How much DEBT did we pay off in January?


Last day of the month–I have been waiting for this day since the 1st just so we could see how much we actually paid off! I am quite happy with the first month progress and I am still just as motivated as I was in the beginning. Here is the break down of  what we put towards each loan.


As mentioned in my Plan of Attack post, we took everything (which wasn’t much) out of our Emergency fund that was greater than $1000. That amount allowed us to pay off our Furniture and Best Buy credit cards. We made minimum payments towards everything else besides Sallie Mae/Navient. Well that’s a lie, my minimum payment for Federal Loan used to be $162; however, in January I switched my repayment plan from Graduated to Standard which upped the minimum to $185. It will save money on interest overall. All the money we had left over at the end of the month went towards the next smallest loan which is Sallie Mae.

We put $961.57 of our own cash towards Sallie Mae; however, we were actually able to lower the loan amount even more. The hubby had this loan before he joined the military and part of it was at a 6.8% interest rate. Well, according to the Servicemember Civil Relief Act, any debt accrued before joining the military can be capped at a 6.0% interest rate. So I called Sallie Mae and they were able to look up how long he has been in the military and credit us back the amount of interest accrued that was over 6.0%. We ended up getting $372 back! It was really like we made a $1,333 payment.

We started at $145,811.88 and on this last day of January our total is at $141,323.49. Tomorrow I will post a new breakdown of each loan. I also will post later today or tomorrow how our January budget went and things we did to save money.

3 Comment

  1. CKisse says: Reply

    Awesome! Keep it you, sis! 🙂

    1. Erica says: Reply

      Thanks! Definitely trying stick with it!

  2. CKisse says: Reply

    *uuuuupppp lol

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