Our last debt repayment report was July 5, so here is the progress we have made since then:
The current balance and the change in balance since the last report are:
Personal credit card: $9,928.92 -788.69
My student loan: $5,046.72 -161.89
Husband’s student loan #1: $5,236.94 -$26.95
Husband’s student loan #2: $8,485.18 -43.30
Husband’s student loan #3: $17,198.73 +26.63
Total: $45,896.49 -$994.20
A few notes:
- We are now in repayment for all three of my husband’s student loans, but every time I try to pay each of them individually, there is an allocation glitch, which is why more was paid off on the smaller one than I intended, and not enough was paid on the bigger one, giving us a positive balance, ugghhh.
- I can’t wait until next month to see my student loan balance dip below $5k. I know I need to be paying down the credit card first because it has the larger balance, but I truly am the type of person who gets inspired watching the smallest balance disappear. I can’t help but think that I would be even more motivated if I was focusing on paying off the student loan first since that would be another quicker small win.
Emergency Fund
Our goal is to eventually end up with a $5,000 emergency fund while we are paying down debt. Right now, our emergency fund is $1,551.03.
When we became Gazelle Intense on October 20, 2011, our balance was $57,966.01. Since then, we have paid down 20.8% of our debt, or $12.069.72.
I am going to start further breaking down our debt. Our first priority is paying off the credit cards. On October 20, 2011, our overall credit card balance was $20,316.63. The credit card balances now are $9.928.92, so we have paid off 51.1% of our credit card debt, or $10,387.71.
You are a true inspiration! Keep at it!
Looks like some good progress! Over $700 in CC debt is amazing! I’m going to try to pay off 1 possibly two in Aug! Fingers crossed!!!
Good luck! You can do it. That would feel great! Keep us posted.
Congrats on the progress. Keep going! It sounds like you have a great plan in place…which is so important when repaying debt
That’s great progress in less than a year. Keep up the great work! You’ll get there soon enough.
$1,000 toward debt is absolutely awesome! Congrats on putting so much to it! Keep up the hard work and paying off those CCs will feel great!
Awesome! You’ve made a substantial dent in your debt! You will be debt free before you know it!