I am on the journey to document my debt pay off progress – This is my report for January 2020. If you want to read the details behind how I got myself into this MESS, see the full post here.
January 2020 Debt Pay Off Progress
Discovering the FIRE Movement has really made me change my perspective on things. On the whole, I think of debt pay off in a whole new light. When I first got my student loan statement, I honestly thought it would take me the full term to pay it off.
However, all of that changed when I started listening to podcasts. Little did I know that people were paying off more debt than I had – in record time. Discovering this made me want to kick my butt into gear and finally work towards becoming debt free.
How I Plan TO Track My Progress
Each month I will be using the debt snowball method and tracking my progress via Personal Capital. I will report back here monthly for accountability.
If you have any loans you are trying to get rid of, feel free to come along the journey with me and share which methods you are using to eliminate your debt!
Current Debt Totals As of 01/2020
- Student Loans – $16,702.22
- Car – $13,427.51
Total Debt As Of January 2020: $30,129.73
Going Forward
Current Thoughts on January Debt Pay Off:
The first of month of the year has been good. I am looking forward to the next 11 months, I really feel like my goal is in reach. Not too many issues this month. Although I did not contribute as much to my student loans as I originally planned!
I wanted to put in about half my take home pay. That did not happen. Instead I ended up spending my extra money on Centennial and my anniversary and catching up on my Roth IRA.
Goal For Next Month:
Kick ass and take more names + Actually stick to my plan for contributing more to my loans.
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 clutch in helping me track my debt payoff journey.
TLDR: I have student loans and a car loan I aim to pay off by the end of 2020.