Monday, November 14, 2016

Here We Go!

Alright, here it is. My blog documenting my journey out of debt! I became hooked on Dave Ramsey and his baby steps for getting out of debt last month (October) and that's where I'll be marking my starting point on getting real serious about paying off my debt as fast as I can. I'm hoping this blog will help keep me even more accountable for staying on track. I have a whiteboard hung up in my apartment that has all my debt totals written on it for me to see every day and drive me even further to get this done. I update it every time I make payments on my loans.

So, my debt. I have the usual student loans. I graduated from North Dakota State University in May of 2014 with just under $44,000 in loans. After two-and-a-half years I've only paid off a whopping $5,000. I also had accumulated credit card debt, which I actually paid off two weeks ago. And then there's the car loan. I purchased a used 2009 Volvo C30 in June for just over $10,000. That loan has only gone down $500 since then which is a tad depressing now that I think about it.

Following Dave's baby steps, I am on step 2. I already had about $5,000 in savings before starting the baby steps so I used some of it for paying off my credit card and I am leaving the rest in there for upcoming expenses I know I am going to need it for. As far as listing my debts from smallest to largest, the credit card was first, so ✔ on that one! My student loans are separated by year so I have five separate loans. All five are individually smaller than the car loan so they will all be getting paid off before the Volvo.

I don't have a specific schedule for how often I will be posting to this blog, but maybe at least once a week for now. I might do a post or two on how I keep track of my spending in the near future.

Starting Debt: $50,000
Current Debt: $48,498

No comments:

Post a Comment