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Here is what I think the picture will look like by year end from January to December (rounded) if all things stay the same. We'll see how I do at the end of the year.
Savings – $9,300 to $13,300 (Change of $4,000)
Student Loans – $232,300 to $229,900 (Change of $2,400)
Credit Card Debt – $23,000 to $18,600 (Change of $4,400)
Net Worth – ($157,400) to ($143,500) (Change of $13,900)
3 comments:
WCB,
Very nicely done!
So, you want to make sure that you at least make this year's debt reduction goal. The next step to take is to consider how long it will take you to pay off your debt at that rate.
I know it would take some sort of fancy program to calculate interest to get an exact number - but I am talking about a rough estimate.
Ten years? Fifteen? Which is ok - this is a marathon, not a sprint.
Now you can consider the opportunity cost of a decision to go to PR for $1500. That money would increase your debt payoff by 10% over the year!
Find other activities to enjoy that don't involve going on planes. Those tend to be expensive. :) And your friends will understand if they are your friends.
Kris
I second what Kris said. You've definitely put some work into this. Following on her idea of knowing how long it'll take to be completely DEBT FREE :D, try this calculator:
http://www.vertex42.com/Calculators/debt-reduction-calculator.html
I love this thing! The website, vertex42.com, has a bunch of other calculators as well, but this is the only one I've tried, and it's awesome.
Also, please know that I am NOT cool with your hair coming out. I've been there before, clean as a whistle bald spots that rivaled my bald boyfriend, so please take care of yourself. Figure out a way to buy groceries without losing it at the store, make sure you're going to the gym, and do indulge in a massage or something (you'll never hear me argue about that!). Your mental health is going to be primary as you work through this!
Aaren,
I love those calculators and I use them all the time. I just posted a new blog entry with my spreadsheet last month.
Kris,
I would be very happy with 15 years but I think I can pull it off sooner. See my new blog post. =)
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