Debt Payoff Report – January 2018

Debt Payoff Report – January 2018

It’s time to say goodbye to the first month of 2018. I can’t say I’m sad to see it go – January tends to be a tough one. We indulge in December and then struggle to dial it back to our usual routine for the first few weeks.

My minimum payments are around $1,300, so although this month was my lowest month since 2016 I’ve still made more progress than I would have in my previous mindset. I usually pick it up in February and March so I’m not too worried.

Including interest, I’ve paid $1,712.88 to my debt this month!

January Milestones

I’m under $30,000 on my student loan!

No other milestones, but I did take my first vacation in almost three years which was one of the reasons for my lower repayment this month! Spoiler: it was so worth it!


What’s up in February?

February should be business as usual as far as debt repayment goes. It’s a short month so hopefully that will mean lower spending, right? I’m already looking forward to tax refund season in March! I know some are against the ‘interest free loan to the government’ but near the beginning of my journey having a large lump sum was better for me than smaller amounts throughout the year that could be easily spent. This is my last year with a significant refund because I’ll be using up my remaining tuition tax credits, so I need to make the most of it!

2 thoughts on “Debt Payoff Report – January 2018”

  • Honestly, I’m all for getting a refund. Both the federal and DC governments owed me a few hundred last year, but $1,000 of my refund last year was a credit back from the DC government for overpaying property tax for my landlord. I don’t question how they come up with these things—I’m just looking forward to getting it back again this year! Also there’s no way I could’ve adjusted my withholding and not paid that extra $1k (because it’s not like I could tell my landlord I wasn’t going to pay it!), so the “don’t give the government an interest-free loan” advice doesn’t apply for the bulk of my refund.

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