On my Debt Repayment spreadsheet, I figured out my payment schedule for June. I also figured out that Retail Card #2 will be paid off in July!!!!!! I will then be down to two revolving accts to pay – Cap1 Visa and a Line of Credit (LOC). This past January, I had five revovling credit accts to pay off and now in July, I will be down to two of them. It’s the reason that I like tracking my debt and savings to see how much progress I have made.
It is so important to track your debt. For example, on my Cap1 Visa, on May 1st my balance was $3,661.81. I through $256 at my Cap1 Visa to reduce the balance. As of today, my Cap1 Visa balance is $3,456.15…so that means $205.66 went towards the principal balance. Please note, my calculations are a little skewed b/c how the credit issuer’s billing cycles. My Cap1 Visa begins on the 20th of every month and not the 1st thru the 30th. The amounts that I am showing are what I paid to Cap1 Visa in the month of May.
But the good news is that I will have Retail Card #2 paid off in July.
It’s all about saving money and building up the Benjamins!