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!

Advertisements

2 YEARS! Progress Update

Debt Perception has been around for two years! Happy blogiversary to me! Let’s take a look at how I’ve done financially in the past two years!

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

Current Debt (24 months later): $88,967 

My debt has decreased by $999 since last month. An overall reduction of $13,678 in 24 months. I’m now at 13.32% of my debt payoff goal.

DEBT BREAKDOWN

Federal Student Loans $59,690 $59,923 (up $233 since last month, an overall $4,023 increase over 24 months)

Private Student Loans $30,726 $29,044 (down $1,682 since last month, an overall decrease of $12,027 in 24 months)

  • StudentLoan#1: $2,842 $2,790 (down $52 since last month, an overall decrease of $4,370 in the past 24 months)
  • StudentLoan#2: $10,446 $9,273 (down $1,173 since last month, an overall decrease of $1,917 in 24 months)
  • StudentLoan#3: $16,987 $16,981 (down $6 since last month, an overall decrease of $1,259 in 24 months)
  • StudentLoan#4: $0 (Gone, baby, gone!)

usedtoowe

If you saw my previous post, Navient messed up my last payment allocation. I had planned on over $1,000 going towards my smallest loan, with the hopes of paying it off in January. They had applied my payment to StudentLoan#2 instead. I perused Navient’s Facebook page and found somewhere that I could complain to. They had called me while I was busy at work all day and I don’t answer numbers I don’t recognize, so I didn’t get the message until about 7pm. I guess they could have fixed the payment to be applied as intended but I had to call back by 5pm. I’m sure it was too late to fix it as they aren’t open on the weekend. Oh well!  It was still applied towards my loans and I’m a little bit closer towards the principal balance on StudentLoan#2.

I’m going to start taking screen captures of my allocations and monitor my Navient account after submitting payments to make sure they apply it accordingly!

Month 15 Progress Update

Where have I been?  I’ve been sick with a sinus infection caused by a nasal polyp.  Joy.  Future surgery potential there but hoping it will go away with three weeks of antibiotics.  Like I’ve mentioned in the past, I really need to have posts written and scheduled in advance so I don’t go missing for a week!

On with the progress update…

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

Current Debt (15 months later): $95,817

My debt has decreased by $893 since last month!  An overall reduction of $6,828 in 15 months.  I’m now at 6.65% of my debt payoff goal.

DEBT BREAKDOWN

Federal Student Loans $57,756 $57,851 (up $95 since last month, an overall $1,951 increase over 15 months)

Private Student Loans $37,821 $37,016 (down $805 since last month, an overall decrease of $3,605 in 15 months)

  • StudentLoan#1: $5,812 $5,268 (down $544 since last month, an overall decrease of $1,892 in the past 15 months)
  • StudentLoan#2: $10,723 $10,645 (down $78 since last month, an overall decrease of $555 in 15 months)
  • StudentLoan#3: $17,439 $17,276 (down $163 since last month, an overall decrease of $964 in 15 months)
  • StudentLoan#4: $3,848 $3,828 (down $20 since last month, an overall decrease of $193 in 15 months)

US Bank Credit Card $1,133 $950 (down $183 since last month, down $3,707 in 15 months)

With my work hours picking up, I’ve made significant progress this month.  Woohoo!  I just need to remember to put away part of my income into my savings account for taxes.  Hopefully I can keep expanding on the gigs I do find.  I like months likes these!

14 Month Progress Update

My update is a little late this month.  I’m finally recovered from my first ever experience with food poisoning (or possibly gastroenteritis), which was no fun at all.  I blame being sick for a poor month of progress.

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

Current Debt (14 months later): $96,710

My debt has decreased by a whopping $82 since last month, meh.  An overall reduction of $5,935 in 14 months.  I’m now at 5.78% of my debt payoff goal.

DEBT BREAKDOWN

Federal Student Loans $57,627 $57,756 (up $129 since last month, an overall $1,856 increase over 14 months)

Private Student Loans $37,953 $37,821 (down $132 since last month, an overall decrease of $2,800 in 14 months)

  • StudentLoan#1: $5,967 $5,812 (down $155 since last month, an overall decrease of $1348 in the past 14 months)
  • StudentLoan#2: $10,714 $10,723 (up $9 since last month, an overall decrease of $477 in 14 months)
  • StudentLoan#3: $17,425 $17,439 (up $14 since last month, an overall decrease of $801 in 14 months)
  • StudentLoan#4: $3,847 $3,848 (up $1 since last month, an overall decrease of $173 in 14 months)

US Bank Credit Card $1,212 $1,133 (down $79 since last month, down $3,524 in 14 months)

Inspired by Bre’s recent discovery about capitalized interest, I went over my 2013 Sallie Mae payments and calculated the amount that went towards principal/interest.

I paid a grand total of $5,983 towards my loans in 2013.  Over 60% of that, or $3603, went towards interest alone;  39.8%, or $2380, was applied to the principal.

Not cool.  Not cool at all.  On the bright side, I’m past the point of paying interest on interest for StudentLoan#1.  I can’t wait to pay that off and really get cranking on the others.  No more sickness, k winter?

11 Month Progress Update

11month

Yikes!  I can’t believe I started this blog 11 months ago!

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

Current Debt (11 months later): $98,229

My debt has decreased by $79 since last month, an overall reduction of $4,416 in 11 months.  I’m now at 4.3% of my debt payoff goal.

While I don’t feel like I made significant progress this month (so much interest) I really hope to kick the debt payoff into high gear now that I have two jobs and one of them is picking up more hours.

DEBT BREAKDOWN

Federal Student Loans $57,244 $57,385 (up $141 since last month, an overall $1,485 increase over 11 months)

Private Student Loans $38,309 $38,166 (down $143 since last month, an overall decrease of $2,455 in 11 months)

  • StudentLoan#1: $6,208 $6,161 (down $47 since last month, an overall decrease of $999 in the past 11 months)
  • StudentLoan#2: $10,757 $10,726 (down $31 since last month, an overall decrease of $474 in 11 months)
  • StudentLoan#3: $17,479 $17,429 (down $50 since last month, an overall decrease of $811 in 11 months)
  • StudentLoan#4: $3,865 $3,850 (down $15 since last month, an overall decrease of $171 in 11 months)

US Bank Credit Card $2,112 $1,891 (down $221 since last month, down $2,766 in 11 months)

Capital One Credit Card $234 (up $234 since last month)

BOA Credit Card $643 $553 (down $90 since last month, $917 in 11 months)

You may have noticed I added another credit card to the list.  I had my Capital One card paid off for some time but I like to use it once in a while to gain reward points so I used it to pay an expensive medical bill.  It’ll be gone by next month again!

10 Month Progress Update

tenmonth

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

Current Debt (10 months later): $98,308

My debt has increased by $21 since last month, an overall reduction of $4,337 in 10 months.  I’m now at 4.23% of my debt payoff goal.

An increase you ask?  This past month has been slow with debt payments.  Hubby and I made a big purchase using my credit card (which will be paid off before interest kicks in), but that also meant less went towards actually paying the previous balance down.   $4,337 in 10 months doesn’t seem like a lot to me but I have to remind myself just how much my federal loans are growing each month, the fact that usually over half of my payments go towards interest, and let’s not forget that I’ve been jobless for 10 months.  I can’t be discouraged!  Something is better than nothing!  And there is hope on the job front!

I applied for several jobs posted on Craigslist and went in for an interview with one job helping a family who owns their own small business with child care and office assistant type stuff.  I’ll be going through a trial period this week, and I’m really REALLY hoping this will work out.  There’s potential room for growth within their company.  My background in animation actually helped me this time around!  This has really given me the inspiration I’ve been looking for to start creating art and animation again!

DEBT BREAKDOWN

Federal Student Loans $57,115 $57,244 (up $129 since last month, an overall $1,344 increase over 10 months)

Private Student Loans $38,540 $38,309 (down $231 since last month, an overall decrease of $2,312 in 10 months)

  • StudentLoan#1: $6,245 $6,208 (down $37 since last month, an overall decrease of $952 in the past 10 months)
  • StudentLoan#2: $10,831 $10,757 (down $74 since last month, an overall decrease of $443 in 10 months)
  • StudentLoan#3: $17,597 $17,479 (down $118 since last month, an overall decrease of $761 in 10 months)
  • StudentLoan#4: $3,867 $3,865 (down $2 since last month, an overall decrease of $156 in 10 months)

US Bank Credit Card $1,981 $2,112 (up $131 since last month, down $2,545 in 10 months)

BOA Credit Card $651 $643 (down $8 since last month, $827 in 10 months)