goal: end of year
|Kitchen Loan (1.99%)|
due in Oct 2014
|Student Loan (2.65%)
goal: July 2015
|Starting balance: $0|
As of 2/19/14: $0
$0 saved so far
|Starting balance 1/1: $10,000.00
Balance on 2/20/14: $5,376.99
$4623.01 paid so far
46.2% paid off
|Starting balance 1/1: $8,127.00|
Balance on 1/14/14: $7862.99
$624.01 paid so far
3.2% paid off
I only started keeping track of payments on Jan 10th. But since January 10th we've paid off $3842.73 worth of our loans! My goal was to put $3,000 a month to this task. Only 1 month and 10 days have passed and we've well passed the $3,000 mark. We're doing well. Our Kitchen Loan has $5,376.99 left. At our current rate we should have this paid off in two months.
Unfortunately something that may put a snag in our ability to pay this debt off in two months is the fact that said kitchen is getting finished next week. We're temporarily holding on to extra money so that we're sure we have enough to finish the job. But after that I also should be getting a promotion at work and that should make up for any extra money that has to go to the kitchen.
Afterwards we'll be focusing on the emergency fund. We'll do this by putting $1000 from my biweekly paycheck directly into that account. We'll start this on May 9th. That way there are 20 pay periods left in the year. Then we can apply all of our 'surprise' money to my student loan, and whatever is left of the kitchen loan if anything.
My student loan has become less of a priority. The stock market is likely to do well in the next year and I would still prefer to invest some of my money. I may extend my goal of paying off the student loan until July 2015 and make a separate stock trading account where I put any of my personal 'surprise' money and then invest it. That will keep me from spending it. I've gotten very good at investing and have figured out how to prevent most losses. I'm pretty sure that I can manage a return decently above the 2.65% in interest that my loan charges me.
That's the plan! What are your thoughts?