Let’s Throw Some Money at Our Problems: February 2014 Check-In

It’s time to check in on our debt payments and savings goals again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Pull up those balances!

Logan’s paying off a Citi Card, which currently has an APR of 19.99 percent, and a minimum monthly payment of $47.
January 2014 Balance: $3,075.83
February 2014 Balance: “Still working on this month’s payment!” says Logan.

I’m paying off a private graduate student loan currently serviced by Discover. The interest rate on this loan is 2 percent, and the minimum monthly payment is $147. The original balance on this loan was $22,377.

January 2014 Balance: $14,428.63
February 2014 Balance: $14,278.87

Vacation Savings
January 2014 Balance: $100
February 2014 Balance: $150

Remember, if you pay off one of your debts or reach a savings goal, email me your address and I’ll mail you a note to congratulate you. I have a few I still need to send out.

 

See previous months here.

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98 Comments / Post A Comment

terrific (#1,532)

Student Loan (mostly at 4.25%, some at 6.55%)
January ’14: $6,704.00
February ’14: $6,629.97

Savings for future move. Goal: $10,000.
January ’14: $1,050
February ’14: $2,185 !!

(I got a really really big check in the mail. A++++)

CubeRootOfPi (#1,098)

I added most of my federal tax refund to the student loan, so they are telling me that I paid for two months (of course I’ve put in a payment for that extra month). This is in addition to the non-negotiable extra payments.

LookUponMyWorks (#2,616)

I’m paying off my student loans and my car.

Student loans:
January 4: $35,917.66
January 30: $35,756.72

FEBRUARY 27: $35,088.08

Car:
January: $2,100
February: $1950

I have yet to set up my 403b contributions or my IRA so I’ve kinda failed there.

I keep going back and forth on the IRA; should I get traditional or Roth? I won’t be retiring for 40-some years, and I hope to not touch those accounts until I do retire. Which way should I go?

EmilyAnomaly (#4,238)

@LookUponMyWorks I think your strategy depends on if you will be making big bucks when you retire and/or if you want to lessen your tax liability now rather than later. I am no expert though. I have a traditional 401k and a Roth 401k but I would have benefitted from starting out with a Roth type investment since I only recently broke $30k/yr annual income

@LookUponMyWorks I’m not certified to advise on this type of thing, BUT basically it works like this:

Roth IRA, you pay taxes when you put the money in.
Traditional IRA, you pay the taxes when you take the money out.

So your choice comes down to, where do you think you’ll be in terms of tax bracket when you retire? Hard to predict, but in general most people think they’ll be in a higher tax bracket so a Roth IRA is more beneficial. That’s what I have (I started it when I was 18). Good on you for trying to save for retirement at all!

LookUponMyWorks (#2,616)

@Heather Yamada-Hosley @EmilyAnomaly Thanks, guys. I really hope I’m at a higher bracket, but nothing is certain!

I’m also curious – do you get the credit on your tax returns regardless of which way you go?

EmilyAnomaly (#4,238)

@LookUponMyWorks The credit may have more to do with the amount you contribute vs. how much you make a year. http://www.irs.gov/pub/irs-pdf/f8880.pdf

cryptolect (#1,135)

@LookUponMyWorks
The traditional IRA is the one you can deduct from your taxes this year. A Roth IRA, you still have to pay taxes on that money right now. Is that your question?

Beaks (#3,488)

@cryptolect If you hit a magic balance point of making enough money to save for retirement but not toooo much money, I think there’s also a tax credit. (Yep- if you made less than $28,750 AGI and still managed to save for retirement, there’s a credit- according to about.com, so- more research recommended)

andnowlights (#2,902)

@LookUponMyWorks Ugh, I went back and forth about the 403b and the Roth when I opened mine. My company only does match on the 403b, though, so that’s what I went with. Once we get the student loan paid off, I’m going to try to max out my Roth.

Tatiana (#194)

REALLY EXCITED about this month’s check-in. Here’s why:

Credit Card w/ an interest rate of 7.25% and minimum payment of $73:

October: $2778.51
November: $2362.60
December: $1788.74
January: $1376.43
February: $0!

I’ve been working on paying this down for a long time and it feels great to know that I’ve knocked it out (thanks to diligent budgeting and my tax refund!).

I’m not quite debt free yet. I have another card that I need to pay down, but we’ll talk about that next month. :P

EmilyAnomaly (#4,238)

@Tatiana congrats!

Tatiana (#194)

@EmilyAnomaly thank you! :)

LookUponMyWorks (#2,616)

@Tatiana WOW!!!! AWESOME JOB!

Allison (#4,509)

@Tatiana way to go!

travlinggirl (#4,335)

@Tatiana Congrats!!

highjump (#39)

@Tatiana Congrats!

jennonthego (#5,366)

@Tatiana CONGRATS! That’s amazing!

@Tatiana I paid off my credit card too! High Five to us :)

msworst (#2,640)

@Tatiana Nice job!!

Tatiana (#194)

@TheDoctorsCompanion sa-weeet! congrats to you as well! :)

halloliebchen (#5,373)

@Tatiana Congrats!!! That is the best feeling!
@TheDoctorsCompanion Congrats to you too!

andnowlights (#2,902)

@Tatiana YAY! Congratulations! You did a great, wonderful job!

qwer1234 (#4,140)

@Tatiana CONGRATULATIONS! That’s so exciting!!

EmilyAnomaly (#4,238)

Consolidated Federal Student Loan Debt:
Interest Rate: 2.625%
January 30th Balance: $13,335.59
February 27th Balance: $13,240.32

Emergency Savings:
January 30th balance: $3,000.41
February 27th balance: $2,630.53
The “emergency” was the security deposit on a new apartment

Long-term (formerly “for a house, kinda”) Savings:
January 30th balance: $10,101.56
February 27th balance: $11,108.78
Put my state & federal refunds in there.

Overall, doing okay. Not sure if I will get to $15k in the long term savings by the end of the year. Considering just paying off my student loans with my savings and running away.

moreadventurous (#4,956)

@EmilyAnomaly If you don’t mind me asking, what sort of account do you have your long term savings in? I have some money beyond what I need for immediate emergencies, but will probably dip into that fund in the next two years for grad school. I’ve been researching and am leaning towards a high interest account with Ally or something, but am investigating options currently.

EmilyAnomaly (#4,238)

@moreadventurous I don’t mind at all! I have an online savings account with Discover. I get an 0.80% interest rate, which is getting to be $8 a month for just sitting there. Because it is an account for which there isn’t a physical bank near me and I don’t have a debit or ATM card for this, it is really effective at keeping me from touching that money. I can still transfer money out if I have to, but I have resisted so far. Because it is so separate from things, I forget it’s there until I do the check in. I have been really pleased with Discover’s customer service and such. I think ING offers high yield savings accounts too, but I haven’t had one with them.

moreadventurous (#4,956)

@EmilyAnomaly Thanks! That’s pretty much what Ally would look like for me, so I’m glad to hear it’s effective for you.

ThatsMyOtter (#4,514)

February savings: 14,235.67
January savings: 12,366.99; goal: 40,000

Stina (#686)

@ThatsMyOtter Yay you! And I love your screen name.

Allison (#4,509)

Student Loans: January $10,377.41, February $10,229.16

Credit Card: January: $126.68 Feburary: $936.76 I bought two sets of tickets to California this month. And a bunch of other things that all seemed to hit at once.

Savings January $5,633.54. February $5500.09 I took some out to throw at my credit card. Then I’m going to have to hit it again for my taxes.

Side savings (vacations, etc) January $481.66 February: $631.93. Cashing out sometime next week because I’m flying to New Zealand in 2 weeks!

Stina (#686)

@Allison “I’m flying to New Zealand in 2 weeks!” I am both very happy for and hideously envious of you.

Allison (#4,509)

@Stina my coworker might throw me out the window if she catches me checking the weather down there again. But I think it’s pretty much guaranteed that the weather in Chicago will vastly improve once I’ve fled.

joyballz (#2,000)

@Allison I will be forever grateful if that happens.

Marissa (#467)

Travel Fund:
January 2014 – $9065.34
February 2014 – $10,070.99

travlinggirl (#4,335)

@Marissa This is awesome! Do you know where you are going?

Marissa (#467)

@travlinggirl Sort of! I’m leaving in late August/early September and my first stop would be Reykjavik for a week, then Paris, then hop around Europe before heading to Asia. Lots of places on my list but I want to give myself some flexibility which for me is a challenge in itself because I’m used to planning ahead. Currently obsessed with Edinburgh, Berlin, Prague, Kathmandu, and Hong Kong. World, why you gotta be so big?!

travlinggirl (#4,335)

@Marissa Amazing! I’m actually heading to Iceland around that time and Amsterdam but just coming right back to work. Sad face. Your trip sounds amazing!

Marissa (#467)

@travlinggirl Awesome! I loved Amsterdam. I’m totally freaked out about having to find new work when I return but I’ve been wanting to do some extended travel for a long time, I’m ready to move on from my current job, and the time has come.

travlinggirl (#4,335)

I forgot this was happening today! AHHH

Emergency fund
January 2014 $970
February 2014 $970 (sad BUT a huge chunk going in this month)

Travel fund [Building this back up for a trip in August]
January 2014 $440
February 2014 $120 (post-Hawaii trip)

COne Credit Card
January 2014 $330
February 2014 $145

Hopefully things won’t be so sad looking next month.

highjump (#39)

Fear Fun
Goal by July: $7,000
January: $2,925
February: $3,479

Marissa (#467)

@highjump I’m guessing you meant “Fear Fund” but this gave me a giggle. Great job, by the way!

highjump (#39)

@Marissa Ha, yes! Too late to edit now.

jennonthego (#5,366)

Visa remains at $0.

Mastercard (9.99 APR)
January Balance: $2113.39
February Balance: $2481.83
Yeah, that didn’t go so well. Had to buy more contacts and they are $100 more this year than last year. Ugh. Also haven’t gotten paid for my side gig yet, which will be thrown at it as well.

BUT (with help from my parents), I was able to be a new-to-me car two weeks ago in cash, so I’m still counting February as a win!

cawcawphony (#2,990)

I haven’t been doing this, but I do have a savings goal that I’m trying to meet, although I haven’t actually set the end goal. I need to contribute more to my retirement savings, and I’ve been incrementally bumping it up, and this would be a good place to keep track.

So far, I’ve increased the amount from $150/paycheck to $200 over the past 5 months.

Deferred Comp:
January 2014 $340/mo, $3,604.95 total
February 2014 $400/mo., $3,913.00 total

I do have a Roth IRA that has $13k, a pension that my employer matches, a Health Care Savings Plan, and a teeny tiny retirement fund from another state. But I only started worrying about this stuff 2 years ago, so I’m way behind (I’m 36).

DebtOrAlive (#5,233)

So! After falling off (on?) the wagon in January flying all the flights and eating all the take out, I got my act together in February.

Debt: Credit Card
APR: 24.99% (Don’t even care.)
January 2014: 2,329.98
February 2014: 873.80

Close, ya’ll. CLOSE.

halloliebchen (#5,373)

@DebtOrAlive So close! One payment away!

Dancercise (#94)

Car loan
January: $9,258
February: $9,085
It’ll be under $9k next month!

Savings
January: $10,042
February: $10,071
Didn’t contribute much this month. Waiting to finish my taxes to see how much I’ll have to pay. It’ll probably be in the $8-9k range.

Student Loan:
January $14,394.45
February: $12,328.65
I just ended up paying off one of the loans entirely 3 more to go!

Credit Card:
January: 453
February: 0$

Happy Dance all over the place!!!! It’s so good to finally have that monkey off my back. Especially since it was 0% interest the first year and interest begins this March.

Stina (#686)

@TheDoctorsCompanion Yay!

ifwecantaloupe (#2,654)

High-interest student loan (11.49% fixed rate):
January 2014: $3,017.63
February 2014: $3,017.63

Savings
January 2014: $4,360.69
February 2014: $4,495.15

I adopted two kittens this month. Kittens are EXPENSIVE.

@ifwecantaloupe They are, but also so cute! Luckily I didn’t have to pay for anything for the one that lives with me (belongs to my housemate) but I still get to cuddle him, when he lets me.

sherlock (#3,599)

@ifwecantaloupe Oh my goodness I am so jealous. Two!! That is the exact number of kittens I would like to adopt.

Stina (#686)

@ifwecantaloupe I highly approve of your priorities because kittens are an investment in your happiness.

ifwecantaloupe (#2,654)

@sherlock It has been the exact right number. These kittens were found under a car together and are SO INTO each other, and the shelter lets you adopt two for the price of one, and they were only charging $14 for adoption fees on Valentine’s day… so two was the inevitable.

msworst (#2,640)

Yay!

Credit Card:
January: $3414
February:$2792

Yay! Under $3k! That was my mini-goal. My next mini-goal is to get it under 2500. I’m predictable.

Student Loan 2 (of 3):
January: $2869
February: $2675

Keep on keepin’ on.

Stina (#686)

@msworst Woot!

Stina (#686)

First time jumping in: I had started a savings fund for a new car but didn’t expect my previous one to die quite so soon. So I used that but decided to borrow from my emergency fund instead of financing the rest so I owe: $13,490 to my emergency fund in February of 2014

ThatJenn (#916)

Main card (8.99% apr) and Joint card (9.99% apr):
1/29 balance: $0!
2/27 balance: Still 0! Or within a few bucks of it, anyway, if some automatic payment has gone through today (not sure)

Citi card (0% apr until February 2015):
1/29 balance: $3,069.07
2/27 balance: $2,768.72 (In keeping with my goal of being under $3k in total credit card debt by this checkin. Next month: $2,500 or less in total?)

Car loan (some awesome low apr):
1/29 balance: $15,149.46
2/27 balance: $14,480.22 (Includes the March payment so this won’t go down next month. I’ve paid down $7,511.32 plus interest since June 2012, and am on track to pay it off October 2017, a little earlier than the December 2017 date originally planned.)

Savings goal:
1/29 balance: $5,316.22
2/27 balance: $6,260.26 and adding $470/pay period. This is the highest it’s been since I started reading the Billfold and doing these checkins! I had only $400ish in it last January. If I can keep from touching it until September I will hit my $10k in savings by age 30 goal.

So, yeah: next week is my honeymoon, which already has accommodations paid for and shouldn’t be TOO expensive, but probably won’t be cheap either. No other immediate expensive plans but you just never know. March is kind of a big blank outside of next week which often leads to overspending. I’m hoping I can still meet my savings and debt payoff goals, though, and maybe stick with some of the good habits I’ve been exercising the past 2-3 months.

pterodactylish (#2,321)

@ThatJenn Where are you going?!

ThatJenn (#916)

@pterodactylish Silver Springs State Park, near Ocala, FL! It’s a nice park that recently bought & took over the formerly for-profit park next door, so there are nice new cabins and a canoe trail they reopened in October that hasn’t been open to the public since the 1870s and at least one geocache that is only accessible by canoe. Basically, everything I love (except the internet, but it’s good to take a break from that sometimes, I’m told).

Sloane (#675)

@ThatJenn I went to Silver Springs when I was a teenager because I was obsessed with Stevie Nicks (still am, actually). I loved the glass-bottom boat tours.

ThatJenn (#916)

@Sloane I have not yet been on one, despite living an hour away for the last 7 years! I am excited (and pleased that the FL state parks is now in charge of the park and keeping many of the traditional attractions).

RadScientist (#3,081)

I haven’t done the checkin for a few months, but I am so excited for this month, because I did two awesome financial things: 1) paid off my car and 2) opened a Roth IRA! I decided to use my extra paycheck in January on the car and my tax refund for the Roth, so even though I still have a monthly rolling credit card balance, I’m going to just be proud of this progress and tackle the credit card next- I don’t pay interest, it’s just stressful to have to wait for my paycheck to pay off my balance every month.

Car loan (1.99% APR):
March 2012: $6000 (original)
Dec 2013: $2600
Jan 2014: $486
Feb 2014: $0 yessssssss this was the first loan I’d ever had and even though it had really low interest it pissed me off.

Emergency savings (goal $2000):
Dec. 2013: $1801
Jan 2014: $1901
Feb 2014: $1902 (haha I love you 0.75% interest)

Stina (#686)

@RadScientist Congrats!

lemonhead3159 (#6,051)

I’ve never commented on this thread before, but I’d like to start tracking my goals!

Consolidated Federal Student Loan Debt (interest rate = 6.8%):
September 2012: $33,126
January 2014: $28,682
February 2014: $24,377 (I threw an additional $4K at my loan in January after my monthly payment, I’ve never spent this much money before and now feel sad/responsible)

2014 Emergency Savings
January 2014: $6,329
February 2014: $2,329 (plan to add $200/paycheck, so save $4K in the next 10 months)

andnowlights (#2,902)

@lemonhead3159 “and now feel sad/responsible” Ugh, this every month when I make all the loan payments (it’s just one, now, but man it hurts every month). Being an adult is the worst.

annpan (#3,219)

I missed January, but here’s the progress since December!

Student Loan December (5.4% interest): $8,719
Student Loan February: $7,646

Savings December: $4,400
Savings February: $4,600

529 Account December: $500
529 Account February: $610

halloliebchen (#5,373)

Here we go again!

Credit card 1 (29.99% APR)

January: 4911.08
February: 3,335.21

(Most of this is due to a balance transfer but still! My March goal is to have it under 3,000)

Credit card 2 (22.9% APR)

January: 1005.06
February: 951.86

Credit card 3 (18.9% APR)

January: 502.78
February: 409.30

Student loan 1 (5.625% interest)

January: 31,438.76
February: 31,136.84

Student loan 2 (6.25% interest)

January: 10,801.13
February: 10,750.69

Student loan 3 (3.75%)

January: 2165.15
February: 2111.91

Obviously right now I’m focusing on the credit cards (my goal is still to have it all GONE by the end of the year), but once that’s out of the way, that 10,000 loan is next on the chopping block.

EA_Mann (#5,000)

Logan – have you tried lendingclub.com to try to consolidate your 19.9% loan to something more reasonable?

pterodactylish (#2,321)

Ahahaha, everything went to hell the minute I set my savings goals.

So, January ’14: $1600.
February ’14: $1000.

Womp.

EA_Mann (#5,000)

I’ve decided I’m paying off my onerous 2nd mortgage before June 2015. It’s an interest only balloon loan that comes due mid 2015

original balance on 1/1/14: 40,000
2/1 applied 20,000 from savings: 20,000 balance
2/15 liquidated a mutual fund account of 7000: 13000 balance

Next I’m applying 3000 of my tax return, so it’ll be at 10,000 soon and I’ll work it down piecemeal from there.

I’ve had this thing on my back for years even while I’ve had cash stockpiled that I should have applied to the principle years age. A lot of the motivation to start this process came from this website and http://www.mrmoneymustache.com

Stina (#686)

@EA_Mann Go you! Get that Loan gone!

thegirlieshow (#5,285)

Citi card
Jan. 2014 balance: $255.61
Feb. 2014 balance: $170.61

SallieMae student loan (1 of some unquantifiably large number)
Jan. 2014 balance: $7,065.19
Feb. 2014 balance: $6,912.63

lizziefresh (#651)

Yay! This is my first time checking in after months of telling myself I should.

Subaru card (I think this is a 16.99% APR)
start of Jan 2014: $2761.19
today: $2547.15
Just got my tax return, so will put a bit more to this

Citi card (promo 0% account, but about to have an interest rate):
start of Jan 2014: $4990.39
today: $4812.39

andnowlights (#2,902)

@lizziefresh I’ve found that the monthly check-ins are really useful for seeing your progress on paper! And it’s nice to cheer everyone else on, too. Welcome!

Sloane (#675)

I’ve been without a goal to report! I finished paying off debt in 2012. I finished funding an emergency fund in 2013. In 2014, I was a bit at loose ends – what do I make a financial priority now? I’ve saved for retirement through the whole thing, and that’s not going to change. I’ve continued to save 30% of my gross income. Yay. But I wasn’t really sure where to direct that 30% (and I’m still not sure).

I read an article from afford anything (http://tinyurl.com/m23qrtv) recently that really hit home for me. The thing that has always bugged me about savings is how to define “savings.” I save 5% of my income for short-term expenses like insurance, car repairs, travel, and so forth. Most of that money gets spent within a year of saving it. The article showed me that what really matters is my rate of investing.

So my goal is to invest 25% of my income every month. This will boost my overall savings rate to 32% (2% to emergency fund, 5% to those annual expenses). The 25% for investment includes retirement investing (in a Roth IRA).

I’m still shifting some money around, so I definitely didn’t get to this goal in February – I put most of my savings in a money market account this month but I’ve set up the automatic investment in an index fund March! Yay for cost dollar averaging and taking the guessing game out of when to invest!

Stina (#686)

@Sloane “I’ve continued to save 30% of my gross income.” That is something you deserve to be proud of.

TheEdge (#5,372)

@Sloane I went through a loose end phase too, when everything was paid off and I was into saving territory. It didn’t help that I had a financial advisor who only ever talked about saving, saving, saving and retirement; it made the rest of my life sound incredibly boring. I would have been more motivated if she’d included in that picture something like ‘having enough so that you can take a whole year off work’, or ‘$X amount by year Y’. Your investment plan sounds really solid, so if I were you I would stay on that path, but within that framework think about what you are investing for. This might not change what your plan looks like on paper, but it could help with having a goal to report. Good luck!

andnowlights (#2,902)

I missed this yesterday! We’re working on a student loan.

January 31 balance: $15,674.3
Feb 28 balance: $13,917.40

Paid down $1756.9!

We’re really trying to throw everything we’ve got at this right now because the second half of the year might be really expensive thanks to two conference my husband might go to (if he gets accepted).

ThatJenn (#916)

@andnowlights That’s awesome progress! You say you’ve had a bad couple of months in budgeting, but haven’t you just paid off nearly 20% of it in the first two months of working on it? (Not to dispute your own assessment of your finances, of course, just to say, give yourself some credit because you guys are awesome at paying down your debt)

scn231 (#1,705)

Feeling minorly inadequate after that post ^ but… anyway, on my “Don’t Touch Tax Return, Save For Circus School,” goal I got my federal refund (have to go through some identity verification to get the state one), and tried to set up a savings account online but failed I guess because I didn’t remember a prior address or something. And, I got accepted to circus school so that’s good! My goal for next month is to actually have $3K in a savings account. For goal 2, paying down my bar loan, in January it was $10,630, interest 9%, now $10,534.

Stina (#686)

@scn231 “Feeling minorly inadequate after that post” Are you kidding me? You got accepted to CIRCUS school! You own this thread in awesomeness.

scn231 (#1,705)

Haha aw, thanks! I just meant Sloane is saving 30% of their income, and I’m striking out on even opening a savings account – I hate those damn security questions. But I’m psyched to make a big step forward in aerial training and in honor of that fact and this lovely accountability checkin I’m doing little foot flexibility exercises under my desk this morning.

kentuckienne (#4,294)

Moving This Summer/Eventual Home Fund:
December – $1,774
January – $2,792
February – $4,492

Student Loan:
December – $4,869
January – $4,571
February – $3,148

Thanks tax refund!

calamity (#2,577)

I put another $500 into my catch-all savings account, bringing the total up to $2,500.77. Since it’s both my vacation fund and my “don’t starve if you lose your job” fund, I do not have a goal beyond putting away at least $500 a month. I might be able to add another $200, but that depends on whether H&R Block was right in telling me that I owe the government $400. My income went up the exact same amount in 2012 as it did in 2013 and I ended up paying only $40, so I’m a little skeptical, if not exactly optimistic …

calamity (#2,577)

@calamity LOL just kidding, H&R block tells me I owe the government $2,400. Which is manifestly wrong, so I’ll be doing some wrangling on that front this weekend …

samburger (#5,489)

@calamity oh, that is terrifying! Good luck!

RiffRandell (#4,774)

IRA savings with a $6,000 year end goal
Jan 2014: $500
Feb 2014: $1000

Saddle fund:
Jan 2014: $60
Feb 2014: $257 with some Christmas money I am now done paying my friend back, yay! But March is going to be crazy spendy because of my Birthday trip and my heating bill dispute with the landlords. Ah well.

sharongracepjs (#5,107)

I don’t have a specific goal to work on at the moment, but hope to set up a savings goal later in the year. For now, I wanted to say how great it is to see how encouraging everyone is to each other here! I love seeing us point out each other’s successes that we’re not giving ourselves credit for.

I also have a question, and this might not be the best place to ask, so if so, I apologize: does anyone have experience/advice on the tax issues of a credit card debt paid via settlement with a collection agency? I understand I am liable for taxes on the amount of the original debt outside the amount paid via settlement.

On the one hand, I’m so proud of myself for finally dealing with this and paying it off last year (and so glad it’s gone!); on the other, I’m stressed about my tax bill. Especially since I will also owe taxes on freelance work that I irresponsibly didn’t set aside for. (Unemployment + new job = rough year.) Any advice or resources would be so much appreciated. (and again, apologies to Mike, Logan, & co if I’m missing a better part of the Billfold for this question.)

samburger (#5,489)

We are saving so that we will have a lot of money! We started in October 2013. This is our liquid(isn) net worth.

nov – $5,000
dec – $6,800
jan – $17,000
feb – $20,429

We originally planned to hit 20k by July, so we’re beating our goals by a long shot.

March will be a tricky saving month. It’s our first month in a new place, and our furniture/home goods needs are many…

saretonin (#4,351)

Student Loan 1 (5.75%):
January: $9,927.05
February: $9,923.99. ugh.

Student Loan 2 (6.8%)
January: $3,725.91
February: $3,646.76

allreb (#502)

Arrg, I forgot to check in last month and it’s a pain to look up where things were previously, sooo… I am paying down my student loans, I pay $200 every month (my minimum is $120) and I’m currently sitting at $8,305.

Pebbles (#3,487)

Credit card that I recently did a balance transfer on, currently at 0% apr.

January 2014: $11,739
February 2014: $10,739

ellemenope (#6,087)

I am very much on board with publicly keeping track of my debt as it will keep me accountable. I have been following this post for awhile but have never been brave enough to contribute as 1) my debt is much greater than what people post on here and 2) I am not currently in a financial situation where I can aggressively attack it so there will be depressingly little progress.

Emergency Fund: $1000.00 (already complete)

Relocation Fund: $1000.00
February 2014: $0.00

Student Loan Number 1: min payment $142.68 (Subsidized and Unsubsidized Loans)
February 2014: $33,049.28

Student Loan Number 2: currently in deferment (Parent Plus Loan which my parents graciously, stupidly took out for me)
February 2014: $81,783.30

I understand this is a large amount of debt and I understand that there will be judgments made, however for my mental health, I need to have this be somewhat public as I’ve been afraid to share this with friends and family.

andnowlights (#2,902)

@ellemenope There’s no judgement on the Billfold for debts. I don’t know that it’s an *official* policy, but I’ve never seen anyone get super judgey about how much money someone else owes on here. We’re here to be supportive! One step at a time- you can totally do this!

Taylor (#1,339)

AW YISS.

I’m paying off my smallest student loan, which has a 7.5% interest rate and a minimum monthly payment of $55ish.
January statement: $3,810.61
February statement: $3,193.29
Best thing: In March I’ll get a $3,000 check from my alma mater’s loan repayment assistance program, and pay off that balance. Onward to the next, much larger loan!

Meanwhile, in savings:
January statement: $825.30
February statement: $1125 (and change)

selenana (#673)

Still catching up! Sallie Mae 3% loan:
Jan. $4451.42
Feb. $4350.20

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