Let’s Throw Some Money at Our Problems: February 2016 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, we like to report a specific balance at the end of each month to have a public record of our efforts to pay down our debt or reach our savings goals. You can read about our decision to publicly keep track of our debt here.
Pull up those balances!
At the beginning of 2015, my parents gave me a no-interest loan to use against my credit card debt because they wanted to help me pay down my debt without accruing credit card interest. The original loan amount was $14,000, and it’s my goal to have it paid off before Summer 2016.
January 2016 Balance: $5,600
February 2016 Balance: $4,800
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 student loan was $22,377.
January 2016 Balance: $9,179.44
February 2016 Balance: $8,995.77
Your turn! What’s your balance this month?
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