October 2010 Monthly Review

Student Loans:

I just wish these loans would go away.  I don’t want them anymore and I don’t want to deal with them anymore, so I’m trying to pay them off as quick as I can.

Nelnet Student Loan $ 0 ($1,750)  I posted about this friday, but I’m pretty excited to have this one all finished.  It has been named “Payoff Target” in Mint since the beginning of July.  It only took me 3.5 months to pay this off….Awesome.  At the right is a screenshot of what my loans look like in mint now.   I also renamed the loan, letting it know how I feel about it now.

Direct Loan  $6,189 ($256).  This one has been moving down about 250 per month for a while.  It’s nice to be able to set this one in my sights, and I think last months goal (End of December) may have been a little unrealistic, but what the hey.  I’ll try and probably fail, but you cant fault me for trying!

Great Lakes Loan $ 12,537 ($150)  Just sent my regular minimum payment to this loan.  However, mint is again having trouble with the amounts.  The amount shown at right is not correct.

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 made the right move.  It has been much easier to gear up on my other debt when I know exactly how much i’m going to spend to keep the car running every month.  The amount may be high, but that peace of mind is near priceless.

Ford Credit: $ 18,551 ($290): It’s interesting to watch the amount of money that gets applied to principal each month.  It seems to be very heavily dependent on what day I make my payment in the month.  It looks like I submitted my payment a little early on this one as well, as the principal went down $9 more than it did last month.  Mint has also been having problems updating this loan, and I dont know how long it’s been going on, but it’s been stuck at that number for months.  I don’t know how to fix it, and I’ve tried looking in their support forums for tips, to no avail.

Total Debt Level: $37,277 ($2383) WA-HOOOOOOO! I was able to reach my goal of getting my total debt level down below 37,500 by the end of the year.  I don’t think I’ll set a new number, but I’ll just keep going at it full bore and see where I end up.  I do have some things to think about though, mostly what to focus on after my direct loan.  The student loan balance is lower, but paying off the truck would do wonders for me with cash flow, because the monthly payment is more than double my student loan.  Add in the insurance savings i’d net from not having all coverage on the vehicle, and I’d be raking in almost 3x more cash.  It’s something i’ll need to think about.

This month has been very tedious.  I was working 80 hour weeks for most of the month, and things got quite crazy.  I was able to stay on top of things (for the most part) and even get in some quality time with friends and family.  The long workdays sucked, but the paycheck (when it comes) will be awesome, and will be my “stick of dynamite” for the Direct Loan.  There’s going to be a lot going on with the holidays working up, but hopefully I’ll be able to get a lot of work in (last year, January was my highest grossing month, by a long shot).  I’m looking for another repeat performance.

How are you doing towards paying off your debt?

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3 thoughts on “October 2010 Monthly Review”

  1. “Boom, bitch.” HA HA HA HA! Hilarious. Congrats on paying off that loan! I can’t even imagine how good it feels… But I’ll find out on Nov. 11! 🙂

  2. Hello!, Very interest angle, we were talking about the same thing at work and found your site very stimulating. So felt compelled to comment a little thank you for all your effort. Please keep up the great work your doing!

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