FINISHED!!!

Eh, you know, just another typical Tuesday…

NAVIENT (previously Sallie Mae)

VSAC

Yep, read um and weap (heck, I practically cried)…

 All of my student loans are PAID OFF!

That’s right, $42,000 in 30 months.  Finally Finished! And six months ahead of my goal date too!

I know, I know, I just posted two weeks ago about being on the home stretch and my plan to pay off my loans by the end of this month.  I blew my plan from my last update out of the water and knocked them off in a couple weeks, thanks to diligently putting $500 a week towards loans the past 3 weeks, and a nice big bonus check (bigger than expected).  Yay!

So, let’s take one last look at the numbers…

30 Month Progress

• Starting Debt: $41,868.53 (Nov  ’12)
• Debt Today: $0
• Total Debt Paid Off: $41,868.53

And my pretty graph is finally finished and man, does it look good to see that blue line hit the bottom!

Blue: remaining student loan debt Red: goal

I am putting my giant spreadsheet to rest…

Crazy to think I paid off so much debt, in so little time!  Well, it seems like a short time now that it’s over.  In the midst of it, there were times I felt like I was treading water, or like I was barely making a dent some months.  But as they say, good things come to those who wait work their butts off!  Months of working 6 days a week, nights of working 4 hours after Avery was asleep, coupon cutting, DIY’ing, and watching every penny I spent – all paid off!

It was sooo worth it, too.  Because now I get to start on my next financial project…. saving for a house!  This challenge won’t be as long, because Uncle John and I talked about buying his place this coming fall, so maybe 6 months?  I’ll share soon.

So, all my loans were officially paid off on Friday, so before I buckled down again, we had a fun weekend celebrating….

Friday Night, Avery and I went to my cousin Joseph’s Irish Heritage Celebration to raise money for their 6th grade class trip to Montreal this spring (I’m chaperoning!).  I made festive cookies for the bake sale; 

Sugar cookies with green food coloring, dipped in chocolate with green sprinkles!

We arrived a little early and played in the car.  Avery was very excited!

Avery had dinner I packed him in the car, so when we got there, he bought one of the cookies I brought.

Nana and Papa were there, so we sat with them and Aunt Sheri joined us.  I bought two tickets for this awesome raffle they are having.  For $20 each, we entered into the drawing for a trip for two to Ireland!

There was live music and irish dancers, and Avery had fun clapping after every song and sitting with Joseph in the front row.

Papa and I had some yummy stew and potato soup while Avery had a hot dog, and we finished off the night with cupcakes!

On Saturday, I treated Avery, Mimi, and Grampy to GoKart Racing, Bumper Cars, and Video games at this new place near us.  We goofed off in the car…

Avery rode with Grampy in the go karts, and Avery was big enough to drive the bumper cars by himself!  He thought the spinning around was the best!  We played air hockey, and racing video games, and walked out with a bag of popcorn.

Avery walked in and out saying ‘This is awesome’  ‘This is cool!’  So I think it was a success!

That night, Steve and I celebrated with homemade fried pickles, a bottle of champagne and a bottle of wine… our second two bottle night ever, haha.

And now it’s time to buckle down again and SAVE!

Oh, and happy St. Patrick’s Day!  Avery wore EVERYTHING Green today and Mom and I are wearing our shamrock earrings 🙂

❤ Meghan

The Home Stretch

Not only am I refreshed, back from a week vacation on the other side of the states where there was no snow and lots of sun (pictures and recap coming soon!), but I am also especially chipper today because I am…….. wait for it……… less than $5,000 away from paying off my student loans.  Can you say, “Happy Tuesday?!”

28 Month Progress

• Starting Debt: $41,868.53 (Nov  ’12)
• Debt Today: $4,976.94
• Total Debt Paid Off: $36,891.59

Yeah, that looks more like it.  Last month was a total flop because my snail mail payments took forever to process, so it all rolled over into this month – and a good month it was!!!

February Review

• Starting Balance: $10,347.06
• End Balance:  $4,976.94
• Payments Made: $5,390.35
• Interest Paid: $18.71
• Principle Paid: $5,371.64

I chopped my debt in half this past month by paying off two loans and taking a chunk out of the next one on my list, which catches me up to my plan set out months ago to get these paid off in May.  How’d I get all the $ this past month?  Well, like I said, those two payments to pay off loans were caught up in the mail, then my usual $1800 a month, plus a few hundred more because we had overtime offered at work and I snagged it up, working late (8pm-12am) after Avery was in bed a couple nights a week for two weeks.  Sooo paid off!

However, we have a little change in plans (It’s a good one, so no worries!).  Correction, a BIG CHANGE: My bonus from work (yearly bonus based on company/personal performance) from last year is coming this month and is almost double what I anticipated (because we did awesome this past year), so I updated my plan to a weekly schedule:

Loan Pay Off Plan

• January February: Pay Off Loan C 
• February: Pay Off Loan B
• March: Pay Off Loan A ($2403)
  • -$500 3/3 (from usual paycheck)
  • -$500 3/11 (from usual paycheck)
  • -$1403 3/18 (from work bonus)
  • PAID OFF BY 3/20
• April March: Pay Off Loan 1-04 ($1470)
  • -$1470 3/18 (from work bonus)
  • PAID OFF BY 3/20
• May March: Pay off Loan 1-03 ($1103)
  • -$900 3/18 (from work bonus)
  • -$203 3/25 (from usual paycheck)
  • PAID OFF BY 3/27

Yep, if all goes as planned (since I’m making the payments online and no snail mail anymore to slow it down), I’ll have paid off my student loans completely by the end of this month.  Months earlier than anticipated from my target date of my 30th birthday, set out over 2 years ago.  So as pretty as this chart has been looking… that blue line will hit the bottom in a matter of weeks!

Red = goal, Blue = loans remaining to be paid

So, since I’m soooo close to being DONE, I’ll be documenting my last couple weeks very closely, so expect a long report in a month… and if it wasn’t so cold out, I’d have a bon fire to burn all my student loan papers.  Either way, I’m sure there will be lots of celebrating going on… JUST ONE MONTH TO GO!!!

Then it’s on to my next adventure… saving $ for our very own House!!!  Since I’m smashing this goal, maybe I’ll set my new goal to be in our new house by my 30th birthday??? 😉  I can dream….

❤ Meghan

Check out my About Meghan page for more posts on finances and paying off my student loans.

This post brought to you by jet lag from a fantastic vacation – I couldn’t fall asleep last night, so I wrote this up… more pics to come soon!

10 Months Away from Debt Free

It’s August! The summer is flying by… another month gone, so here’s another update on paying off my student loans:

20 Month Progress

• Starting Debt: $41,868.53 (Nov  ’12)
• Debt Today: $18,917.17
• Total Debt Paid Off: $22,951.36

I had another good month !!!  I saved every last penny, and was able to send in $1,500 towards the next loan I’m chipping away at.

July Review

• Starting Balance: $20,769.63
• End Balance: $18,917.17
• Paid Towards Loans: $1,879.24
• Interest Paid: $79.75
• Principle Paid: $1,919.36

I save so much by living with my parents – no utility bills or mortgage.  Mom does most of the shopping too, so I only take a trip once or twice a month to contribute.  I did splurge a couple times though like buying dinner and bringing it to Gram and Gramps.  We had a couple birthdays and weddings, so I used some $ for gifts.  But other than that, most my money went into loans!

There were some misc. expenses like sun screen for Avery, paying for copies of my divorce decree (so I could change my name back), and party supplies for our family reunion last weekend (pics coming soon!)

Overall, I’m getting closer to my goal… Yeah, it’s a long process, but it’ll be SOOO worth it.

Red = goal, Blue = loans remaining to be paid

Last month I started gaining momentum, so the ball is rolling.  As I pay off loans, that blue line is going to plumet and get steeper and steeper.  I’m very close to paying off the next loan, which will free up more money the following months to go to the next one, and so forth.

Loan Pay Off Plan

I’m right on track with what I said last month, that I’ll pay off Loan 1-02 in mid-August, and start paying extra on Loan 1-01.  This is the last BIG one, so by my calculations, I’ll have that paid off in December.  I’ll just ask Santa for rolls of cash in my stocking 😉

I know, I know, I owe lots of pictures and recaps of the past couple weeks, but I haven’t had a spare minute.  And I know this is all dry and boring numbers crap, but it really does keep me in check.  I’m only 10 months away from having ALL my student loans paid off!

The Bigger Picture

So, I mentioned in an earlier post, about switching gears and about big plans… well, here goes.  I wanted to move back to Vermont because it would be a better life for Avery, in so many ways. We have family and friends all around, and we have a place to stay, for free!  Had I stayed in Boston, it would have been another 5-7 years before I could pay off my loans – ouch.  Well, when you have to pay $1600 a month in rent, just to keep a roof over your head and $1300 a month in child care (all on one salary!), it’s practically impossible to make ends meet, let alone pay off loans, and save money for a permanent home (in Boston they raise the rent every year so people tend to move every year or two and I didn’t want Avery’s home to change that often.  I want him to have a stable home.).

So, I’ve been working on paying off these loans, and then what?  I know, I’m such a planner.  Yes, I have another plan for after I accomplish this goal.  As soon as I pay off the student loans (May 2015), I’ll put all my extra $ into savings…. for a home!  No, not a house, Mariana – you were close ;).  A home… and that home is going to start with buying a piece of land, and on it I’ll design and build a home for Avery and I. Crazy?  I know.  But that’s the dream.  Build the perfect house, and live in it, forever.  Avery will have a stable, permanent home that he can grow in, and after he’s all grown up, he can always come back.

So, I’ve been checking out properties in neighboring towns, looking into property taxes, schools, and all factors in picking the ideal location for Avery and I to live.  I’ve been playing around with a design for the house.  I know, I know.  This is all a while away, but with this goal in mind, man does it motivate me to get these loans paid off!!!

The Plan

So, roughly, the plan looks like this:

May 2015 – Pay off Loans

Spring 2016 – Down Payment on Land/Construction Loan

Summer 2016 – Build the House.

Yep, we would be building it ourselves, just like my parents did.  So, friends and family be warned, because I’ll be asking your help!!!.  All the while, still living with my parents (thanks Mom and Dad!), so we can take 3-4 months to build it.

Fall 2016 – Move into our new Home.

Avery turns 5, so we’ll be settled into our new home and have a year to adjust to our new home, the community and be ready for Avery to start public school the following year.  This way, Avery can grow up in one community and not move around.  He’ll go through school with the same friends, know his community, and we’ll be able to FINALLY put down our roots.

Oh, and I should mention that my education really is coming to use (and the 200lbs of books I’ve saved from school) because I’m designing a Sustainable house… solar panels, passive solar design, etc.  It will mean lower energy bills, less impact on the environment, and man, would it be cool!

So excited… starting the weekend on a good note!

❤ Meghan

Check out my About Meghan page for more posts on finances and paying off my student loans.