Hope’s Debt Update – January, 2021

This has been a month for the history books and the goal of getting out of debt in 2021 is closer than ever. I’ve worked a record number of hours between my new corporate profession and maintaining a handful of existing buyers for my business. I’ve made a record amount of money.

I figured it was time for a obligation update.

CreditorOriginal DebtLast UpdateCurrent BalanceInterestMin. Payment

Student Loan# 1 $17,000.00$ 3,478.45$ 02.88%$ 0

Student Loan# 2 $21,750.03$ 19,184.23$ 19,242.592.88% $306

Honda HRV $21,200.00$ 16,012.86 $12,769.08 3 %$ 1,600

Total $59,950.03$ 38,675.54$ 32,011.67$ 1,906

Getting Out of Debt

My student loans are on auto-pay as of this month, the $306 is the minimum required payment. I will continue to pay this amount every month until my automobile is paid off. I hate that their best interests compelled this lend to grow over the last couple of months.

Even if the authorities concerned suspends necessitated student lend fees again, I have decided to keep this sum. It constructs it easier to keep my records and budget.( And it will at least minimally chip away at this larger debt .)

Car Payment

I am upping my minimum monthly auto pay to $2,000 per month.( This month I paid $2,200 toward my automobile as my income are greater than I apprehended after all the allowances .) If there are additional monies after my monthly budget and maxing out my 2020 ROTH, they will go toward my automobile payment.

This is getting real…I am getting out of debt in 2021 or at least predominantly!


I have $$$ be diverted via my ROTH account with every paycheck. However, there is no way, that I have found, to attribute that to 2020 instead of 2021. Therefore, I have been making additional contributions manually so that I can mount those as 2020 contributions. My goal was to max out 2020 by 3rd new paycheck. I’m going to miss that by just a little. So it will take me until the end of February to reach to $6,000 destination.( Remember, I did begin contributing back in the fall of 2020 so I am not having to make up the part $6,000.)

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