June 2019 Debt Payoff Update: $10,581.66 Paid

by | Jul 3, 2019

Welcome to my debt payoff update for June 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 June:

Mortgage: $1,120.05
INFINITI: $7,469.76
FedLoan: $1,991.85

I’m always happy to see this tiny list because when we started, it was much longer. I had 14 separate student loans, which we gradually knocked off until they were all completely paid.

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

We generally follow the debt snowball method, which has been working really well for us. Knocking out those smaller loans and watching our list shrink over time motivated us to get to this point. Now, we’re working on our last few loans, and although they’re the BIG ones, the momentum we started is keeping us going.

Related: Starting from the Bottom: Staying Motivated to Reach Your Goals

Updates

Things are right on track with paying off the SUV by the end of this month (July).

You may remember that we took out a 3-year car loan, which put our monthly payments at over $700 per month but gave us a ridiculously low 1.99% interest rate. We’ve been throwing any extra money we can at it since we got it with the plan to pay it off this summer.

Just like we did with my student loans, we signed up for autodraft for the minimum payment on this car loan. Tell me why the lender decided to stop taking the autodraft?!

Because of the extra payments we’ve made, they decided that our next payment should only be $417.94 and shouldn’t be due until January 2021.

Uhhh…who told you to do that?

Of course they don’t want us to make another payment for a year and a half so they can recoup all the interest we’ve saved by paying the car off so quickly. In case you didn’t know, interest is how banks make their money and why many people end up paying nearly twice the amount they agreed to purchase an item for.

Anyway, we should be finished with the SUV at the end of this month, and I’m excited to get back to Mr. TMG’s med school loan and finally see the principal on that one decreasing at a quick(ish) rate.

In not-directly-money-related news, my maternity leave is coming to an end. I head back to work next week. I’m grateful that my job provides such great parental leave benefits, and I took full advantage of the time to bond with Baby TMG.

Remaining Balances

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

Here’s where we stand currently:

Grand Total: $500,300.21 remaining

Gahhhhhh….so close to breaking $500,000 again!

We should be there next month, so I won’t be too sad about missing it. 🙂

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 Make Too Much Money to Be Broke

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Our Debt Payoff Plan: Paying Off Over $670,000 of Debt

Tithing While Paying Off Over a Half Million Dollars in Debt

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