How much DEBT did we pay off in May?

May15DebtHey Folks!

I cannot believe it is June already. Time is finally flying by. The hubby gets back next month! Whoo hoo! However, that means our pay is going to decrease soon. ( All his deployment extra pay will end) We are going to be bringing in less and spending more. Our phone bill will go back up, we will need more money for gas,entertainment and groceries. August and September will be interesting. I am really not sure how much we will be able to put towards debt. But thats a few months away, so lets worry about May and June!

May. I don’t even remember what really happened in May besides my little vacation to Houston. One of my best friend’s fiancé asked me if I wanted to come down and surprise her for her birthday; he offered to pay for my ticket so how does one say no to that?! I hadn’t seen her since my wedding last June and she just moved to Houston. We were both in need of some quality girl time so I jumped on that opportunity. It threw us off budget a little bit, but I stayed below my budget I gave myself for there so I did good! We had a couple other unexpected purchases come up in May but I will go over those in my Budget Recap post.

Welp, lets get to the point. I had budgeted $4,743.64 but how much DEBT did we actually pay off in May?

$4,246.81

So with my trip and a couple unexpected purchases, we were below our projected amount by nearly $500. I mean, really, can I be upset? We still put $4,246.81 towards our debt! I would say thats an accomplishment. However, I do want to try harder this month to try and be right on budget.

Here is the breakdown.

MayDebt

As a reminder… the number under current amount is what was current at the beginning of May before any debt payments were made.

So, I came to a realization yesterday. On my Debt page, I have a link to access each post like this for each month. There, I am also keeping a running tally of how much debt we paid off. Well, to come up with that number, I have just been adding every month’s “Amount Paid” together. At the end of April, that total was $17,000+, so I had been telling people thats how much we paid off. But its not. Its not how much we paid off. Its simply how much we put TOWARDS debt. I forgot to take interest into account. How depressing. So really at the end of April we had paid $17,775.16 but in reality we were only $15,696.05 down from our starting amount of $145,881.88. That means in 4 months, $2,079.11 went to just INTEREST! Breaking it down even more… that means we pretty much throw away (for lack of a better word) 519 dollars a month! 519 dollars!! Ish. Not cool.

Look at our Parent Plus loan. We make a payment of $465 every month and after four months the balance is only down $273.

If you need some sort of motivation to start paying off debt, I urge you to take a look at your loans for the next couple months. Add up how much you put towards it and compare it to how much the total loan amount has actually decreased.

How much DEBT did you pay off MONEY did you put towards DEBT in May?

 

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