2017 3rd Quarter Debt Repayment Update

2017 3rd Quarter Debt Repayment Update

The end of the 3rd quarter for 2017 has arrived and I guess it is time for another debt payment update. If you search debt payment updates you can find my previous discussions there.

Here are my current totals at the end of the 3rd Quarter of 2017:

1) Mortgage: $171,025 168,780.16 166,320.16  162,762.77 161,020 $157,210 $155,120 $152,750$149,489 146,580 143,027 $139,885

2) Student Loan: $65,959.39  $65,188.58 64,427.07 63,657.24 63,392 62,903 $62,426  $61,910$61, 371 $60,800 $60,221 $59,617

3) Personal Loan: $27931.41  $25,401.80 $17,484.39 14,169.27 10,994 7,186 $0

4) Car Loan: $21,655 19,919 18,151 $16937

5) Credit Card 1: $3700 $1000

Total: $264,915.80 $259,113.61  $248,231.62  $240,589.28 $235,406 $227, 229 $217,546$210,860  $203,248 ($222,403) $216,439

This quarter I have paid off $5964. I should note that I actually have a balance on my credit card at the moment. However, I carry that balance until the 15th of the month and then pay it off. So I don’t count it as debt. Additionally, one of my goals for this coming year was to pay down 10% of my debt, which would be close to $29k. Unfortunately, I don’t think I am going to get there for two primary reasons. First, I have large focused on much more retirement savings this year than in years past. I am maxing out my 403b and I have another retirement account. However, the bigger reason is from the last post I did. I will provide more information, but we are going to have some out of pocket expenses that would take up some additional debt payments. Unfortunately, this cannot be avoided (I need my house back in order).

Here is a reminder of my financial goals for this year.

My financial goals for 2017 are:

  1. Continue with the 10% goal of paying off debt. I don’t think this is going to happen because of the reasons started above.
  2. Save at least 25% of our incomeUpdate: If we were to include debt payment as part of our savings rate then I will meet this easily. If not, it is going to be close. I guess it depends on how you calculate things. If you do just gross income it will be close, if you do ADJUSTED gross income then I will hit it.
  3. Pay for all medical expenses without using credit cards. I currently have some money set aside for upcoming medical expenses. However, I want to beef that up even more and not have to put it on our credit cards. I know eventually we will pay them off, but I want to avoid CC debt as much as possible. Update: So far so good.
  4. Get Mrs. ROB started on more retirement savings. Mrs. ROB has created her own IRA account. We just need to seed it. However, we haven’t done much with it primarily because of the house issues.
  5. Cutting our budget by about 5%. I will no more at the end of the year if this worked. If we calculate overall spending this might not have been met because of housing repairs and the like.

 

2 thoughts on “2017 3rd Quarter Debt Repayment Update

  1. Hi Jason,

    Looks like you’re making good progress to eliminating debt. Just curious, but are you focused on paying off a specific debt first? I’m currently focused on obliterating my mortgage after which I’m hoping to save/invest at a rate of 25%+. It’s my last large debt I’m trying to get rid of. My ultimate goal is financial freedom.

    Keep going hard!

    1. Hi Gabe, I am not focused on anyone specific debt because: 1) my car loan is 2.19%; 2) Student loans will be forgiven (my job is very secure) in 7 years); 3) my mortgage is also at 2.875%. However, I have thought about going after the car loan at least to free up cash flow. I have slowed down my debt payoff commitment, in part, because I am focused on investing. Hell, I have even thought about going to a 30 year loan on my mortgage (I have 10 years left on a 12 year loan).

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