Friday, July 1, 2011

Day 263 - July Update

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!

To date, we have paid off $52,166 of our debt in 262 days! That's about $199 bucks a day since we started.


Loan Balances
6/15/2011
7/1/2011
Student Loan #1
 -  
 -  
Student Loan #2
 -  
 -  
Student Loan #3
 10,056
  7,834
Sarah Mortgage
 -_____  
 -_____  
TOTAL OWED
 $10,056
 $7,834
 


Progress: Three and a half months left to pay off $7,834. This equates to approximately $2,238 a month in debt payments. Since we typically pay about $4,000 a month towards debt, we are still on track to meet AND EXCEED our $60K Project goal ahead of schedule.

Challenges: We paid off the American Express card this month - the one I had racked up a bunch of travel expenses on recently. Mike and I have also been more proactive about talking about our upcoming budget rather than just putting it on to auto pilot. One thing we have been doing is going to the grocery store a few times a week rather than planning our meals and purchasing everything at once. I think we end up spending more money when we don't plan the entire week out.

Upcoming Expenses: We decided to take a vacation in July. Although there will be related expenses, we plan on driving, bringing the dog (no dog-sitter expense), and rented a place with a kitchen (not eating out). Although this will defer the debt payoff a bit, we are still ahead of schedule and believe we can fit a vacation into our budget.

Next Steps: Mike and I are discussing what to do next after paying off $60,000! If you have any ideas, let us know!

Stay tuned,


5 comments:

Joshua Herrington said... Best Blogger Tips

I know what you can do after you pay off this debt!  One of you can sack up and put a ring on a finger.  I'm just sayin'.

HolidayJen said... Best Blogger Tips

Oh.Snap.

60kproject said... Best Blogger Tips

Now don't hold back. Tell me how you really feel......Preachin' to the choir....preachin' to the choir.

60kproject said... Best Blogger Tips

Agreed!

60kproject said... Best Blogger Tips

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