I’ve decided to switch some things up and change my “Savings Reports” to “Debt Reports.” I want to track the progress I make on my journey to debt freedom, so until my debt is fully paid off, I plan to report each month on how much it is decreasing. It’s been quite a while since I mentioned my current outstanding debt (a while = July… oops), so here we go!
Student Loan Debt as of November 2017
I’m officially under the $45,000 mark! It feels really great to continue to see the overall number go down. For little milestones like these, I try to congratulate myself on how disciplined I’ve been in getting to this point. However, I know I still have a long way to go. I mentioned to Tom that I’ll really feel a difference once I get below $30,000, but until then, I’ll carry on with my current payments.
It’s worth pointing out that my average interest rate is a little higher than the last time I reported. This is due to having a variable interest rate on my largest loan ($28,000 of the $44,576). I know that increasing interest rates mean I’m paying more than I should, so this gives me more motivation to pay off this debt as quickly as possible!
November was a great month for me in terms of my budget. I was able to stay within my allotment in almost every one of my categories, which has been quite difficult for me – you know this if you’ve seen in my past Savings Reports. I only went over budget in my Splurge category, due to buying a few Christmas gifts that were bargains on Black Friday.
Even though I have more Christmas gifts to purchase, I plan on staying within budget and carrying the savings momentum into 2018. As much as I hate Minnesota winters, it’s honestly a great time to save money. I’m much more likely to stay in when it’s cold, which is ALL the time from December – April (#minnesotalife). I hope to utilize this “free” time indoors to ramp up my blogging and lay out my personal finance goals for the upcoming year.
It’s been one year since I started my current job and with one year comes more responsibility! I was recently promoted within my group and am extremely proud of this. I absolutely love the company I work for, my team, and the projects I’m working on. I feel incredibly lucky to finally be in a position that I want to stay in long-term (that’s saying a lot as a millennial) and feel fortunate that my work in the past year is being recognized. I’m already assigned to some pretty large projects in 2018 so I look forward to where my position will take me from here.
In the PF world, I’m happy to say that this spring will mark my one year anniversary at All She Saves. Throughout the past few months I’ve tried to immerse myself in the personal finance community and have loved every minute of it. Every person and blogger in this community is full of love and understanding, and I feel very blessed to have found a group of individuals that support me each day (even without even meeting me in person – weird, right!? ;)) I was recently featured in an Acorns article by Taylor Milam (wahoo, Lola Retreat connections!) for saving 50% of my income. Check out the article here.
I was able to put some faces to anonymous blogs by attending my first Meet Up this week! Special thanks to Bill of Wealth Well Done (and Amanda!) for inviting me to a North Stars happy hour. I was able to meet and chat with Miss Mazuma (and John!), Apathy Ends, Financial Panther and Mastermind Within – who knew there were so many of us in Minnesota? Definitely not me! Thanks to all of you for welcoming a new blogger (and Tom!) with open arms. I left the Meet Up feeling energized and fortunate to have a group close to home that shares the same goals as me.
That’s all for November. Overall, it was a great month and I look forward to continuing the aggressive debt payoff into December and the new year. How are you doing on your debt payoff? Have you been able to keep within your goals? Have you encountered any struggles within the last month?