I'm slowly but surely getting my debt paid down. After taking money out of my emergency fund last month to pay down a huge chunk of my BofA loan, it seems as though I'm starting to make headway. As I said in a previous post, I am not putting large amounts of money in savings right now. I'm not in jeopardy of unemployment, so I choose to hack away at my debt in large sums.

Last month, after taking money from savings and some from my paycheck, I was able to make a $1,750 payment to BofA. This month is a little less since I'm not taking any money from savings, but I am putting a total of $900 down on BofA. I've done the math and if I can make a payment of at least $650 each month, I can just about have that BofA loan paid off by this time next year. Any extra payments I make on this loan just helps me pay it off that much faster!

Now, next month I won't be able to contribute nearly as much to the BofA loan due to the fact that I took two weeks off work in June, thus cutting my July commission check down drastically. I can probably take money from savings, however, to help add a little to that payment so I can continue on my route to getting rid of this awful loan. I'm also making more than minimum payments on my other debts as well.

As you can see, my savings total went down $493.71 from last month, mainly due to the fact that I withdrew almost all of my emergency fund to paydown the BofA loan. However, my debt total has decreased dramatically! Last month I had approx $48,500, now I'm at $46,311! That is a big jump for just one month! I know not everyone is capable of this, but paying down these debts in such large chunks is really helping! I can't wait to get rid of it! Watching it decrease each month really helps keep me motivated.