February 2020 Debt Pay Off Progress
I am on a debt payoff journey to finally become…debt free. If you want to read the details behind how I got myself in this mess in the first place, please see the full post here.
Fortunately, discovering the FIRE Movement has really made me want to kick my butt into gear and finally work towards being debt free.
Each month I will be using the debt snowball method and a budget to try to pay down on my loans. I will also be tracking my net worth and tracking my progress via Personal Capital.
Expect me to report back here monthly for accountability.
Current February 2020 Debt Totals
- Student Loans – $16,176.09
- Car – $12,994.72
Total Debt As Of February 2020: $29,170.81
Going Forward
Current Thoughts on Debt Pay off:
The second month of the year has also been good. I owe $958.92 less on my loans than I did this time last month.
Unfortunately, I still did not contribute as much to my student loans as I originally planned (about half my take home pay).
I had to shift more money towards my household essentials. Furthermore, I am still playing catch up with my 2019 Roth IRA. It is quite a challenge trying to balance between saving and paying off more debt.
Goal For Next Month: Contribute at least $1,200 towards my loans. Let’s do this!
If you have any loans you are trying to get rid of and would like to start your journey, grab the personal finance bundle mentioned below. It has been key in helping me track my debt payoff journey.
Feel free to come along the journey with me! Please share which methods you are using to eliminate your debt!