Over the past year I have tried to track my progress of paying off debt in quarterly updates. At the beginning of 2015 I had a total of $264000 in debt which included three primary debts: our mortgage, a personal loan, and my student loan. My goal for 2015 was to pay off 10% of my debt, which I was able to accomplish. I was also able to pay off a huge tax bill and our HEAT loan for 2015. For 2016 I have several financial goals, but one of them is to continue with the 10% pay off goal, which would mean I need to pay off about $26,400 for the year.
Here are my current totals at the end of the 3rd quarter of 2016:
$171,025 168,780.16 166,320.16 162,762.77 161,020 $ 157,210 $ 155,120 $152,750
2) Student Loan:
$65,959.39 $65,188.58 64,427.07 63,657.24 63,392 62,903 $62,426 $61,910
3) Personal Loan:
$27931.41 $25,401.80 $17,484.39 14,169.27 10,994 7,186 $0
$264,915.80 $ 259,113.61 $248,231.62 $240,589.28 $235,406 $ 227, 229 $217,546 $214,660
This quarter I have paid off $
8, 177 $9, 683 $2,886. My goal was to pay off $26,400 for this year. I think I will still be able to meet it.
Part of the reason that number was lower this quarter is because I have been paying regular payments toward our refinanced car. I am not sure if I should include that car in my debt because technically it is Mrs. ROB’s car. That total is $23,331. So the truth is paid off almost $4500 during the quarter (fairly typical). If I also do that then I have to include the car debt in my overall debt, which would make it about $238,000 and my total debt at (going to the beginning) $29000, which means I should be paying off $29000 per year. No matter what I have several thousand more to go to reach my goal.
Potential Obstacles to That Goal
The biggest obstacles to my goal could be some house repairs that we have been made aware of. I alluded to them last week. This week we have contractors coming to assess some things that need to be paid for in the basement. We bought a new fridge, which we actually got a pretty good deal on. I am still hopeful I can meet my goal, but it will depend on what happens this week. Wish me luck.