Payment Day – Half Way

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This past holiday weekend I was out of town for a long weekend in Chicago.  My Papa wanted to take all his grandkids on vacation and it was a fantastic trip.  I have always had a very close relationship with him and I love the opportunity to make more memories.  This one will stay with me forever.

Payday was on June 30, but with being out of town over the weekend and the 4th it has a taken a few extra days to write this blog post.  I have been on the edge of my seat waiting to be able post this payment day and without further delay the news I’ve been dying to tell you…

  • I paid off my 8th student loan (5 more to go, although they are the 5 highest balances)
  • With the payoff of this 8th student loan I have officially paid off all my loans with the highest interest rate (6.8%). I am doing the snowball method, but it just so happens that my loans with the lowest balances were also the ones with the highest interest rate.
  • Since January 1, 2016 I have paid of $12,966.81 in student loans, which roughly equals the amount I took out for my first two years of college.  I guess that means my associate degree has now been paid for.
  • Since July 15, 2015 I have paid off $21,266.56 of my total debt (car payoff + SL) which means…
  • I HAVE PAID OFF HALF OF MY TOTAL DEBT … actually I have surpassed half.

You may remember my very first post where I explained how I started off with $39,263.95 worth of debt, in a less than 2 weeks (July 15) it will be a year since I started this journey and I cannot believe how far I have come since then.  This whole experience has been life changing and I am only half way done.

June was pretty good to me.  I was able to throw $2,353.37 towards my student loans.  I was also able to sell $420 worth of stuff on Buy, Sell, Trade on FB with a handful of stuff still to be sold…anyone interested in it?

I have been looking forward to July for a while.  This month I am spending a week at a lake house in Michigan with jmr’s family, turning 26 and hitting my one year of my debt freedom journey on July 15, which I have been reflecting a lot on.

With my upcoming birthday and vacation there are a lot more opportunities to want to overspend.  I also am only working 1 Saturday at my Papa’s shop this month because of my trip to Chicago and Michigan both fell on weekends.  I tend to use that side hustle money as a “cushion” and to pay off my credit card every month.  My original goal for myself was to pay off $1,600 every month on my SL, but for the last 5 months I have been able to pay $2,000+. I am not sure I will be able to hit $2,000 in July (I know I will be able to make at least a $1,600 payment), but whatever I am able to put towards my student loans this month… I will be okay with.

While I’m going to try my best not to overspend I know this is a special month and if I want to treat myself to an extra drink or ice cream I’m going to allow myself to do it.  I have worked really hard with my debt payoff so far and I am ahead of schedule with my payoff date (original payoff date was July 2017, now it’s April 2017).  I have to allow myself to unwind when the occasion arises (which is something I tend to struggle with), but working on finding contentment in the now, the everyday life that is between today and April 2017, has helped me not be so hard on myself.  Now is now friends.

What are your July plans?

Current Progress:  8 loans paid off, debt balance $18,562.49

 

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2 thoughts on “Payment Day – Half Way

  1. I’m going on vacation this July too! Vacation time can be kind of stressful to prepare for because I’m more likely to spend more on things I wouldn’t normally buy. But I’ve been saving so my budget won’t be impacted as much.

    Like

  2. Hey, congratulations! These are some exciting milestones! And happy almost-one-year anniversary of beginning this journey. You’re making some amazing progress. Glad you’re having a good summer so far too, and getting to spend time with family. 🙂

    Like

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