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!
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.
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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!
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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!
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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.
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