July 2016 Debt Payoff Report

Debt Payoff Report

ONE STUDENT LOAN DOWN!!!

I am very excited to say that I knocked down another loan. Using the snowball method for paying off my debt, I have been attacking my smallest loan for a couple of months now. I would throw all the extra cash I had towards it. Well, I was finally able to pay it off this month and can now focus on the remaining 7 loans!

One reason I love to post these reports is because when I am feeling discouraged I’ll dig up the first report I posted and realize that although I may think I’m not moving the needle much, I’m making pretty good progress. Slowly but surely. I cannot wait until I’m actually seeing the numbers in my savings account go up, instead of my debt numbers go down.

UPDATES: UPCOMING TRIP

A few updates, I am leaving on a trip in a couple of days. I’ll be traveling to Mexico to visit some family members and I’m really excited.  I haven’t been there in about 3 years.  I know you may be thinking, “Why are you going on a trip now, shouldn’t you be paying off your debt?” Trust me, I had already made up my mind that I was not going to be making this trip. BUT.. my generous parents offered to pay for my plane ticket and I couldn’t decline that offer!

I won’t be spending much money on this trip. I plan to use my weekly spending money I usually budget for as my spending money for the trip. I’ve also found some other ways to keep my spending low while traveling and will probably be writing about it soon. Now onto the details on what I’ve paid off this month:

THE NUMBERS

Debt Payoff Report July

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.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.