Wednesday, January 12, 2011

January Progress - Baby Step #1 Complete...

Well guys and gals, I am making progress. Yes, I am. =)

I fully funded my $1,000 eFund with ING so Baby Step #1 is COMPLETE!!!

I started on Baby Step #2 which is the debt snowball and repaid my $1,300 Capital One Personal Credit Card.

In February, the plan is to repay the following with my bonus.
  • $800 - Capital One Business Card
  • $2,300 - Federal Perkins Student Loan
  • $5,300 - Private Group T Student Loan

9 comments:

The Borrower said...

Wow, that is great progress! Looks like you will be saying good bye to Capital One Business and at least $500 of your Perkins!

Yippee! Keep up the amazing progress!

Chitown said...

@ The Borrower - Sorry for the confusion. I went back to edit the post. I actually plan to pay off the capital one card, the perkins loan and the small private student loan with my bonus in February. Yippee!!!

Broke by Choice said...

OMG...you are on fire. Keep it up. Imagine where you will be this time next year if you stay gazelle intense!!!!!!!!!!!!!!!11

Zuzu said...

FANTASTIC!!!!! I'm so happy for you and you must be feeling so great right now.

Natasha said...

Wow, good for you! Knocking it out of the park!

DreamChaser57 said...

Absolutely fantastic, WCB! You should be very proud of yourself.
I just got through reading Michael Mihalik’s Debt is Slavery - the book was phenomenal. I know your goal is to read six personal finance books this year. This book is a mere 150 pp - and is written in a very accessible conversational style. Whatever titles you opt to read - maybe you could share your three take-aways.

Chitown said...

Thanks a lot Broke by Choice, Zuzu, Natasha and DreamChaser.

@ DreamChaser -- That is a wonderful idea to share my 3 take-aways. I will definitely do that and add your book to my list. =)

debtmaven said...

Good job! Sounds like a fabulous plan!

Does it drive you crazy to have so many separate debts? It drove me nuts having 4 or 5; I'm now down to 2 (shortly down to just 1, the biggie!). I don't think I could deal with the quantity you're juggling (though they are mostly college loans).

Chitown said...

@ DebtMaven - It is a bit overwhelming to see all those loans. Thankfully, all of my loans come out in one lump sum payment automatically from my account. I don't have to pay them individually unless I want to make more than the minimum payment and specify which loan to apply it to. It actually is going to help me feel like I made some progress when I am able to cross one loan off after another. It will happen!!! =)