Archive

Progress

Status: Ahead of Schedule!

  • Extra Payment: $1,435
  • Total Pay Down: $1,740.66
  • Total Pay Down Since Start: $8,482.46
  • Total Outstanding Balance: $62,690.29
  • Percent Complete: 11.9%

Feb13_Goal

*These numbers are for my Wells Fargo Private Loans only.

Month two of my rapid debt pay-down adventure is complete. Overall I did very well in February. I was able to make a pretty large extra payment thanks to low rent this month and modifying my 401(k) deduction.

Again I have tracked every dime I spent during the month and graphed it all out to give myself a visualĀ representationĀ of how well I am doing. I love seeing how my new habits are having a positive impact on my financial health.

Outstanding Debt & Goals

This chart plots my high interest rate Wells Fargo loan. The black bars give you my outstanding balance goal each month and the red line is the actual monthly ending balance I achieve.

Click to enlarge.

Click to enlarge.

I ended February $600 below my goal! Thanks to a special rebate on rent during the month and a clever adjustment to my 401(k) deduction I was able to make a much larger extra loan payment than anticipated. The best part: the adjustment to my 401(k) will allow me to keep making larger than expected extra payments. This means I will be well ahead of my goal in the coming months and this graph is going to keep looking better and better. Stay tuned.

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Status: On Track

  • Extra Payment: $6,500
  • Total Pay Down: $6,741.80
  • Total Pay Down Since Start: $6,741.80
  • Total Outstanding Balance: $64,430.95
  • Percent Complete: 9.5%

Goal_Jan13

*These numbers are for my Wells Fargo debt only.

January was the beginning of my journey to debt freedom. I got off to a great start and am well on my way towards my goal. This may be my biggest month in this entire process, from here on out it is going to be a steady marathon.

Outstanding Debt & Goals

This chart plots my high interest rate Wells Fargo loan. The black bars give you my outstanding balance goal each month and the red line is the actual monthly ending balance I achieve.

Click to enlarge.

Click to enlarge.

I was about $10 shy of my outstanding balance goal mostly because I made my payment one day late so more money went towards interest than anticipated. Overall though, I am on track. The affect of my extra payments on my total outstanding debt is really starting to look good.

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