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, 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”?


Paying off that Student Loan- update!

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!


Paying off that Student Loan!

I am slowly but surely making a dent in my student loan debt. With the way the economy is, I’ve been trying to put as much money into savings that I can while paying off this debt. I’m not in too big of a hurry to pay this off because of the ultra low interest rate I am paying on it. This is the only other debt we have besides this loan is our mortgages. I’m not in too big of a hurry to pay those off right now.

I’ve decided that for our next vehicle purchase, we’re going to pay cash. I understand that we may not be driving the newest, hippest cars out there, but we’re going to have a car that gets us from point A to point B. Back when the tree fell on our house in January, I was able to get a 1994 Oldsmobile Achieva from my very gracious aunt. I have been so thankful for that car! It may not be the best looking, but it does the job and I love it. We can afford a car payment, but my thinking is if it isn’t broke, don’t fix it.

I want to have enough money saved up that in the event I am able to stay at home with our children. With me not bringing in a stable income from the bank, I’d like to know that we’ve got an emergency fund to cover everyday living expenses in the event something horrible happened. Let’s just say that I lost my job (knock on wood); I’d rather have the money that I normally would be putting toward debt reduction to be able to make the monthly payments on those loans and be able to pay living expenses rather than have less principal on the loan. That’s just my thinking.

Maybe once the economy gets better I’ll start being more aggressive in paying off our debts. Right now, this is working for us, so I’m going to continue to do what we’re doing. Of course I’m going to keep trying to make as much money as I can online by the different avenues I’ve discovered, and I’ll be putting that into savings.

Do you think I am doing the right thing by saving instead of paying off debt in this case? 

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