Thursday, May 9, 2013

Net Debt - April 2013

Student loans: -$81,237.47 ($885.92)
Car loan: $0
Revolving Credit card debt: $0.
Mortgage: -$133,902.35 ($849.81)
Total Debt: -$215,139.82
Debt Jan 1, 2013:  -$216,875.08 ($1,735.26)

Paying down debt is a daunting task, that is for sure, especially seeing these numbers. It has been 4 complete months since the new year has started and so far we have paid off $1,735.26 or about $433 each month.

While we are sticking to the plan and paying down debt, it has its challenges. We put $418 towards one student loan, and $100 towards another each month.  Soon, hopefully next month, we'll have the federal subsidized interest of one of the student loans paid off, and then we'll make a little more progress paying down the unsubsidized portion.  Note: I really hate how loan companies set up the payment scheme, especially when making extra payments. They always set it up to pay equally across everything and not put it all towards the one that will make you pay it off the fastest.  gah!

Due to the student loans we're trying to pay off, we've settled for only paying $250/month to the IRA. The plan is to gradually increase the payment each year until we max out 2 complete IRA's.

On another note, my final exams are now complete and in a few more days my wife will have finished her 6 month probation period at work. These two things make me very happy.  ^_^

Our trip to Germany has been booked and is approaching faster than we thought. It will be a great trip, but we still have to make arrangements for someone to take care the kitties. Our trip to NY has been postponed to a little later than desired but still in the plan.

Also, we recently purchased an exercise bike from a friend, which has been a lot of fun.  The past few days while I had off from work to study and work on my final exams, I would get up, drop off the wife at work, and come back and bike for 25 minutes or about 6.25 miles. During that time, I'd be checking my other blogs, IM'ing with the wife, etc. very efficient use of time.  :-)

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