Let’s Throw Some Money at Our Problems: July 2016 Check-In
It’s time to check in on our debt payments and savings goals again.
If you’re joining us for the first time, we like to report a specific balance at the end of each month to have a public record of our efforts to pay down our debt or reach our savings goals. You can read about our decision to publicly keep track of our debt here.
Pull up those balances!
At the beginning of 2015, my parents gave me a no-interest loan to use against my credit card debt because they wanted to help me pay down my debt without accruing credit card interest. The original loan amount was $14,000, and it’s my goal to have it paid off before Summer 2016.
June 2016 Balance: $1,600
July 2016 Balance: $0.00 (My parents forgave the last $800)
Next up: my zero-interest Discover card. I’m going to get this paid off before the end of the year. The bulk of the debt is my annual JoCo Cruise stateroom payment, and the rest of it is professional development expenses that come up before my freelance checks arrive (like that hotel room for San Diego).
Balance (before the payment I made on July 29): $3,690.76
New Balance: $2,082.54
I’m paying off a private graduate student loan currently serviced by Discover. The interest rate on this loan is 2.25 percent, and the minimum monthly payment is $147. The original balance on this student loan was $22,377.
June 2016 Balance: $7,672.44
July 2016 Balance: $7,333.71
Your turn! What’s your balance this month?