Archive for the My Debt Reduction

My debt payoff- updated!

The last time I updated this, I owed $12,333.78 on the student loan. As of today, the current balance owed is $11,899.22! I am happy that it has fallen below the $12,000 mark! I got paid a quarterly bonus and put most of it towards the student loan. Also, I have paid off the Home Depot Credit Card that had 0% for 12 months before the promotional period expired. Ultimately, I’d like to pay off this student loan before the year is over, but that seems like a pretty hefty goal, so I’m going to go with 2 years, or 24 months to have it paid off. Tweet

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2010 Financial Goals- 6 Month Check up

At the beginning of the year, I posted our 2010 Financial goals. I figured I’ll do a 6 month check up because that’s better than waiting until say, September, and realize that we’re failing miserably on our goals. Not cool. Here are the goals we set for ourselves: Goal #1: Pay off at least $3,500 in principal on our mortgage. To date, we’ve paid off $1028.66. I think we’re a little behind, but much closer than I thought we would be! Goal #2: Raise my 401k contribution to 10%. Um, I think I’m contributing 6% right now?!  I need to just do this.  All it will take is the click of my mouse. Goal #3: Pay off our car loan. We are well on our way to paying off this debt!  Only about $1500 left. Goal #4: Come up with a budget and stick to it.  Uh… yeah… still hasn’t happened. I wanted to set realistic goals so that they were reasonable.  I think we are doing pretty well so far. How are your financial goals coming along?  Are you […]

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My Debt Reduction Plan

As of this moment, we owe $3,040 on our car loan. Add to that the $1500 I got burned by lending money to a friend, and we are $4,540. in debt.  Honestly?  I’m not stressing too much about it.  I know that we are doing our best to get it paid off.  At this point, though, I’m very tempted to just take the money out of our emergency fund and pay off the car loan.  That would be that. At the same point, though, $3000. is almost a year’s worth of payments.  I could keep making the $250 car payment.  Life would go on.  I’m thinking that once we get down to $1500 or so, I’ll just take that out of savings and pay it off. How is your debt reduction progressing? Tweet

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My Debt Reduction Update

It feels like it’s been forever since I’ve updated on our debt payoff.  We still owe $6600 on our car loan.  It feels like a ton of money.  With the last payment I sent, we went over the 50% paid off mark!  I guess in all honesty, it’s not even been a year since we bought the car, so having half paid off is pretty darn good. If I pay $550 a month, I can have that car paid off in a year.  That would be awesome!  Of course, right now any extra money is going directly into our emergency fund.  I think we have roughly 8 months of expenses saved right now.  I could take money out of the emergency fund and just pay off the car, but then I’d feel like we need more in savings, so I’m just going to keep doing what we’re doing.  We were paying $250 a month, and I bumped it up to $300 after we paid off our student loans. I could have taken that money and thrown it towards the car, […]

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Snail Paced Intensity?

If you are a Dave Ramsey fan, I’m sure you have heard of gazelle intensity.  Basically the gist of it is that you do whatever you can to pay off your debt in the least amount of time possible. Sell things you aren’t using, cut your cable, put the nix on going out to eat, and so on. We attacked our student loans with gazelle intensity, and paid it off a lot sooner than we had hoped. Now the only unsecured debt we have remaining is our car loan at 0%, and I’m not in a hurry to pay that off any time soon. I almost feel like so much time and energy was focused on paying off that student loan that I’m exhausted from it.  I’m tired of pinching pennies and scrounging up extra money and putting any snowflakes towards debt.  I feel like we’ve accomplished a lot in a short period of time, and now I want to take my time paying off this car. Seeing that it’s at 0%, it’s not like I’m paying tons of interest […]

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We are Student Loan Debt Free!!

We are student loan debt free!!  On Friday, I made the final payment online, checked this morning, and it had posted.  I can’t tell you how excited I am to be rid of this debt!  We have paid off this last loan of $12,333.80  in 1 year, 3 months, and 25 days.  Yes! I don’t think I’ve ever mentioned it on the blog before, but this $12,333.80 is not the only student loan debt we had.  In 2004, Mr. Money enrolled in culinary arts school and we moved across country for him to attend.  Fast forward to October 2006, and now he’s got his degree and has left school with over $36,000 in debt.  Yes, that is not a typo.  $36,000 was more debt than I ever cared to accumulate, and we went full force attacking it. We paid off  almost $24,000 in two years, on mainly my salary of $12 an hour full time, plus Mr. Money’s salary of $8(?) an hour part time.  Needless to say, we lived pretty poor to be able to pay off that kind […]

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    Welcome! I'm Mrs. Money and I lead a frugal, simple, and debt free life on a modest income. I make money online to help support our family. I believe in saving money, living green, and enjoying life!

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