August 2016 Debt Payoff Report

Debt Payoff Report

Another month has passed us by which means I’m that much closer to being debt free! I was pretty excited to see that I was able to throw another $1,000 towards my debt this month. My goal is to get my payoff amount to $1,400.00/month. This means I have to work on tightening up my budget and somehow increasing my income.

Last month I was able to knock down my smallest student loan so I am now throwing everything I have at Student Loan B. I currently owe $1,600.00 on it and expect to pay at least $200.00 when I get my next paycheck this Friday. Once you start a debt payoff journey, you start looking forward to payday for different reasons. I used to look forward to payday because it meant I would have extra cash to treat myself to something. Now I look forward to throwing anything extra I have towards debt so I can see those numbers go down.

Below you can find a breakdown of my debts and the amounts I was able to throw at them this month.

The Numbers

August 2016 Debt Payoff Report

Author: Amanda

Amanda graduated architecture school in 2012 with approximately $24k in student loans. Soon after, she financed a car a year later and ended up with a total of $40,000.00 in debt at the end of 2013. After being introduced to the Total Money Makeover book by Dave Ramsey she completely changed her views on personal finance and decided to stop borrowing money and focus on becoming debt free. She is Debt Free as of October 2017.

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  • Amanda – I thought i commented on this at work, but I had a ton of tabs open, and it’s possible that I never actually bothered to hit submit.

    I’m so impressed at the month that you had considering that whole scare with the apartment..

    You are doing great. Keep up the good work.

  • Found your blog after you liked some of my #fpu I sta photos. Keep up the great work! BS2 is the hardest by far but the momentum really picks up once you’re done with it.
    If you’re interested, I have an excel spreadsheet that makes the debt snowball a piece of cake. Tells you to the penny how much is paid every month on which loan and when pay off is, and has spots to enter bonus payments to see how that changes the end date. It’s very rewarding to see on a computer when exactly each loan is going to be paid off using a snowball.

    • That spreadsheet would be great! How can I get a hold of it? 🙂
      I’m so anxious to get past Baby Step 2. I feel like I’ve been on this step forever. Sometimes I have to stop and remind myself that it could be worse. I just have to stay focused and motivated. I know it will happen eventually.

      • I have it uploaded to my OneDrive: !Ak-0Vlh-hGpKgjMacU0OjMhz57Eo

        There’s instructions on each page but the first sheet you enter all your debt information, the monthly you’re starting (so October month if you’ve already made all September payments) and it tells you how long until each debt is paid off. The second sheet is where you see the monthly breakdown of how much you’re paying each month, and if you want to add a one-time bonus payment (like estimate tax return in April or monetary Christmas gifts in December) to see how that changes things. If you already have a snowball because you’ve already paid off loans, you can add that on the first sheet as an Additional Monthly Payment (that cell assumes that additional payment is being made every month, the one-time bonus is only applied to that one month).

        And then there 2 bonus sheets, one to do your zero-dollar budget and it factors in the minimum payments and bonus payment from the first sheet, and if you’re working on a 401k a 4th sheet to roughly estimate that out. It’s a really rough because you guess the return rate so don’t rely too heavily on it, just for informational purposes.

        If you have issues with it (some people figure it out right away and some need me to manually put their information in) just let me know!