Reaching a major milestone, still no debt snowball effect, and coming to terms with my new budget. All things considered, I’m feeling pretty good about this month’s debt payoff update.
This is the third month into my debt get off the floor decision. This month I hit a pretty big goal despite having a pretty big setback last month. The bummer is that I’m still trying to forge ahead and start my debt snowball.
Debt Payoff Update For June 2017: Goodbye Nagging Lawyer Fees
A year and a half ago my wife and I filed for separation. Almost one year ago we cancelled the divorce and have been trying to work things out. However, that left us behind some pretty big debt in relation to lawyer fees that have been carried over for the last few months. However, I was able to finally pay off the $2,730 in lawyer fees that have been hanging around my balance sheet for several months.
Total lawyers fees paid off: $2,730!
A Debt Setback
I had mentioned that my wife and I are separated and it’s something I haven’t talked about too much on this blog. I may get into that at some point but last month I had a pretty big financial setback. I had to begin renting an apartment and rents sucks here in San Diego. I’m not complaining it just took a big bite into my budget. Because of the new expense on my balance sheet, I’m still navigating my budget going forward in terms of how much I will be able to save and put away towards debt.
Some Great Debt News:
This month I had tried something different with my paychecks. I took five percent of each paycheck and applied it to my lowest student loan balance. Through this method I was able to pay off about three hundred extra dollars to one of my student loans.
Old student loan balance: $2,597. New student loan balance: $2,195.
I also am cancelling my storage unit this month and I will no longer have a $197/month fee for this service.
Debt Goals Going Forward
As I mentioned, I am still trying to figure out my budget in terms of how much I will be able to save each month because of my new apartment. I need to be better at spending less. Here is a list of my current financial goals:
- Keep paying down my smallest debt balance (my ALPN student loan) in order to achieve my goal of a debt snowball.
- Continue my goals of saving for a property to own and paying off debt.
Overall I’m feeling pretty positive about this past month. I now have no outstanding random debt. Now I can apply the funds to the money that I had owed my mom and the lawyers to savings and my ALPN debt.
Here is a more detailed look at my current list of debt: