Archive for the Student Loans

Outstanding Debt Update

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! Tweet

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Paying off those darn 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, […]

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