Dad’s Loan Debt Reduction: August 2009 [FINAL PAYMENT]

I’m keeping track of my payments towards my father’s debt reduction to kinda see the progress as we reach my goal of having his loan paid off by September 2009. So expect these posts monthly! Each month, seeing the progress should hopefully motivate me to stay on track with this.

• Starting Balance of Loan in January: $5388.14
• Starting Balance in August 2009: $493.62
• Total Payments in August: $527.17
• Total Payments YTD: $5516.41
• Total Finance Charges For August 2009: $2.35
• Total Finance Charges YTD: $97.07
• Starting Balance for September: -$31.20 (which will be applied to the next round of debt)
• $0 Goal: September 2009 PWNED

Notes for this month:
Well that did it, it took 8 months (actually longer than I anticipated because February was such a bad month), but my original goal was to have it paid off by September 2009 and I did it on August 14th. You can view all of the payments and notations throughout the last 8 months. My dad has had this balance for years and I conquered it in 8 months.

Now I will continue doing monthly posts like this as I meet two more big goals. 1. To pay off all remaining interest-accruing debt (about $2600 worth from me taking over dads tractor supply bill and getting his truck fixed etc). And 2. Paying back the last person who loaned us money for the down payment on our home ($5,000). The goal is to complete both of those by December 2010. It will take slightly longer only because after the interest-accruing debt is gone, I plan to start putting a little more away into savings again, so my payments will be smaller.

I will keep charts on my blog of my progress as well.

See also: July, June, May, April, March, February, January