The last time I updated about our debt reduction, we owed more than 50% on our student loans. I am happy to say that today we hit over 50% paid! I am ecstatic! I thought it would take us a lot longer than this to knock out some debt.  I had originally planned on paying off the student loan in the next nine months, but then decided that I would do a “reverse debt snowball” instead, and put the money that I was going to throw at the student loan in a savings account earning 4% interest. It looks like that was a sound decision, because now there’s rumors that they will start converting my area first. Oh well. I’ve got an emergency fund, and that’s what it for: in case we need it.

I can’t wait until I get to 50% of our car loan, but that should only take us 5 months or so.  I’ll keep chiseling away at these debts and try my darnedest to save, save, save!

Posted under My Debt Reduction, Student Loans

The last time I updated, which was July 23, we owed $8,800.00 on our student loans. As of today, we only owe $7250! I can’t wait to get this loan paid off! I plan on getting it paid off by the end of the year next year. If we can get it paid off sooner, spectacular! Then it’s on to the car loan.  Whew.  All of our extra money is going to go towards paying off debt because I feel we have a pretty padded emergency fund currently.

No spending month has taught me a few invaluable things. 

• We can live on a lot less than we thought we could.  We weren’t horrible about spending money frivolously, but there was definitely room to tighten the belts.
• There are many activities I can do to keep myself busy and not spend money.  Honestly, I feel better when I do those things!  I think of all the money I’m saving and putting towards debt.
• I’ve learned that I like cooking.  Before, we’d go out to eat or Mr. Money would cook.  Now, I’m doing more cooking and baking and I really enjoy it!

I can’t wait until my tracker says 50%! Let’s hope by the end of the year!

What is your priority “debt snowball”?

Posted under My Debt Reduction, Student Loans

I am so proud to announce that we owe less than $9,000 on the student loan! Lately, every little extra “snowflake” money I get, I am putting towards this. It feels good to be under a “monumental” number, like the thousands. I am debating whether or not to put some of the stimulus money towards it. I am also expecting my quarterly bonus on the 15th of next month, so I may put that towards it too. At least some of it!

It feels really good to be making progress on paying off this debt. I’ve been worried more about saving lately, and a lot of our extra money has been going right into savings. I think tonight I’m going to sit down and create the sub accounts with ING that I’ve been meaning to. I am not a spreadsheet person! I like to have it all visualized for me. Once I get that done, I’ll have a better idea of how much money I have allotted for each fund, and then go from there. I think it will work better for me.

Only $8800 left!

Posted under My Debt Reduction, Student Loans