Total Savings

Started A Spending Fast. Ended My Debt. You Can Too.

Beginning Debt Total in January 2010: $23,605.10

Total Spending Fast Savings (to December 2011): $26,361.60

• Remaining Debt April 1, 2011: $0.00 !!! It took 15 months for complete debt re-payment.
• To date savings summary: $23,885.83 in savings because of Spending Fast/Spending Diet + $2,475.77 of matched payments by my parents for the college loan they had out for me = YTD total of $26,361.60

Spending Fast Savings (2010-2011): $17,911.89

Spending Diet Savings (2011-2012): $5,973.94

The month-to-month breakdown:

Month 1- January 2010: $505.58

$ 430.58 is going towards an additional credit card payment this month

$ 75.00 is going to pay my parents for an additional payment this month for the student loan they took out for me years ago (read more about this in this here post). (also my parents matched my $75 payment to them this month)

Month 2- February 2010: $934.95

$ 75.00 for my parents for the college loan (my parents matched my payment to them this month)

$ 373.37 towards the final payment of the highest interest rate credit card. And, now it's paid off!

$ 486.58 is going towards an additional payment for the next and last credit card

Month 3- March 2010: $360.95

$360.95 towards credit card

Month 4- April 2010: $1203.27

$30.93 actual savings which will go towards credit card (better than nothing I guess)

$1172.34 tax refund will go directly to pay credit card debt (without that this month would be a bust!)

Month 5- May 2010: $1073.70

$50.00 to parents for old college loan (my parents matched my payment to them this month)

$1023.70 towards credit card! (I think one more biggie payment & it should be paid off soon!)

Month 6- June 2010: $782.08

$782.08 towards last credit card & now it's paid off! THANK GOD!! Never thought it would happen!

Month 7- July 2010: $790.69

$263.57 to my parents for the old school loan they took out for me (also my parents matched my payment to them this month)

$263.56 for my old school loan that I still have, maybe someday I'll get that paid off

$263.56 to savings account! 

... change of plans... 

After thinking about it a bit more I decided that could actually get my parents paid off during this year of the Spending Fast which would be a huge accomplishment and a relief for them. So, the money I put it my savings account is now going to my parents (so my parents matched my additional payment to them)

Month 8- August 2010: $124.66

$ 124.66 to parents for old college loan (my parents matched my payment to them this month)

Month 9- September 2010: $259.93

$ 259.93 to parents for old college loan (my parents matched my payment to them this month)

Month 10- October 2010: $2,386.04

$ 1,364.05 sent off right to my parents for the old college loan! they are FINALLY paid off!!! (never thought that would ACTUALLY happen!!!) (my parents matched my payment to them)

$ 1,021.99 to my college loan company (it's nice to start making a big dent in that debt)

Month 11- November 2010: $1,726.11

$ 1,726.11 sent right off to my college loan company! whoo hoo!!

Month 12- December 2010: $8,027.49

$ 6,727.49 right off to my school loan company!! (This month was a little different. I had added revenue from a public art commission... it should be noted that I only applied for this art commission because I was trying to think of new ways to make additional income to get my debt paid off faster. This is something that I don't think I would've considered trying before the Spending Fast. Related post: Make More Money.)

$ 1,300.00 into savings which will be reserved for taxes 

**After the year-long Spending Fast- $17,911.89 IN DEBT PAID OFF!**

Month 13- January 2011: $258.92 

$ 258.92 to college loan company

Month 14- February 2011: $1,105.47 

$ 1,105.47 sent right off to college loan company

Month 15- March 2011: $1,072.14 

$ 1,018.58 sent right off to college loan company (remaining balance- $0.00!- I never thought that would actually happen!)

$ 52.35 into savings account

Month 16- April 2011: $1,243.37 

$ 512.87 into savings account

$ 730.50 from tax refund- also put right into savings

Month 17- May 2011: $0.00 

$ 0.00 a big ol' zero

Month 18- June 2011: $147.61 

$ 147.61 into savings account

Month 19- July 2011: $547.78 

$ 547.78 into savings account

Month 20- August 2011: $387.35 

$ 387.35 into savings account

Month 21- September 2011: $412.22 

$ 412.22 into savings account

Month 22- October 2011: $211.03 

$ 211.03 into savings account

Month 23- November 2011: $823.44 

$ 823.44 sent off right to hospital for outstanding debt (See this related post)

Month 24-December 2011: $324.49 

$ 324.49 into savings account