This is my spending for the month of July. Due to my volunteering, I was able to save quite a bit of money on food (they fed me almost every meal I ate for 1.5 weeks) on that category, but apparently to make it up to myself, I gave up those saving elsewhere. Still came in under budget though.
This is by far my largest liability at this point — It’s unsecured and it’s just lame run of the mill debt. I’ve got 3 loans from 3 different banks (way to go, feds!). These loans came from 6 years of school, so I got out pretty good.
Nelnet Student Loan $ 2,018 ($1023) This normal payment is $50, which I have been paying. This is my next target, as you can see. Hopefully this will be gone in 3 months
Direct Loan $ 6,942 ($157). The regular payment on this is 92, and I paid that, but my parents send some money occasionally to this loan. It’s a really, really big help. This loan started out at 12k I believe.
Great Lakes Loan $ 12,859 ($85) Just paid the standard payment of $150, but because of interest, the amount it went down was much less than that. Seeing how much of my payment isnt applied to the loan balance really, really bothers me. My snowball will soon roll up on this too!
This is for my vehicle. I had already started trying to become debt free when I bought this, so I was quite torn as to wether or not to take on new debt while I was trying to eliminate other debt. If you want to read more about it, check here, here and here. Despite most of the advice I heard, I went ahead and took out a loan on this. I’m still thinking I made the right move. Either way, here is the status.
Ford Credit: $ 19,410 ($178): I usually pay extra on this loan, but I’ve gotten so far ahead that I decided to make a smaller payment and put the extra cash to my small student loan so I can get rid of it! Apparently, I’ve paid $222 so far this year to service this note. It will be nice when all that cash is back in my bank account.
Total Debt Level: $ 41,229 ($1453) Another month where this number dropped. This is one of the biggest decreases I’ve seen in a long while, and its great. Unfortunately, I know this wont continue next month as I’m going on vacation (but got free airfare/2 nights hotel from reward points). It will be nice to get away and relax, but it’s going to pull a few teeth from my debt chomping machine.
How much debt did you pay down (or money did you save) last month?