May 2017 – Debt Progress Report

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May 2017 – $537.08 Closer to Even

May is officially over so it’s time for my first debt progress report. Not a ton of exciting news to report this month as we only improved our debt balance by $537.08. I suppose that’s always better than going deeper into debt, but I’m getting impatient.

Next month should be much better for a few reasons. I get paid biweekly, so I’ll get an 3 paychecks instead of 2. I also made some additional payments towards Student Loan 1 which haven’t shown up yet due to statement timing. Although I’m expecting a larger than usual credit card statement due to our vacation last week to offset this some.

Nothing to break down at this point. All extra payments are going towards Student Loan 1, which I’ve already covered. The $500 is just standard principle pay down as a result of minimum monthly payments (not exactly the glamorous fast-track I had in mind).

If you’re interested in a full picture of our journey out of this hole, you can find my debt progress report here.

4 Comments

  • Any progress is good progress! Not every month can have monster progress, but any month that sees those numbers going down instead of up is a good month! I am looking forward to the three pay checks this month, as well. Good luck with your June progress!

    • Chris

      Thanks for the comment Jax! My very first one…and I obviously bragged to my wife about it (total rookie move, but I’m OK with that)!

      I completely agree with your sentiment, as long as I keep going forward and not backward I shouldn’t complain too much. Good luck with your savings goals as well! I really need to check out the mystery shopping, especially if we can use it for groceries. If you have a referral code please feel free to post it here, maybe someone else will use it too.

  • As long as your moving forward.
    I don’t technically count my 3rd paychecks to regular expenses, aside from food and gas. Then I can use it as my snowballs. It so fulfilling to transfer a large chunk to debt. Keep up the progress!

    • Chris

      I’m totally with you Indebted One. Those 3 paycheck months are mostly used for larger principle payments here, which is exciting for my next one or two progress reports.

      When are you expecting to be completely debt free? If life goes according to my Excel sheet, I should be down to 0 in March 2020. Slightly depressing to think about now, but watching my kids grow up I know how quickly these next 3 years will actually go.

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