It’s summer and we’re all out busy camping, swimming, taking boat rides on the lake, BBQing, and in the midst of all this sun and fun… I’m whipping my student loan debt’s butt!
19 Month Progress
- Starting Debt: $41,868.53 (Nov ’12)
- Debt Today: $20,769.63
- Total Debt Paid Off: $21,098.90
I’ve officially paid off more debt than I started with! Hello halfway. It’s only downhill from here!!!! This past month I knocked it out of the park, sending in an extra $1500…
- Starting Balance: $22,556.63
- End Balance: $20,769.63
- Paid Towards Loans: $1,879.24
- Interest Paid: $89.08
- Principle Paid: $1,790.63
I’m actually ahead of the curve now and gaining momentum. At this rate, and anticipating $ back at tax time next spring, I will pay off all my loans by May of next year – WAY before my birthday!!! I’ve been chipping away at Loan 1-02 for months now, and it’s really dwindling down. That’s the idea though – the highest interest first method… pay off the higher interest loans first and then move onto the next one, in turn putting a little more $ into the next one each month because I have less loans and interest to pay each time I knock off a loan.
Loan Pay Off Plan
I’ll pay off Loan 1-02 in August, and start paying extra on Loan 1-01. This is another big one, so it’ll take 4-5 months for me to close out on that one… but little by little… and soon they will all be gone!!!
I haven’t been keeping a budget… it’s too much work right now. I do look at my finances every day or two and take a peak at where my money is going.
Ignore that big yellow slice – it was pulled from my savings to pay for the last of the divorce bills.
I have so much extra every month now that I don’t have to worry about having enough $ in the bank when I buy something. However, the less I spend, the more I put towards loans. So I’m just going thru every day with the attitude that if I need it, I buy it, If it don’t NEED it, I don’t buy it. I do treat myself and Avery here and there but nothing extravagant. It’s working… so we’ll leave that be for now.
So, all’s well and good now, right? Totally on track to do this… unless there’s a curve ball… there’s always a curve ball. Just when things get comfy, and are working smoothly, something changes. Well, as I’m busily working to save this money and pay off these loans, I’m also looking into something I want to buy… and that something else has come along so I might have to switch gears where my money is going for a bit… more on that later 😉 While you scratch your head wondering what it is… we’ll be giving you a sneaky smile…
Check out my About Meghan page for more posts on finances and paying off my student loans.