March has been a month for financial progress. At the beginning of the month, the trading window opened that allowed me to sell some company stock. I was able to use the proceeds to PAY OFF MY CAR LOAN! Now my only major outstanding debt is my student loans.
I also took a big step with my remaining student loans this month. I realized that my former loan servicer was jacking my interest rate on my highest balance loan, basically making it impossible for me to make any progress on paying it down (um 14%, are you out of your MIND?!). So, I went through a company that finds refinancing options via credit union consolidation loans and they were able to set me up with a great fixed rate loan. If I pay the minimum every month, it will be paid off in 7 years…but we all know how the debt snowball works. Now all of the money I was previously using on monthly car payments will be going to this consolidated student loan. That means I will be making the equivalent of 2 minimum payments per month, if not more. Hopefully I will be 100% debt free (excluding real estate debt) within 3.5 years. The consolidation payments start in April.
Now that being debt free is something that seems attainable, I also opened up a ROTH IRA. When I finally do have money to squirrel away, I now have a place to put it. I’ve spent some time this month reading and listening to podcasts about investing for retirement, so once this debt is gone this will be my next financial focus.
Guys, I’ve adulted SO HARD this month!
Here’s a snapshot of where I am at the end of March 2018:
Capital One Credit Card current balance – $0.00PAID OFF! starting balance at beginning of January 2017: $1,392.73 Credit Union Line of Personal Credit current balance - $0.00PAID OFF! starting balance at beginning of February 2017: $6,446.31 Car Loan current balance- $0.00PAID OFF!
starting balance at beginning of January 2017 $7,431.64
$3,311.96 paid off since January 2018.
Student Loan #1 current balance - $0.00– CONSOLIDATED
starting balance at beginning of January 2017 $7,805.57
$347.96 paid off since January 2018. Estimated pay off date: July 2018
Student Loan #2 current balance - $0.00– CONSOLIDATED
starting balance at beginning of January 2017 $9,749.15
$91.64 paid off since January 2018. Estimated pay off date: December 2018
Student Loan #3 current balance- CONSOLIDATED
starting balance at beginning of January 2017 $14,452.24
$159.88 paid off since January 2018. Estimated pay off date: July 2019
- Consolidated Student Loan balance – $28,249.70
starting balance at beginning of April 2018 $28,249.70
$0.00 paid off since April 2018. Estimated pay off date: May 2021
TOTAL DEBT PAID OFF SO FAR IN 2018: $3,911.44
TOTAL DEBT PAID OFF IN 2017: $15,720.26
TOTAL DEBT LEFT TO PAY – $28,249.70
ESTIMATED PAYOFF DATE – MAY 2021
Check out previous recaps here: February 2018, January 2018, December 2017, November 2017, October 2017, September 2017, August 2017, July 2017, June 2017, May 2017, April 2017, March 2017, February 2017
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