Labor Day weekend starts now for me (Thanks to my office for closing early on long weekends!)… and with this weekend we say goodbye to August, and summer…
That’s right, another loan, paid off (pause for happy dance) !!! Man, does that feel good!
21 Month Progress
- Starting Debt: $41,868.53 (Nov ’12)
- Debt Today: $16,916.93
- Total Debt Paid Off: $24,951.00
In less than 2 years, I’ve paid off almost $25,000 in debt! And I made a nice dent in the next loan on my list to knock off… made for a pretty good month financially – check it out:
- Starting Balance: $18,917.17
- End Balance: $16,916.93
- Paid Towards Loans: $2,066.83
- Interest Paid: $66.36
- Principle Paid: $2,000.47
Yeah, that’s right, I put over TWO THOUSAND DOLLARS towards loans this month – woo hoo! That’s the most I’ve ever put in during a normal month (no additional income like tax return). And if you look at my monthly expense analysis from my bank account, I wasn’t super frugal either – we spent quite a bit on entertainment: I got Avery a new bike and big boy underpants (oooo potty training!), we went on a couple dates, and ate out a few times.
Next month, I’ll feel the repercussions from our vacation (pictures coming soon!) and have a few bills to pay from that, so I don’ expect to top this next month. Plus, we’re taking a fall, adults only, vacation weekend in Salem, MA, which will need to be paid next month, so those expenses will show next month.
I’ll stay on my high for now though, because, look how close I am to my goal!!
Red = goal, Blue = loans remaining to be paid
If I keep it up (which I plan to!), I’m projected to get these all paid off by May of next year… 8 months to go!!!
Loan Pay Off Plan
So, the plan is to chip away at Loan 1-01 (highest interest loan) for the next 4 months: $1500 a month extra to this and it’ll be gone in December! Then like dominos, they will fall: in January I’ll knock off Loan C (next highest interest), February will be Loan B, March I’ll kick Loan A with my tax return (anticipated to be around $3,000, if not more), April Loan 1-04, and May Loan 1-03. Done!
I was never a patient person, and maybe I can thank Motherhood for the absurd amount I have now. This has been a LONG process. It’s taken hours of planning, budgeting, number crunching, and tons of patience. But I’ve kept my long term goals in mind to keep me motivated. I know that when this is all said and done, It’ll feel soooo good to be debt free, and then I can start my journey to save and build a house for Avery and I – a house he can call home, forever. We will finally have our roots, our friends and family nearby, and an amazing community to be a part of. I’ll finally have the relief, as a mother, that I’ve set a good foundation for him to grow up safe, happy, and healthy.
Enjoy the long weekend – we will – We have a fun weekend planned: two parties, Avery’s first theater movie, fishing, and tonight… a double date, bowling!
Check out my About Meghan page for more posts on finances and paying off my student loans.