Outstanding Debt Update

Posted by Mrs Money on December 29th, 2008


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!

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5 Responses to “Outstanding Debt Update”

  1. MIss M says:

    Congratulations, before you know it that debt will be gone. I like the reverse snowball method, cash is peace of mind. I really hope your job fears are for nothing.


  2. I’m interested to see how the conversion at your bank goes. Hopefully you are worrying for nothing… but extra cash in the bank never hurt anyone.

    Congrats on your debt!


  3. Mrs Money says:

    Thanks Ashley! I am interested to see how it goes too. Today was my last day working for Bank A. It’s official, I work for Bank B now. It’s just so weird!


  4. Mrs Money says:

    Miss M- I didn’t mean to ignore you!

    I hope my job fears are for nothing too, but who knows. I’m going to do everything I can to save and that’s all I can do. 🙂



  1. Paying off my Student Loan & Car Loan! | Save Green and Live Green! 22 05 09

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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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