012): $102,645

Current Debt (9 months later): $98,287

My debt has decreased by $245 since last month, an overall reduction of $4,358 in 9 months.  I’m now at 4.25% of my debt payoff goal.

DEBT BREAKDOWN

Federal Student Loans $56,989 $57,115 (up $126 since last month, an overall $1,215 increase over 9 months)

Private Student Loans $38,710 $38,540 (down $170 since last month, an overall decrease of $2,081 in 9 months)

  • StudentLoan#1: $6,400 $6,245 (down $155 since last month, an overall decrease of $915 in the past 9 months)
  • StudentLoan#2: $10,821 $10,831 (up $10 since last month, an overall decrease of $369 in 9 months)
  • StudentLoan#3: $17,627 $17,597 (down $30 since last month, an overall decrease of $643 in 9 months)
  • StudentLoan#4: $3,862 $3,867 (up $5 since last month, an overall decrease of $154 in 9 months)

I’m finally below the original amount I borrowed on StudentLoan#1.  This is not something to be thrilled about.  After 3 years of payments, totaling nearly $4,300, it’s finally back to what I originally borrowed.  I hate capitalized interest!

US Bank Credit Card $2,094 $1,981 (down $113 since last month, down $2,676 in 9 months)

BOA Credit Card $739 $651 (down $88 since last month, $819 in 9 months)

Total payments for this past month were $700.   $455 has gone towards interest.  I hate interest!

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10 thoughts on “9 Month Progress Update

  1. You’re getting there and that’s great! Slowly but surely you get there. Keep it up!

    As for the second car dilemma, I think you made the right choice. But hey, talk to your hubby about taking that $333 you would have spent on the new car and save it each month so that you can pay for a new car in cash in a few years! Then you’ll both have a car AND you won’t have a car payment!

    • That’s probably what we should do but I think instead we’ll throw the extra $333 at debt; Pay off our current car faster (pay less interest), and pay off the credit card we used to go to California this time last year.

  2. I think you made the right choice with the 2nd car situation as well. You are doing well paying off debt and I am crossing my fingers and toes for the jobs!!! EEEk that’s exciting.

    • Thanks! It’d be so nice to be able to throw all my income from a job at my debt and get it out of the way faster, but it’s kind of depressing too…100% of my income going towards debt for how many years? :/

  3. Hey, baby steps toward your goal are great! As you continue to make progress things will start to feel better. I know you mentioned before that your husband’s income does not help pay toward your personal debts. What are your plans for after both of you pay off your joint debts?

    • After joint debts are paid off, I still don’t want my husband paying on my student loans. While it would help to pay them off faster, we should probably focus on building up our emergency fund. We only have $370 in ours now and I’ve been putting in little bits ever since I started budgeting. Hubby will probably go hog wild on upgrading his computer. After that, I’m not sure….maybe see a reproductive endocrinologist about having a baby? Or maybe just keep saving.

  4. Hope the interview goes well today. I think it’s smart not to spend that extra money on a car if you can help it. If I were you I’d aggressively pay on the debt like you’re doing and avoid purchasing a car until I had the cash to buy one outright. Leases are not a good idea in my opinion (and esp if they’re already at the mileage cap).

    • Thanks! It went all right, won’t know for at least two weeks if I got a job or not though. I came to that conclusion too 🙂 I especially don’t need a second car when I’ll have our shared one all to myself for at least 8 months next year while hubby is deployed!

  5. Keep up the good work!! In both paying off your debts and really thinking/talking about a major purchase! The fact that you looked into alternate ways to travel to work for both of you shows how serious you are about being debt free and as able to stay that way!!! Great job!

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