Progress Report: December ’13

Day 245 | $16,794.50 paid | $55,281.08 to freedom

Merry Christmas Eve!  And a late Happy Festivus!  Let’s air some grievances!

  • Car repairs.  I hate car repairs so much.  In the last month I have spent $300 on my car.  And the result?  Well, problems fixed lead to new problems I guess.  An estimate of $800 to repair – well a bunch of minor-ish stuff.  If I really do have to invest that much into my car, then say goodbye to my Christmas gift to myself of making a large extra student loan payment.
  • Christmas Shopping.  I loathe Christmas shopping.  And this year I’m not even that excited for any gifts I’ll receive.  It’s just money spent on things that I’d rather have spent on paying down my debt or to put towards bigger things I need, instead of overpriced unneeded things.
  • Winter.  Michigan winters are always a topic of complaining.  I don’t really understand why.  We live in the north.  It’s going to snow.  It’s going to be cold.  The thing I hate is those heating bills!  I’ve finally turned on the heat in my apartment and the result is a heat/electric bill that is $30 higher than my previous one!winter
  • Final Exams.  Believe it or not, teachers hate them just as much as students 🙂

I’m not sure if I’ll be able to make that nice bonus payment.  The good news is, unlike the previous two Decembers, I have been able to budget for the wonderfully happy holidays well enough such that I have not dipped into my savings at all.  Ballin’.  Let’s take a look at the numbers:

The Brass Ta(cks)x
– $1000 paid
– Principal reduced by $706.96
– 2013 Annual Goal Surpassed by $1,203.12 (!!!)
– 2013 Complete!

decgraphI’ve made an aggressive pay-down decision: I am not going to count the $1203.12 that I went over towards my 2014 pay-down goal of $12,000.  This is a huge decision that will make hitting my 2014 goal very difficult.  However, my overall pay-down plan (which I’ll have a “State of” post on in the next week or so), is already overly aggressive.  Therefore, I need to find ways to surpass my goals if I am to actually hit $0 by my 30th birthday.

I am under $300 in interest per month!  This is a tiny baby step that is an awesome feeling.  It also makes some of the math easy.  If I pay $1000 a month towards my loans, that’s really paying $700 off my principal per month.  On the year, that would mean $8,400 in debt pay-down, well short of my $12k goal.  Though, that doesn’t account for the interest continuing to fall.  According to my mega-spreadsheet, I’ll actually get to $8,628.  Still about $3,300 short.  That’s a big chunk of debt pay-down that has to come from extra income.

Hopefully, I’ll be able to start the New Year with a $500 extra payment.  That’ll go a long way towards killing that excess $3,300.  That is, if I can figure out my car issues…

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4 Responses to Progress Report: December ’13

  1. Carolina says:

    Fantastic goals and achievements. I really do enjoy reading your blog and seeing the progress. You seem to have such a rational, organized approach to your debt pay-off. Just a little suggestion ….! It is called “Brass Tacks.” Apparently this originated in the old general stores where a yard measurement was measured off in increments by brass tacks nailed into the store counter. The expression, “Let’s get down to brass tacks” means “Let’s get down to business.” (ie. let’s measure this stuff and make a sale.) Merry Christmas!

    • That is awesome! I never knew that!

      To tell the truth, I never liked that heading of my Progress Report posts since I started using it a few months ago. Just never felt right… Now I know why?

      Thanks for the explanation and thanks for reading!

  2. kat says:

    A-FREAKING-MEN on the christmas shopping bit. i didn’t want anything and i didn’t want to buy anything–i wanted that money to be put to better use, dangit! congrats on surpassing your annual goal for debt reduction–great achievement!

    • I especially can’t stand the little dollar-store gifts and stocking stuffers. I’ve told my mom to stop buying them but now I think she does it to annoy me… or pretend like I’m still 15 years old. 🙂

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