Let’s Throw Some Money at Our Problems: August 2014 Check-in

It’s time to check in on our debt payments and savings goals again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Pull up those balances!

Logan’s paying off a Citi Card, which currently has an APR of 19.99 percent, and a minimum monthly payment of $47.

July 2014 Balance: $2,259.87
Aug. 2014 Balance: $2,864.87

Writes Logan:

“I had a little set back. I have to travel some for work, so I got a physical version of my card with the most available credit on it — the one I’m paying off, because I’ve been paying it off — to have on hand for that. I thought I could handle it! Turns out: I cannot handle it. Temptation proved to be too much, shown here by my ability to put 600 dollars on it in a month. What I bought: a hundred dollar wedding gift, an 80 dollar dress, a lot of cab rides and dinners. Every time I went to buy something I had this moment of, debit card or credit card, debit card or credit card. And I kept choosing the credit card. So that experiment has failed utterly, utterly. I was about to say, ‘I’ll take it out of my wallet as soon as I get home.’ And then I was like, ‘I should take it out now,’ and immediately was like ‘BUT WHAT IF I NEED IT.’ So. That’s where I am.”

Accountability!

I’m paying off a private graduate student loan currently serviced by Discover. The interest rate on this loan is 2 percent, and the minimum monthly payment is $147. The original balance on this loan was $22,377.

July 2014 Balance: $13,395.37
Aug. 2014 Balance: $13,250.40

Vacation Savings
July 2014 Balance: $500
Aug. 2014 Balance: $0

I spent the majority of this during my vacation last week, and will be starting this up again next month.

If you pay off one of your debts or reach a savings goal, email me your address and I’ll mail you a note to congratulate you. I realize I owe many of you notes! Something to do over the long weekend, I guess.

See previous months here.

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