Debt Free Update–Jan. 2015

Hey Everyone!

So I wanted to update you on my “Debt-Free” mission. So far it’s been going really well!

Starting Balances: (Nov. 2014)

Capital One— $731
Sam’s Club Credit— $820

I’ve been working exclusively on the Capital One card using the “snowball” method. On top of that, if I make any extra cash through odd jobs, sales, or online advertising, I put it toward it.

New Balance: (Jan. 2015, only 3 months)

Capital One— $160
Sam’s Club Credit— $786

TOTAL: $605 less!! 

Needless to say, it’s going really well so far. Only $300 of it was from the “snowball” method, all the rest I came up with on my own through other devices. For someone who has no income, that’s not bad!

One of my resolutions for this year was to pay off both of my credit cards. I’m not sure if I can do them both this year, but I’m going to try my best! After that I can focus all my attention on student loans. Right now I’m gaining $115 a month in interest, just on two of my student loans. I think I’m gaining around $250 a month for all of them. I never realized how ridiculous that is. I think it’s silly to tell kids “Just take out loans, they are so cheap!” and then expect them to pay more than $250 a month on them just to make any amount of progress. Oh well I guess. I’ll pay off the private ones first, then the gov’t can have minimum payments forever, I don’t care. I’m not going to break us trying to pay off loans that don’t really matter anyway. Especially since they won’t even give me a tax break for them. But that’s another story.

I’m pretty excited to see it all going down so fast, it’s awesome! I can’t wait to get more of them paid off! Hopefully, once I get the studio up and running, I’ll be able to keep making those extra payments!

Have a great day!

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6 Comments Add yours

  1. Great to hear. I have one more month till I’m debt free. Keep up the good work guys.

    1. That’s awesome! Congrats!

  2. On your student loans have you thought of trying to apply for an income based payment. I don’t know if that helps with interest though or apply for a bank loan with lower interest rate.

    1. I am in income based repayment after this semester. Basically they lower your minimum payments while still charging you all the interest. So every month the balance just goes up and up.

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