|Total Net Worth||-$118,744.63||-$125,611.13||$6,866.50|
Slowly but surely inching upwards! My previous goal was to increase my net worth to -$115k. My new goal is to increase it to -$99k by the end of the year and to be in the black by early 2016! That might be a pretty bold goal, but it's nice to see things change over time. Even if I don't meet those goals, I think I'm headed in the right direction by trying to pay down my debt.
Here's my debt repayment update:
|Student Loans||Amount Owed||Amount Paid Off||Interest Rate||Monthly Payment||Payoff Date|
|Private Loan 1||$11,344.15||5.00%||$0.00||3/7/2014|
|Private Loan 2||$9,916.89||3.01%||$81.18|
|Private Loan 3||$11,545.69||3.21%||$84.77|
I paid a total of $6,399.57 towards my debt during the month of May! That's including my regular monthly payments of $1,399.57 + a $5,000.00 chunk from my savings towards to my highest interest debt.
I have now paid over $32k towards student loans in the past 4 months!* I was only able to do so because I had a head start with a large amount of cash in my savings in the beginning and because of my freelance work which is helping me make payments in large chunks at a time. I'll admit it's really hard to see $5,000 just go with seemingly nothing to show for it, but I consider it an investment in my future.
What are your financial goals?
*That's including my minimum monthly payments.