Monthly Accountability March 2023

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 doing any complicated calcuations. I don’t care about breakdowns regrading principle vs interest or digging into what payments may or may not have cleared at the time I reviewed my balances. The 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 what we’re going for here.

So with that being said lets get started…

This month’s starting balance: $65,049

Current balance: $63,455

Breakdown:

I paid off $1,594 this month and have paid $3,906 in total to date. Continuing on the current plan I’ll be credit-card debt free in September 2024, personal loan free in July 2025, and my debt management plan will be paid off in October 2025.

I’m really thankful for this series today. Towards the end of February, I found myself in a bit of a slump. I had some unexpected expenditures arise and I was feeling fairly hopeless that I’d see progress towards my debt this month. Taking the time to review the figures has shown me I was being too hard on myself and that I still managed to improve my situation despite the challenges of this month.

I’m still on track to hit my high level goal of clearing $15,000 in debt this year and paying off my total balance within 5 years.