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 1st quarter of 2016:
$171,025 168,780.16 166,320.16 162,762.77 161,020 $157,210
2) Student Loan:
$65,959.39 $65,188.58 64,427.07 63,657.24 63,392 62,903
3) Personal Loan:
$27931.41 $25,401.80 $17,484.39 14,169.27 10,994 7,186
$264,915.80 $ 259,113.61 $248,231.62 $240,589.28 $235,406 $227, 229
This quarter I have paid off $8, 177. Definitely off to a good start. And hopefully, the 2nd quarter will be even better because I plan on paying off that personal loan by the end of June. So I will most likely have paid off another $8000, which means I am more than half way to my goal. Woo hoo.