2015 Debt Repayment Update

2015 Debt Repayment Update

To keep myself in check I am dedicating myself to reporting how much debt I have paid off after each quarter. My goal for 2015 was to pay off 10% of my total debt at the beginning of the year. My beginning total for 2015 was $264,915.80. In order to meet my goal I have had to have paid off 26,491.58 by the end of the year. You can catch other repayment updates here, here, and here. So here are the numbers for the end of 2015 as of yesterday.

1) Mortgage: $171,025 168,780.16 166,320.16  162,762.77 161,020 (NOW)

2) Student Loan: $65,959.39  $65,188.58 64,427.07 63,657.24 63,392 (NOW)

3) Personal Loan: $27931.41  $25,401.80 $17,484.39 14,169.27 10,994 (NOW)

Total: $264,915.80 $259,113.61  $248,231.62  $240,589.28 $235,406 (NOW)

For this particular quarter I only paid off just over $5000. Not bad, but it was below my averages. However. I paid off $29,509.80. In addition I paid off a tax bill of $4517 and a HEAT loan of $2850. Total debt for this year came to over $37000.  Not bad if I do say so myself. I think I could’ve squeezed even harder.

I will detail my financial goals for 2016 in another post, but I want to keep the momentum going of paying off 10% of the total debt. However, I will continue to base that 10% on the original debt total. In other words, I am looking to pay off another $26,491.58 for this year. I am just hoping my tax bill isn’t that high and we aren’t hit with other sudden expenses (e.g. Mrs. ROB breaking her ankle again like she did last January).

I am pumped I made my goal, but I have a long way to go to financial independence. You have to start somewhere right.

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