June 2010 Month Review

Here is where I spent/saved in June of 2010.   For most of May, I was driving a rental car, so my gas prices have gone back up this month, which is unfortunate.  I also have paid off the last of my credit card debt, finally.  I used part of my snowball to pay off my credit card debt, and I’m going to send the remainder to my smallest student loan.  My goal is to have that loan gone by the end of the year.  Once that’s gone, I’ll have some decisions to make about what to tackle next, and I’m sure I’ll be asking for some help.

Credit Card Debt:

I cancelled two of my cards last month after I paid them off.  I’m pretty happy about that!  Right now I have 1 card that I think I’m going to keep, as it is pretty good with rewards miles.  I haven’t decided yet though.

Southwest  Card: $ 0 ! My last credit card (tear, not).  I’m so sorry that we are going to have to break up, but right now, I think it’s for the best.  Do you know how much money it will save me?

Student Loans:

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 $ 3,041 ($32) This normal payment is $50, which I have been paying.  Apparently, of the $50 I pay, $18 goes to interest.  This is my next target.  Get ready to part ways, nelnet.

Direct Loan $ 7,109 ($359).  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 $ 12,944 ($86) Just paid the standard payment of $150, but because of interest, the amount it went down was much less than that.

Truck Debt:

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: $ 19,588 ($325):  This one is just holding steady for now.  I pay more than the minimum each month, and I call every month to make sure that they apply my extra to the principal.

Total Debt Level: $42,682 ($793) Another month where this number dropped.  I’m fine with that, although it’s not dropping as much/as fast as I’d like.  I’m hoping I can get another side hustle going  soon.  More importantly, I have spent less than I earned all year!  I’m hoping to continue this all year, and for the rest of my life!
photo credit: Daquella manera