It’s the beginning of the month which means it’s time to calculate how much debt I managed to pay off last month!
Methodology: We keep it simple here; I’m not trying to get bogged down by doing any complicated calcuations. I don’t care about breakdowns regarding principle vs interest or digging into what payments may or may not have cleared at the time I reviewed my balances. My process is simple: on the first of the month I log on to the website for each debt I owe and write down the balance as it appears on the homepage. Consistency is preferable to pin-point accuracy.
So with that being said lets get started…
This month’s starting balance: $67,361
Current balance: $65,049
| Debt | Previous Month | End of January |
| Credit Cards | $12,516 | $11,845 |
| Personal Loans | $27,289 | $26,101 |
| DMP | $27,546 | $27,104 |
I paid off $2,312 this month, and $2,312 in total to date.
I am ahead of schedule of my goal to pay off 15k of my debt this year. If I continue on my current trajectory I’ll be credit card debt free by July 2024, personal loan debt free in May 2025, and totally debt free in October, 2025.
