April 2019 Debt Payoff Update: $8,814.27 Paid

by | May 1, 2019

Welcome to my debt payoff update for April 2019! In these updates, I detail our progress on our debt payments for the month and highlight any updates in our financial situation.

I started this site to hold Mr. TMG and me accountable in our debt payoff journey. I also want to inspire and encourage others who are in debt (especially if you owe six figures like we do) by showing everyone that debt doesn’t have to be forever.

Whatever your numbers, I hope you find some inspiration in our story.

Let’s get to it!

Debt Payments

Here is a breakdown of our loan payments in April:

Mortgage: $1,120.05
INFINITI: $5,702.37
FedLoan: $1,991.85

Check out some of our previous debt payoff updates below to see our journey:

I mentioned here that we’re generally following the debt snowball method, which has been working out really well for us. Mr. TMG also got a second job for a while, when Little TMG was an infant, which sucked but helped accelerate our debt snowball early on.

Related: 21 Side Hustles You Can Start Today

We also put any other extra or out-of-the-ordinary money, such as tax refunds, directly on our loans.

Updates

No really big news here this month. We’re trucking along.

Our plan to pay off Mr. TMG’s SUV quickly is off to a good start. Like we’ve done with our other debts, we pay the minimum payment on it by the due date and then make an extra payment with the money left over in our budget at the end of the month.

I mentioned last month that we plan to pay it off by the summer, so we got a 36-month loan. That resulted in a pretty high minimum payment but also a ridiculously low interest rate.

Assuming no major, unexpected expenses, our plan should work out well and then we can get back to attacking Mr. TMG’s med school loan.

Related: We Don’t Have a Student Loan Crisis

The bills from Baby TMG’s birth have begun rolling in. We paid a couple of them this month, but I’m sure there will be others trickling in as time goes on.

After Little TMG’s birth, I felt like we were still getting bills months later. I started to think some of them were part of a scam. (They weren’t.)

Why is healthcare so expensive in America?

Remaining Balances

When we set out to pay off our debt, we realized we had over $670,000.

Here’s where we stand currently:

Grand Total: $518,344.58 remaining

I’m grateful that we paid off all that interest on Mr. TMG’s med school loan so that the minimum payments we’re making are actually going to the principal.

For a time, that loan was steadily increasing, and the majority of each payment was going to interest. Ugh.

Now that we’re on the other side of that interest, it feels like more of a downhill journey.

Obviously debt freedom is still a long way off, but we’re getting closer slowly but surely.

Keep thinking positive, debt-free thoughts! 🙂

How did you do with your financial goals last month? Did you make the kind of progress you wanted to?

If you liked this post, you may also like these

We Don’t Have a Student Loan Crisis

We Make Too Much Money to Be Broke

The Biggest Mistake People Make With Money