My Starting Point
I first started documenting my debt payoff journey in December 2019. My goal back then was to be debt free by the end of 2020.
Little did I know what 2020 would have in store for us.
Aside from winning the lottery (Hey, a lady can dream), it looks like my “debt free” dreams won’t be coming true. At least not in it’s entirety.
My Progress Thus Far
While I won’t be debt free, it is looking like I will be student loan free by the end of the year. (Cue happy dance).
I decided to shift my focus mid year when I realized….I just do not have the funds to contribute to everything!
My focus will be on my student loans because they have the highest interest and honestly, I am sick of them.
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My Plan Going Forward
My car interest percentage is 1.9% so I know logically that I can make more money in the market. Although, I hate having debt and owing money, I need to divert my funds elsewhere.
I am looking forward to focusing on building wealth and increasing my 401K contributions. I think it would be awesome to finally max out my 401K (the goal is for 2021)! Therefore, I am going to be increasing my contribution percentages.
I also have ideas for two business that I plan to start funding. Furthermore, I want to start putting money towards a housing fund.
- Student Loans – $6,000
- Car – $10,829.36
Total Debt As Of August 2020: $16,829.36