January 2016 Debt Payoff Report

Debt Payoff Report

 

It feels good to finally see some progress again. Last month I wasn’t able to lower my debt by a significant amount because of the expenses that come with the holiday season. Now that that is over I can refocus on paying down this debt. It feels good to start the new year with new goals and new intentions. One of those goals is obviously to lower my debt. I am shooting to at least bring my debt amount to $18,000.00 by the end of this year. This means that I would need to reduce my debt by about $800/month which I think is doable. Within the next couple of weeks, I will be laying out a budget for the year. I like to have a rough idea of how much money I need to pay out of each paycheck in order to reach my goals. Unexpected events come up which make it hard to really know what the upcoming year is going to look like financially but I think it’s good to have a goal you can aim to hit.

Below you will find my debt progress for this month broken up between all of my loans. I hope to increase this debt payoff amount by at least $300 next month.

Debt Payoff Report January

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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