This month has been full of ups and downs, and sometimes ups and downs all in one day. It’s been rough to say the least. Tax season is in full swing, so on top of my full-time accounting job, freelancing, blogging, and tax consulting - I got a new job!
Or should I say another side job, which means I haven’t had a day off work in about 2 months. But thankfully, this new job is one I absolutely love. More details here.
BUT…even though this month was tough financially and emotionally, I still hit some pretty awesome milestones with my car loan.
I also got a small tax refund (due to over estimating on my part), and was able to put a good chunk of change towards my loan. Which has given me the chance to officially change my “become debt free date” to July 1, 2012!
Previous Balance – $5,083.15
I reached a huge milestone on my car loan this month, the half-way mark! Since I started in November 2011, I’ve paid off $4,658.03 or just over 50% of my loan balance.
Progress and Payments
Here’s the good, the bad and the not so great breakdown.
- Semi-monthly double payments – $630
- Freelance writing – $225
- Found money from tax refund – $500
- Sold stuff on eBay – $37.61
Extra income total – $762.61
Total extra payments – $1,392.61
As you can see, if I didn’t get money back from doing my taxes, I would have only paid an extra $262 on my loan. Kinda sucks. But thankfully the refund money helped.
Since starting my new steady side gig I haven’t invoiced the billable hours yet, but next month’s report will reflect a decent increase.
Here’s an updated screenshot of my progress using the ReadyForZero debt payoff software.
New Loan Balance – $3,701.74
The daily interest rate last month was $0.48 a day and now it’s down to $0.35 a day.
It’s awesome to watch my chart balance keep going down. And if you notice the update, I will be debt free in 5 months instead of 8 (which was last month’s estimate).
However, I still intend on making more income and becoming debt free within the next 3 months!
So how do you think this month turned out?