Let’s Throw Some Money at Our Problems: August 2015 Check-In
It’s time to check in on our debt payments and savings goals again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.
Pull up those balances!
At the beginning of 2015, my parents gave me a no-interest loan to use against my credit card debt because they wanted to help me pay down my debt without accruing credit card interest. The original loan amount was $14,000, and it’s my goal to have it paid off before Summer 2016. (I do not put every penny in my “20 percent debt sub-savings account” towards this debt every month; if I have a slow freelancing month, I want a bit of money still in there so I can still make a debt payment.)
July 2015 Balance: $10,000
August 2015 balance: $9,200
I’m paying off a private graduate student loan currently serviced by Discover. The interest rate on this loan is 2 percent, and the minimum monthly payment is $147. The original balance on this loan was $22,377.
July 2015 Balance: $11,476.27
August 2015 Balance: $10,993.77
If you pay off one of your debts or reach a savings goal, email me your address!
See previous months here.