April 2017 Debt Payoff Report

Hey, everyone, this is Marcus, and I hope you all don’t mind I’m taking over the Broke on Purpose Debt Payoff report this month. As you can see from the picture, we are making some serious strides towards paying off this student loan. $19,134.00 is nothing to sneeze at, but we knew if we continued with the same intensity that we had with our other debts then we’d get it done. The thing that I hate most about this debt is just thinking of everything I could have done with almost $20,000. Sure, it helped pay for school, but knowing what we know now we would have found alternative methods to pay for school or just save up money and cash flow it. Moving forward, we’re planning to do with all our future purchases, save up and pay cash.

This board is in our kitchen and so several times conversations arise from one of us glancing up at it. I remember when we were house hunting, and neither one of us could even wrap our minds around saving up 20% for a down payment, but we’ve paid off more debt than what that 20% down payment would be, and we did it less than two years!

Change your mindset and change your life.

THE BREAKDOWN

GREAT LAKES STUDENT LOAN STARTING BALANCE $19,175

New Balance:  $5814.00

Amount towards debt: $3000

Remaining Balance $2814.00

Amount paid since living Broke on Purpose (25 months): $79,891.59

This month we were able to put $3000 towards our debt which for us is about average. While we’ll be able to hopefully pay off this loan in May, I can’t help but want to see larger numbers. Melody and I have talked about this, and we both know to see larger numbers we’re going to have to sacrifice more. This could mean lowering our allowance and the amount of money we allow ourselves for dining out or taking on more side jobs.

If you’re still on the fence about starting your Broke on Purpose Journey, let me ask you, why are you waiting? Sure we sacrifice a lot, and we don’t get to do as much as we’d like, but the peace of mind we have now that we don’t have almost $80,000 of debt on our shoulders is so worth it. Each month it gets better. With every dollar, we put towards the debt the load gets lighter and even though we still have ways to go I honestly can almost see the light at the end of the tunnel.

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1 Comment

  1. May 9, 2017 / 11:39 pm

    Hey Marcus & Melody, congrats on another great month of paying down debt. This year, the Hubby & I started a family and really got serious about paying down debt. We’re 60K in the hole combined… & man… does that number weighs. Its heavy.

    Love reading the updates.

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