September 2016 Debt Payoff Report

Debt Payoff Report

Summer is officially over!!

Palm Springs summers can get pretty HOT! The days have finally started to get cooler and I’m loving it. I’m sad to show my debt payoff progress this month. I was only able to knock down about $600.00.  This was due to not being careful with my budget and a few events that caused me to spend a little more than I had planned. Here is a brief overview of my debt payoff:

DEBT PAYOFF OVERVIEW

Starting Balance (2014): $40,000.00

August Starting Balance: $23,896.30

New Balance: $23,303.45

2016 Payoff Amount: $5,795.70

I’m eager to start October with a blank slate and a new budget. In this month’s debt payoff post, I want to explain the reason I create these monthly reports. Actually, I started this blog so I could have a place to post these reports which I was creating mostly for myself. I started this debt payoff journey in the beginning of 2014 and felt I lacked the motivation to keep going after the first few months. It was only when I would look back at how much money I had originally owed, that I would get excited about paying everything off again and get back on the bandwagon. That’s when I  decided that I would keep a monthly log that I could easily pull up to see my progress and boost my motivation.

I’m happy to say it has worked! Since I started these reports last October, I’ve only missed one and I will continue to post them until I reach my goal of $0 debt! I hope that these reports can also help other people on their debt payoff journey. I think what you can get out of these is that there will be some months that will be better than others but as long as you stay consistent, even if they feel like tiny baby steps, you will eventually get there. Now onto the numbers breakdown:

The Numbers

September 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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