Wednesday, December 15, 2010

Day 62 - Mid-Month Report

December 15, 2010

The first and fifteenth of each month I will update you on the status towards our goal of paying off $60K in one year. 

** Check out the Real Time Debt Tracker!!!  Keep up to the minute tabs on our debt balance and whether we can pay it off in 365 days!

These last two weeks have been pretty tight but we made it!  Cheap and not so fabulous dinners at home, car-sharing to save gas, cheaper weekend activities and creative gift buying techniques all contributed to this success.

LOAN BALANCES AS OF 12/15/10
  3,882  Mike Student Loan #1
17,075  Mike Student Loan #2
21,571  Sarah Student Loan #1
           0  Mortgage
42,528  Remaining Payoff

Scheduled Payoff of First Debt: Initially we scheduled to pay off Mike Student Loan #1 - our smallest loan - by end of January or early February.  Now that we plan to apply my Christmas bonus it looks like we could have it paid off right around the 15th of January.
Challenges: Ten months left to pay off $42,528. This equates to approximately $4,252 a month in debt payments.  We know that we currently can't pay that much a month towards debt.  But the bright side is that when we calculated this last month it was closer to $4,300.  By continuing to put extra money towards debt this should continue to go down and (hopefully) result in our goal of paying off $60K in one year.
Upcoming Significant Expenses: Bridesmaids dress, new gym membership, physical therapy appointments
Additional Cutbacks: Cutbacks across the board the first half of the month so we could squeak by on our meager budget. Hopefully this next month will allow a little more flexibility and less unplanned expenses.

Stay tuned,
Sarah
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