ElysianConfusion

January 15, 2010

Thank you, Personal Finance Bloggers!

I just wanted to say thank you to all those PF bloggers out there, you’re helping us see our way out of debt.

Lifehacker posted a great article about visualizing how long the things you own actually own you. Which naturally lead me to Matt at Steadfast Finances. I’m quite jealous of Matt, he figured all of this out a lot younger than I did. Kudos to Matt!

Reading Matt’s comments led me to Debt Free Adventure. Matt Jabs has a great spreadsheet for tracking how much your debt costs you. Since it’s available as a Google Doc, Excel or OpenOffice document, you might want to pick it up from him directly at http://www.debtfreeadventure.com/interest-paid-how-much-debt-costs-spreadsheet/.

So I had to do the spreadsheet, naturally:

Month Principal Interest
January $2,160.99 $1,779.54
February $2,304.24 $1,761.29
March $2,275.50 $1,579.00
April $2,216.76 $1,728.77
May $2,625.00 $1,741.00
June $2,312.00 $1,628.00
July $2,269.00 $1,672.00
August $2,291.00 $1,675.00
September $2,310.00 $1,631.00
October $2,806.00 $1,649.00
November $2,856.00 $1,597.00
December $2,678.00 $1,579.00
Total: $29104.49 $20020.60

How Much Our Debt Cost 2009 (revised)

As I said to Matt, happily I can see that at least we’re paying more in principal than in interest, the amount of interest we pay per month looks like it’s only gone down $200.54 per month in the last year. And paying just over $20k in interest for a year, wow, I could sure use that money better!

Something else I’d like to thank Matt for: the 75%/25% plan. I’d pretty much been escrowing for future expenses (about 1400/month) and paying everything to the snowball, but I think I need a little balance. I need a little more going into my emergency fund, that $1,000 just doesn’t seem like much after the snow blower breaking. What if I also needed an emergency car repair this month? I think I’ll have to work that one into my plan, at least until we have one full month’s expenses in our emergency fund.

Thank you again for all your insight and dedication!

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2 Comments »

  1. I hadn’t included my American Express card when I did the calculation, since it’s now paid off. I redid it and it gives my principal to interest chart a nice bump :-).

    Comment by elysianconfusion — January 19, 2010 @ 4:09 pm

  2. Thanks for the kind words about the visualization post. I just wish I had figured all of that debt stuff out *before* buying the house. Would have made life less stressful for sure.

    Comment by Matt SF — January 21, 2010 @ 2:33 pm


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