May 2011 Monthly Review

Hi everyone, glad you’re here.  If you’re new, I update with my financial progress at the end of every month to.  I track the amount of debt that I have and how much I paid over the course of the month.  I’ve also started a to add progress on my health related goals for the year.

After the post about switching my focus, there’s not really much more going on here than making regular payments and tossing a bit of extra cash at it when I can.  Even though I’m not out of debt yet, as I mentioned earlier this year, all my friends decided that this year was the time they were going to get married.  I’d been to 2 weddings in my LIFE before this year – and I’m going to 4 between now and Halloween.  I don’t know what’s gotten into them (Just kidding, I’m happy for all of them).

Student Loans

I started out with student loans from 3 companies, but now I only have 2 – I paid one off last year.  My current target is the federal loan, and I’m hoping to have that paid off by the end of the first quarter of 2011.

Direct Loan $2,461 ($365) – This loan is like steve urkel, it just will notgo away.  I’ve had it with it’s games though, and ill on a mission in may to eat everything in the pantry (and the freezer) in an attempt to save some dough at the grocery store.  This is reminding me a lot of the credit card ups and downs I had.  I was able to pay them off, but about 4 months later than I estimated.  Not a big deal though, they are gone either way!  This has another payment coming soon.

Great Lakes Loan $11,999 ($83)  Just sent my regular minimum payment to this loan. This loan is finally under $12,000!  Even though that’s still a lot of money, I’m pretty excited about passing this small milestone – it felt like it was stuck in the 12?s for-ev-er.

Truck Loan

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.  Tough decision, but it was in-line with my future goals, and I think I still made the right choice.

Ford Credit: $16,533 ($294): Just made the regular monthly payment on this loan this month.  This one I’m going to try to pay off by the end of the year (though it doesnt look likely).  The truck hardly ever gets used now, so it mostly just sits in the drive and takes me to the gym every morning – though I’m thinking of biking to the gym (It’s only 4 miles) when it warms up.   I was planning on biking to the gym this month, but there were more mornings than not that snow (!) was on the ground when I left.

Health Goals

I’ve also decided to track my health goals for the year.  My goal was to go to the gym a 4 days per week. Now that I’ve worked in town for a full month, I’m absolutely killing this.  I go 5-6 days per week before work in the morning and it’s awesome!

Week of May 1  27: 5 Days
Week of May 8:  6 Days
Week of May 15:  5 Days
Week of May 22:  2 Days

Goal Visits: 20
Total Visits: 18

I changed my goal visits to the gym from 4 days per week to 5.  The four was just getting too easy, and allowed me for an easy out when I didnt feel like going.  Now that I know I need to get 5 per week, it should get me back to where I want to be.  Plus, I’ve got a doing my first triathlon in july, and I don’t want to be out of shape for it!  Unfortunately, I didnt quite make this, but oh well, I’ll still shoot for 20 next month – I know it’s do-able.

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8 thoughts on “May 2011 Monthly Review”

  1. I love your attitude about paying off student loans! I also have a debt of over $10,000 and while it seems like it will never be wiped out, its the small goals every few months that leave you feeling good and add up to eliminating debt in the long run. What works best for me is to calculate how much of my monthly income I can contribute to each loan, and then make a conscious effort to pay a reasonable amount each month to allow my debt to slowly erode away while not making any dramatic changes to my lifestyle.

  2. Thanks for stopping by financeprofessor – the student loans are a long road, but I’m just plugging away. I think you’re right – the small goals are crucial to success, and if it wasnt for small goals, I would have given up already.

  3. Success breeds success! The more successful you are, the more you become. I went through something similar with working out. I wanted to add just one additional day to my workout and ended adding two.

    • Sam – not quite, but I’m looking for the full deal sometime this summer! I’ve never had it, but been terribly close a few times. It’s time to get over the hill.

  4. My gym days are in complete shamble while I’m on bonding leave. When I get back to work, I’ll get back on the 4-5 days at the gym schedule. It looks like you did great in May!

  5. Jeff, you are doing great! You wrote me a comment the other day that helped me re-focus my efforts so I thought I would try to do the same. Keep up the good work with the finances AND the exercise!

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