With February coming to an end within a few days and the first paycheck for March coming at the beginning of next week I went ahead and totaled everything up for the end of the month totals.
After interest, we reduced our debt by a total of $1,418.67 this month!
Speaking of interest, I figured that since we are paying so much money each month towards our debt I would figure out just how much of that money goes towards interest.
I almost wish I hadn't.
Don't get me wrong, it was definitely a good exercise and made me all that more motivated to eliminate our debt but to say it was a sobering moment would be a gross understatement.
For the month of February we paid $697.03 in interest!!
That works out to approximately $22.63 a day!
So that means that even when I manage to sneak in a few no spend days, I'm still technically paying out over 20 bucks a day.
Sobering and motivating at the same time.
Wow that's a lot in interest! We pay a similar amount, ugh
ReplyDeleteI was shocked when I added it up but it gives me all that much more motivation to pay down our debt and reduce that number!
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