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 2nd quarter of 2016:
$171,025 168,780.16 166,320.16 162,762.77 161,020 $ 157,210 $155,120
2) Student Loan:
$65,959.39 $65,188.58 64,427.07 63,657.24 63,392 62,903 $62,426
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
This quarter I have paid off $
8, 177 $9, 683. I am over halfway to my goal. I met my goal of paying off my personal loan.
A Potential Snafu in My Debt Payoff Strategies
Despite my debt payoff progress for this quarter two things will probably railroad my debt payoff for a bit.
First, I should now include in this debt Car Debt. I recently refinanced my wife’s car loan to a lower interest rate. That car loan is $25000. Therefore, my/our debt is really $242,546. This really isn’t new debt per se, but the loan has now been put in both our names so technically I am responsible for it. As I have noted here before I don’t post Mrs. ROB’s student loan debt out of respect for her. So while it isn’t new I am going to at least put into my overall debt calculations.
Second and really the bigger issue is that Mrs. ROB and I are now really getting into the nitty gritty of infertility treatments (here, here, here). We just learned earlier last week that our out of pocket expenses, even though I have insurance that covers IVF treatment, could be $12-15,000 for just ONE treatment. I think we will have the money to cover part of those treatments, but I am not sure the rest, which means we could be incurring more debt.
Incurring my debt makes my financial anxiety go even higher, but it is something that needs to be done.
More posts coming on our journey.