Sorry for the delay in writing. I'm still feeling a bit under the blog weather, so this will just be a quick update of the numbers.
No Spend November had AWESOME results and it's really motivated me to continue on this money saving plan. I will probably ease back on the reigns a bit for the month of December, my family could really use some holiday cheer.
Here is how I did:
In total I paid $2001.80 on my student loans this month.
$667.05 Minimum payment
$1334.75 Snowball Payment
$1425.39 went straight to principle, and
$576.41 to interest.
|Current Debt Standings|
|November 2011||Monthly Change|
|Student Loan #1||$1,626.92||($1,369.04)|
|Student Loan #2||$17,805.15||$0.00|
|Student Loan #3||$11,025.82||$0.00|
|Student Loan #4||$9,891.61||$0.00|
|Student Loan #5||$9,148.17||$0.00|
|Student Loan #6||$15,040.74||$0.00|
|Student Loan #7||$19,505.29||$0.00|
|Student Loan #8||$27,933.90||$0.10|
|Student Loan #9||$12,186.40||($56.45)|
So awesome to finally see the payment tipped in my favor and such a great feeling to finally see the balance move down. The No Spend challenge wasn't easy, but seeing the results makes it feel so worth it. I can't wait to knock out my first loan!
I'm using the avalanche method (mostly) to pay off my student loans. That means I make an additional payment each month to my loan balance with the highest amount of interest. After that loan is paid off I will take all of my additional money and apply it to the loan with the next highest interest rate and continue the process until all of my loans are paid off.
Technically my Loan #1 has the 2nd highest interest, but it had such a low balance compared to the others, I just wanted to see it gone. Originally I was hoping to pay this off by March. My new goal is January :)