Archive for the My Debt Reduction

Paying off that Debt!

I haven’t updated the status of my debt reduction lately. I think that’s partly because I feel guilty that I haven’t made that much of a dent in it. I’ve decided that with all the talk about having a baby, gas prices skyrocketing, and the unstable economy that I’m going to be throwing every extra “snowflake money” into our savings account. I go back and forth between paying off debt and saving money. I’ve got quite a nice chunk of change in our savings account now, but I want to keep building it up in case something happens. I think about paying off our student loan and mortgage early, but then I get worried that we’ll need a new car or something will break or something awful will happen and then I decide to just put the money in savings. It’s almost an obsession, which I’m sure it can be for a lot of people. “Should I pay off debt, or save money?” is one of the most prevalent, if not number one, question among smart savers these days.  In […]

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My Personal Debt Reduction- updated!

Personally I love when people post their debt reduction and savings plans. I am updating my debt reduction this morning. I decided to take some money out of savings and pay on our student loan debt. I’ve also consolidated it at a much much lower interest rate. The personal peace of mind is priceless to me, so I decided it was worth it. We do still have a nice “cushion” in our savings account, but now that our student loan balance is down to a more comfortable level and I know we aren’t getting eaten alive in interest, I’m going to start saving more money for our emergency fund, a new car, and also for retirement. I’m proud to say we are under the $10,000 mark, and I hope to get under the $5,000 mark by the end of this year. I’m going to take half the money I make online and put towards this debt, and the other half I will put in savings. I can’t wait to get this paid off! Tweet

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My Plan to Pay off Debt

$12,333.78. That is currently the amount that we owe on a student loan. This is our only “unsecured debt”, and I’d like to get this paid off as soon as possible. My ultimate goal to pay this off in a year, but I am not sure how well that’s going to work out. Reading different articles says to not worry about paying off student loans, but for me, the peace of mind knowing we don’t owe as much (or any!) is worth it for me. This is the amount of debt I will be focusing on eliminating. Any money I earn online, whether it be from eBay sales, survey sites, or whatever, I will be putting towards this. I will keep this amount updated to show what I have paid off! Tweet

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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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