💵| Only 5k left! (Student loan 1) |$67.1k in Student Loans May and June ’19 Debt Snowball Update


hi everyone it’s July so you may not
notice but I completely skipped the debt snowball update for the month of May but
need not fear I would just be doing a double header update today last month
was a bit of a doozy travelled for work I was in Portland for a conference and
that messed up my recording schedule and then I was out of town again at the
beginning of June for my tenth highschool reunion Fame in between traveling and getting back into the groove of things I
just fell off recording and editing but we did not fall off of paying down our
debt because everything’s on auto pay I also we’re an update to add to our debt
snowball journey since the last time I recorded and made of that snowball
update I picked up a few additional job responsibilities and will be directing
research program this summer so we have a little bit of a bump in our monthly
salary which only means that our debt snowball will move a little bit faster
in the coming months so I’m really excited about that so let’s jump right
into it or the numbers or the months of May and June recap: we decided to get intense
and to put towards our debt at least three thousand dollars each month on
this planet it would take us 20 months to
we’ve met our debt snowball goal or exceeded that goal every single month since we started in January we made
five payments for a total of three thousand three hundred and one dollar in the month of February we paid a total of three thousand dollars and we brought
the balance down to seventeen thousand four hundred and eighty eight dollars
and three cents overall all of our loans include automated payment to the Clarkson loan was three thousand four hundred twenty seven dollars and further over
there I’m not gonna break down our monthly
payments as I have in the past videos it’s basically the same but we did the
same thing in the month of May as we’ve been doing for the last few months we
did two automatic payments to both our loans $300 each one to the Oberlin
College loan and one to the Clarkson loan and we also paid down lump sums
with each paycheck that we received on top of the baseline payment in the month
of May when we combined the automatic payments as well as the lump sum
payments we paid a total of two thousand and nine hundred and sixty-five dollars
and 43 cents that’s right you heard it we did not make our mark for three
thousand dollars and we missed it by about thirty-five dollars yikes thirty four dollars and fifty seven cents so we missed our mark in the month
of May but even though we missed the mark we paid down a total of two thousand six
hundred and sixty-five dollars and forty three cents on the Oberlin College loan
at the end of the month of May we had eight thousand seven hundred fifty three
dollars and 54 cents remaining on the Oberlin College loan in the month of June we made two
automated payments one each to each loan the Oberlin college loan and the
Clarkson loan for a total of three hundred dollars each on top of that we
made a lump sum payments from every paycheck that we received in the month
of June we made about four payments on all the total that we paid down on the
loans in June was three thousand two hundred and six dollars and seventy one
cents so we went over the mark in the month of June to compensate for the fact
that we missed the month of May five thirty four dollars on the Overland
college loan alone the low that were paying down primarily we paid down two
thousand nine hundred and six dollars and seventy one cents the end of this
month we had five thousand eight hundred and
seventy three dollars and 84 cents remaining on our loans do you hear that
we are below the ten thousand dollar mark not only that we are steadily
approaching the five thousand dollar mark and if we continue to pay down at
least three thousand dollars a month that means we will definitely be on
schedule to pay these loans off by the end of August perhaps even by the middle
of August because we’ve been ahead on most of the monthly payments that we’ve
been making so I mentioned that we have a remaining debt on the Oberlin College
loan of five thousand eight hundred and seventy three dollars and eighty four
cents and I just wanted to let you all know that since January so this next
six-month checking in the last six months we’ve paid down seventeen
thousand four hundred and fifty three dollars and ninety five cents since
January within the last six months we’ve paid down seventeen thousand four
hundred and fifty three dollars and ninety five cents on the overland
college loan let me tell you every time I’ve gone into Nelnet to make a
payment they send me a warning and they’re like this payment is gonna be
more than a thousand dollars are you sure and I click I am sure they also let
me know that this payment is an additional
payment on top of the automatic payment you already set up are you sure and I
say yes and because of that I have been able to roll all of that money into the
snowball that has turned into seventeen thousand five hundred dollars by the
time this video will have been released it’s gonna be July 1st and our first
automatic payment for the month of July will have gone through because I first
paycheck of the month of July will have gone through and so we will already be
below the four thousand dollar mark because our first payment for the month
of July is gonna be $2,000 so what time you watch this our debt will be down to
three thousand eight hundred and seventy three dollars and 84 cents as I said in
the last video and I will continue to repeat if you’re thinking about starting
a debt free journey if your debt is weighing you down it’s time for you to
make a plan write it down and stick to it look at what we were able to do in six months with determination
we’re only living on about a third and sometimes even a quarter of our income
because we’re throwing the rest of that money towards our debt snowball pay
off and we are seeing results we’ve paid more than 40% of the total loans in just
six months and anticipate that we’ll be 50% of the way done hopefully by the end
of August and we will be finished completely with our debt payoff by next
May and we cannot wait so I’m looking forward to talking to you again in
August hopefully when I come back to you in August
it’ll be a happy update in which I tell you we’ve exceeded our monthly goal of
at least three thousand dollars combined between the two loans hopefully by the
time I come back to you in August I will be telling you
that we are one or two payments away from zeroing out the Oberlin College
loans hopefully by the time we get to August I
will be screenshotting my final payments this part of our debt snowball journey
will be over until next time much love and light and thank you so much for
watching

16 comments on “💵| Only 5k left! (Student loan 1) |$67.1k in Student Loans May and June ’19 Debt Snowball Update”

  1. Faith Carter says:

    Student loans are a hassle! But keep up the good work !

  2. TerrorSkwad says:

    Wow congrats on your success so far. I dont have student loan debt but i do have credit card debt that i am working to pay off. Hopefully it will be paid of by the end of this year.

  3. Riana Anaïs says:

    This is awesome! I know you feel so much more in control having paid this down!

  4. On The Reaux'd says:

    This is amazing!!! You goooo!

  5. Downtown on 7th Avenue Handbag Adventures says:

    This is awesome. I am 2 student loans payments away from being debt free. I paid cash for my condo about 5 years ago, I haven’t had a car note in 9 years and I have no credit card debt. These last 2 months feel like forever I swear 😂😂. Good luck to you.

  6. JadoreDrew says:

    $3k a month is a lot of money
    But it will be worth it in the end

  7. Jasmine LaRae says:

    Girl I'm paying off student loans now! I still want to go back to school though! Thanks for sharing!

  8. Mrs. Carolyn Ann says:

    This is amazing, I am just getting started on my debt payoff. I can not wait till I can get to the snowball part. Keep up the good work, very inspiring and has me even more motivated to get my debt paid off.

  9. BeingMamaLika says:

    So inspiring!!! I am currently tackling my consumer debt and I love to see people winning! It gives me hope.

  10. This Curvi Yogi says:

    This is so awesome!! I need to make a bigger plan. Im only paying double the amount on one of my loans right now.

  11. The Shellnicole Channel says:

    Congratulations on meeting your snowball goal each month! Except for May…I really don't even count that as a miss…it was pretty close! Wow that's a huge amount since January!

  12. Lashae Love says:

    This is amazing!!! I’m so glad that you were able to do this!!! Go gurl❤️

  13. Chelsea Byrd says:

    This is so impressive you're doing great!

  14. BellaJulliette says:

    This is amazing! So excited to see when you finish paying it off.🌻

  15. The Brettina says:

    OMG!!!! I needed this video. I am so bad at paying on my student loans..honestly i keep getting forbearances. It's really not smart I know. This inspires me. I need to do better. Thank you queen!

  16. Topsycole says:

    Wow well done on clearing some of your debt. It must be such a relief to see that end is near. Fab job!

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