My regular updates on “how much our debt costs” have been irregular for a reason. I can’t tell you why now, but promise to later. For now know that our debt free adventure is in full swing and progress is made every month.
How much interest we pay on debt
If you have never considered how much interest you pay on your debt you need our How Much Debt Costs Spreadsheet.
Recent amounts we paid toward interest on debt:
- August 2011 – $256
- September 2011 – $248
- October 2011 – $242
For you numbers geeks, like me, that means the interest on our debt costs a rounded daily average of $8/day for the past 3 months. Not bad but still $8 too much for me.
Regular readers might notice the huge reduction in our interest costs, but as mentioned earlier I cannot discuss the reason now – but stay tuned.
Where I’d rather spend $8/day
This list could go on and on so here are just a few things I’d rather put my $8/day toward:
- Food or clothing for fatherless children.
- Flowers for the women in my life (think wife, moms, and sisters).
- A virtual assistant.
- My savings account.
I have a lot of ideas, as I’m sure you do too; just about anything is better than spending money on interest from debt. Think about this long and hard and be sure to run your own calculation so you can see how much the interest on your debt costs you each month and each day.
More debt = less power
He who issues debt holds power, he who has it is in servitude. Use this article to find your numbers and gain motivation to eliminate debt.
Less debt means more freedom. Trust me, over the last 3 years I have watched my debt dwindle and freedom grow… and there is a direct correlation.
Betterment is one of my two favorite ways to earn interest on my savings! They have an awesome program for the Average Joe to save and invest simply and effectively. There are no minimum balance requirements and no transaction fees. Read my Betterment Review or open an account to get started earning now.