| Assets | June | May | Difference | ||
| Cash | $13,683.23 | $11,667.40 | $2,015.83 | ||
| Investments | $27,070.91 | $26,577.43 | $493.48 | ||
| Total Assets | $40,754.14 | $38,244.83 | $2,509.31 | ||
| Liabilities | |||||
| Student Loans | $158,036.78 | $162,744.62 | -$4,707.84 | ||
| Credit Cards | $1,461.99 | $1,111.34 | $350.65 | ||
| Total Liabilities | $159,498.77 | $163,855.96 | -$4,357.19 | ||
| 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 |
| Federal Loans | $119,166.13 | $5,000.00 | 5.75% | $1,093.65 | |
| 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 | ||
| $10,749.01 | 3.71% | $0.00 | 4/16/2014 | ||
| $8,861.99 | 3.71% | $73.47 | |||
| $8,543.63 | 3.71% | $66.50 | |||
| $2,137.82 | 3.72% | $0.00 | 2/28/2014 | ||
| $2,123.74 | 3.72% | $0.00 | 2/28/2014 | ||
| Total | $158,034.33 | $31,354.72 | $1,399.57 |
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.
That's a lot of reduction! Congrats. I know what you mean -- it's so frustrating to put huge amounts of money in and barely see a reduction at all. I started much lower ($19K of student debt) but my salary's much lower too. At first I was putting half my paycheck towards it and feeling like I got nowhere! But now I have my last payment next week (going to use 2/3 of the month's pay for it).
ReplyDeleteMy financial goals for the year: pay off my student debt; pay off about $2500 in credit card debt; contribute $13500 to retirement accounts (so far, $3000, so I've got some heavy lifting to do.)
Thanks! Your financial goals look great! Wow, you're making your last payment next week? That's fantastic! Congratulations!!! What will you do to celebrate?
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