Monday, May 18, 2009

April Net Worth Update

I know this is late, but I've been swamped as usual. It's been a good month as far as making progress goes. This was the state of the union as of April 30th, so this is actually better than it looks.
I should be seeing my Net Worth go up a lot each month, as I continue to make progress on my debt. I hope that I can keep this up. Andrew asked me today when I think I will start feeling stable or seeing things turn around and for that, I am aiming for the end of the year. Just have to make it that far.


Car Value - $2,730 (No change)

Prosper Loans - $190 ($200)

Cash Savings - $187 ($0)

Roth IRA - $67 ($34)


Student Loans - $25,695 ($23,781)

BOA Credit Card - $4,523 ($4, 617)

Scooter Loan - $69 ($944)

Net Worth

- $27,113 (-$28,378)

Increase of $1, 265 which is 4.46%

The big plan right now is to get this credit card taken care of and to keep chipping away at the Student Loan before I attack the student loan with full force. I have to get it paid off by April 2013, but I want to get it gone much faster than that, as those are big payments that I would rather be putting towards something that brings me happiness.

Tuesday, May 12, 2009

And Then There Were Two

Last Friday I made the final payment on my scooter loan. This was a 36 month loan that I managed to pay off in just 16 months.

I am so ridiculously proud and happy that it's done. It was really important to me to get that cleared, and it wasn't just about the money. That was the last tie to my accident last year. Now it's all over and done with and I can finally move on with me life.

Now I'm left with the two biggest debts. I have a credit card with about $4,500 charged to it to pay off, and then my student loan of over $25,000. This student loan isn't a real student loan but money I borrowed from my parents over the last 7 years. I'm working hard on getting both paid off. Right now I'll be throwing everything I can at that credit card as it's my last interest bearing debt.

With the extra work I do, and with working at my new company, I'm hoping to pay somewhere around $1,000 a month on the two debts. I'll be putting big lump sums on the card, and making smaller payments from my part time job on the student loan.

This is the rocky part. This is where it's harder to get to having a debt paid off and get that high that comes from making a final payment. I know I can get out of the credit card this year and I fully intend to.

I've worked so hard on this and it sucks working 60 hour weeks and never spending any of the money I earn. I hate it sometimes, but the end will justify the means. One day, those pay checks that I work so hard for will really be mine.

Friday, May 1, 2009

So Beautifully Close

Today I got paid at both my part time job and my full time job. The best thing about this is that I was able to put some extra money on my scooter loan. And now it stands at a balance of $69.27.

No I didn't miss a zero. $69.27 is all that is left of that debt. I will be able to pay it off next Thursday. I am so happy and excited! After this, I get to start putting money towards my credit card and my student loan. I am focusing on the credit card primarily because it has interest on it. If I manage to make the payments I think I can make on it, I'd estimate it at being paid off by the middle of October.

That would be so very very wonderful if I could make that happen. To have all of my consumer debt gone this year would be a dream come true. Then I would be able to blow through this student loan in just over two years.

So now comes the time to set a new and realistic goal about when I can get out of debt. We are looking at January of 2012. This may seem a way away, and it feels like forever. But it's a year and three months sooner than I thought.

Let's see if I can meet my own challenge!