25 Month Progress Update and a Close Call!

I’LL CALL IT GOOD KARMA

When I deposit my work check, I always immediately transfer money for taxes into a savings account and then I transfer most of the remaining balance over to a different checking account that I use to pay my student loans. So recently, after sending the bulk of my deposit over to the account I use to pay my student loans, I transferred $45 into my savings account for taxes, leaving me with a balance of $47.89…

closecall

I had forgotten I made out a check to pay a medical bill (I typically pay these with a card online, but it wasn’t an option) in the amount of $47.89, exactly, leaving me with a $0 balance. Yikes!

PROGRESS UPDATE

Original Debt (December 14, 2012): $102,645

Current Debt (24 months later): $87,180

My debt has decreased by $1,787 since last month. An overall reduction of $15,465 in 25 months. I’m now at 15.1% of my debt payoff goal.

DEBT BREAKDOWN

Federal Student Loans $59,946 $59,923 (up $23 since last month, an overall increase of $4,046 in 25 months)

Private Student Loans $29,064 $27,039 (down $2,025 since last month, a decrease of $14,052 in 25 months)

  • StudentLoan#1: $1,609 $0 (down $1,609 since last month, a decrease of $5,979 in the past 25 months)
  • StudentLoan#2: $10,455 $10,016 (down $439 since last month, a decrease of $2,356 in 25 months)
  • StudentLoan#3: $17,000 $17,023 (up $23 since last month, a decrease of $1,236 in 25 months
  • StudentLoan#4: $0

I made quite a bit of extra money from pet sitting during the holidays and was able to completely pay off StudentLoan#1 well ahead of schedule!  Two private loans down, two to go!