Next month is a big month – one year since I set out on this goal, and as you can see from my graph – I’m falling a wee bit behind...(I’m blue. Red is my goal)
I’m about $8K behind my current goal – Eek! But setting goals is all about pushing yourself, right? I can still do this…
- Starting Balance: $35700.92
- End Balance: $35357.65
- Paid Towards Loans: $492.11
- Interest Paid: $178.2
- Principle Paid: $317.37
For some reason, I paid a bunch more in interest this month – ugh! I forgot to turn off my weekly payments to VSAC, so I made 4 payments this month to them, when I only planned on two. That might be the difference in interest?
- Pay minimum on Sallie Mae Loans CHECK!
- $40 bi weekly to VSAC Loans CHECK PLUS – Accidentaly paid $40 every week!
- Pay minimum on Sallie Mae Loans
- Pay off SM Loan 1-07 ($688.18)
- $40 bi weekly to VSAC Loans
I’m finally ready to knock off that pesky loan that has been looming for months. With that gone, I’ll be saving $5 a month in interest and my monthly minimum will go down by $29. Woo hoo! So essentially that means I”ll have $34 more a month to go towards the next loan I want to pay off. And that brings me to this…
Loan Pay Off Plan
So after I pay off 1-07, the next high interest loan is a whopping $3K. Once Avery and I are settled int our new place, I’ve created a budget that I’ll be able to put at least $3-400 towards extra loan payments. That plus my tax return at the start of the year and I should be able to pay that next loan off before spring!
SM 1-08 @ 6.55% (February ’13): $0
- SM 1-07 @ 6.55% (Oct ’13): $688
- SM 1-05 @ 6.55% (Mar ’14): $3020
- SM 1-06 @ 6.55% (Sept ’14): $4881
- SM 1-02 @ 6.55% (2015): $6677
- SM 1-01 @ 6.55% (2015): $7497
- VSAC C @ 4.77% (2015): $2150
- VSAC A @ 3.17% (2015): $4787
- VSAC B @ 3.17% (2015): $2392
- SM 1-03 @ 2.1% (2015): $1397
- SM 1-04 @ 2.1% (2015): $1863
Oh man, when I write them all out together, it’s daunting. No way I’m going to pay these off before my 30th birthday. Ugh. I’m trying to pay off the higher interest loans first, but should I just knock off the smaller loans that have under $2K left instead? The ‘snowball method’ says to do that, but then I see how much goes to interest on the higher interest rate loans and I about fall over. Almost 50% of each payment to those loans goes to interest. Eek. Any suggestions?
Previous Monthly Updates –
- 42K x 30
- Month 1 Update
- Month 2 Update
- Month 3 Update
- Month 4 Update
- Month 5 Update
- Month 6 Update
- Month 7 Update
- Month 8 Update
- Month 9 Update
- Month 10 Update