June 2017 Debt Accountability report | debt repayment | pay off debt

In June, life calmed down a bit, which meant I had the time to play catch up on work and life. As my income is still low, I’m really only making the minimum payments on my debt, but some of those do actually mean I’m making progress. Here is my June 2017 Debt accountability report.

June 2017 Debt Accountability Updates

Car Loan: $5,097.49 difference: +$189.92 
Bar Loan: $8,448.13 difference: +54.04 Refinancing has helped to have more of my payment go towards the principal. This progress is just due to regular payments.
Student Loans: $255,857.72 difference: -$1,148.48 This is just gross. Sadly IBR doesn’t even cover the interest. PSA: Don’t go to law school kids, my original student loan balance was about $193k.

SMART Goals for June

  • $5k in income – I’m going to try for $5k again since I won’t be taking a week off this month to deal with some personal matter, I think this is definitely a doable goal. FAIL
  • Finish Unit 3 &4 of EBA – a blogging course I’m taking, this goal is a bit of a stretch but I do want to go for it PASS, I’m actually now on Unit 6
  • Get car loan below $5,000 SO CLOSE, BUT NO CIGAR

SMART Goals for July

  • $5k in income – I’m still chasing this goal
  • Finish Unit 6 & 7 of EBA for LDMW, a strech for sure. Complete Unit 4, 5, &6 for Elizabethstapleton.com
  • Get car loan below $4,900
That’s it for my June 2017 Debt Accountability report. What are your goals and how are they going so far? Let me know in the comments below!

Money tools & resources i recommend

Chime (for saving) works by starting a spending account (takes 5 minutes) and opting into the automatic savings plan. (Learn more about getting started with Chime).  Every time I use the Chime Debit Card it rounds up my purchase to the nearest dollar and puts in in savings. Right now they also offer a double round-up bonus on those savings. All those withdrawals add up over time. Chime is free to use, with no monthly fees. With Chime, you end up saving money without having to think about it.

Qapital (for building savings & reaching money goals) Qapital can help you reach savings goals. Once you have the Qapital App installed and a bank account (or in my case three) connected you set up a goal or goals.  Then you set savings rules for each of your goals. For example, I have a round up to the nearest $2 rule, a guilty spending rule -when I buy Dominos. Qapital is free to useBonus, when you use my link you'll get $5 after your first savings.

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Qoins (for debt repayment) When you sign up for Qoins, you connect your bank account and then spend as you normally would. Qoins will round up your purchases to the nearest dollar and put that change towards an extra debt payment. Learn more on How Qoins Can Help You Pay Off Debt Faster

SoFi (for refinancing) If you have private loans or your debt to income ratio allows, consider refinancing with a company like SoFi. Learn more about what it's like to refinance with Sofi. Refinancing my bar loan with SoFi ended up saving me over $1,000. Use my link to refinance your student loan and you'll get a $100 bonus.

YNAB (for budgeting)There are tons of budgeting tools and apps, I turned to YNAB and finally got my budget under control. When, I became self-employed and had to figure out budgeting with an irregular income. I once again turned to YNAB and have finally gotten back on track, not to mention I LOVE all the new updates. If you want to check it out YNAB offers a free 34 day trial so you actually have time to figure out if you like it and if it will work well for you.

After a few months with very little progress, I'm glad to say that my June 2017 debt report shows some more progress on both of my private loans


Liz is a writer for hire, specializing in personal finance, entrepreneurship, and legal issues. She shares her own journey to debt freedom and helps graduates dealing with above average student loan debt on her site, Less Debt More Wine. She currently resides in NC after calling Massachusetts home for nearly a decade.

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Denise @ Double Debt Single Woman - July 16, 2017


I hope you make your goals for next month!

Did you ever consider getting a law related govt job or work in an underserved area and trying to qualify for the 10-year forgiveness?
Denise @ Double Debt Single Woman recently posted…[-$69,966] I’m in the 60’s! It’s Outta Sight!My Profile

    Liz - July 16, 2017

    Absolutely, but those jobs aren’t easy to come by especially when I was looking for that kind of work. Plus you have to be licensed in each state, so moving involves taking another bar exam.

Terri - July 9, 2017

I saw you lived in MA – did you go to law school in Boston? I asked because I lived in Boston for 17 years and worked at two of the law school libraries!

Your advice to people to not go to law school is so on the money. When undergrads would meet with me and ask about it as an option, my usual advice was that unless they thought they could graduate from a top 15 school to not even think about it because the jobs just aren’t there. I would also tell them that if they thought they wanted to be a litigator, go down to their local courthouse and go sit in a courtroom and observe. And then remember that most cases don’t even get that far, but settle beforehand.

My student loans are a bit more than half of yours, but still, they seem just as bad considering I’ve given up the legal world and now work with animals. So like you, I’m on the IBR plan right now. Actually, I’m even forebeared from that. But I know what you are going through.

Just keep fighting the good fight, do what you can to not take on additional debt (I know I’m preaching to the choir) and do what little bit you can do every day to make progress.

i just found your blog, i can’t wait to read more of it!

    Liz - July 9, 2017

    Thanks, yes I went to law school in Boston, where did you work? When people ask me if they should consider law school I always tell them to try and get an internship or some part-time work in a firm to see what the work is really like, while the environment can vary by firm if you don’t like the reality of working in the legal arena then law school will be a waste. That said I do still believe there are people that are really well suited to the practice of law and should absolutely go for it.

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