Sunday, May 1, 2011

Day 202 - May Update

May 1, 2011

Day 202 - May Update
The first (give or take) 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!

Killin' it! To date, we have paid off $43,460 of our debt in 202 days! That's about $215 bucks a day since we started.

Paid off Mike Student Loan #2: A few months ago we expected to pay off this loan by June but we ended up paying it off in April - two months early!

Challenges: Five and a half months left to pay off $16,540. This equates to approximately $3,007 a month in debt payments. Since we typically pay a minimum of about $4,000 a month towards debt, we can possibly meet our $60K Project goal ahead of schedule (barring any unexpected emergencies)!! Thanks to a well-timed retroactive raise and tax refunds we were able to pay $14,000 towards debt in April. 

Upcoming Expenses: Bachelorette party (Las Vegas), wedding (San Francisco), and Mike's birthday party (New Jersey/NYC) are just a few of the upcoming trips/events we have planned over the next couple of months.  We have already purchased and paid for the airfare for all of these trips so hopefully we can keep hotel and other expenses down as much as possible. Otherwise we will slow down our progress.

At this point, it is important that we stay focused and not let up even though we are technically ahead of schedule at this point.  We can't lose sight of the fact that even after paying off $60K, we still have one outstanding student loan left that I haven't even really talked about on this blog yet - and it's a doozy.

Stay tuned,
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