31 March 2015

Debt Free: March 2015 Breakdown

(Debt # & Outstanding Balance)

Debt #3: $2,858.21 =  PAID OFF!
Debt #4: $200 =  $11,282.17

FINALLY! One of the two major student loans is paid off! Thank you Jesus. We are officially one pay off closer to start our "First Home" savings. The feeling has not sunk it yet since the payment has only been placed today and it will take about 2-3 business days for it to show on the student profile, but a little "Hooray" doesn't hurt, right? So HOORAAAAAYYYY *Happy dance, twerk twerk* 

That out of the way, Joel and I can start feeding our savings account in lump sum each month and continue to pay Debt #4 monthly. The monthly minimum for Debt #4 is $111.00 but by paying double each month, we are actually giving ourselves an "allowance." This means that if we cannot pay the next month, it is okay because paying double will push your due date forward by an extra month. Ex: I paid $200 for March, my next due date will be in May.

This method will hopefully work in our favor in the next few months since we are planning to make a move. Yes, I spent my vacation to go apartment hunting and I found a place that would be perfect. I just need to make a trip back up with Joel to finalize everything :)

Now that Debt #3 is done and over with, it's crunch time. Time to focus on building up that credit score, savings account, and de-cluttering the house.

What do you hope to accomplish by going debt-free?

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