I hope everyone is having a wonderful Tuesday!
For those of you who haven’t read my previous post, or the comment section of the post before that, I’ve decided to take some time off in July from paying down my debt. As you know, I will be taking a physical vacation to Walt Disney World to spend some quality time with my whole family, new nephew included. I will also be using the money I would normally put towards debt to not only fund our vacation (GF and I anticipate spending between $600-$700) but use the money for things I’ve been putting off, as well. I know I want to buy some new clothes and get my car fixed (I’ve had some minor sensor issues for the past couple months) and July seems like the perfect time to get this all done. I want to go into August with renewed energy to finish off the remaining $50,000 in debt in 18 months. What ever money I don’t spend, I’m going to use to refund my EF. I don’t plan on missing any blogs posts during this time off, except for the week I will be in Florida.
On an other note- my fun fund has come in handy once again. Over this past weekend, a good friend of mine invited me and GF out them for dinner and drinks. GF couldn’t make it, as it was pretty spur of the moment, and I ended up spending nearly $50. I’m so grateful to those who convinced me to put money aside for fun every month. Only a couple months ago, I likely would have said no to the request, or worried so much about how much I was spending that I wouldn’t have enjoyed myself, anyways.
And an update on an item that came up last week- I handed in my 401k contribution form to increase my contributions from 4 to 10%. Me contributing to our company’s 401k was never about affordability, it was more so about how quickly I could pay off my debt- every penny was one closer to my original goal. Well, lately I’ve had an internal struggle over putting money towards savings. I think this increase in contributions will ease my mind in this regard. If it doesn’t work out, I can always decrease the contributions back down (the paperwork take roughly 1 minute to fill out), but I know I’m not going to get optimal savings years back.
Lastly, for those interested in how much I’ve paid off lately, here are my balances as of today. I didn’t post an update last week, so the “+/-since last week” is actually from 2 weeks ago.
|Loan Name||Interest Rate||Original Balance- May '09||Current Balance||Total Paid Off||Paid Since Last Week|
|Sallie Mae 01||5.25||$27,837.24||$23,896.61||$3,940.63||$0.00|
|Sallie Mae 02||4.75||$22,197.02||$18,750.50||$3,449.52||$0.00|
|Sallie Mae 03||7.75||$20,692.10||$0.00||$20,692.10||$0.00|
|Sallie Mae 04||5.75||$10,350.18||$6,577.48||$3,772.70||$707.05|
|Sallie Mae 05||5.25||$6,096.03||$0.00||$6,096.03||$0.00|
|Sallie Mae 06 and 07||4.75||$6,415.09||$0.00||$6,415.09||$0.00|
|Sallie Mae- DOE 01||5.25||$5,000.00||$0.00||$5,000.00||$0.00|
|Sallie Mae- DOE 02||5.25||$3,000.00||$0.00||$3,000.00||$0.00|
I hope everyone has a great week!
In September of 2013, I had an epiphany to pay of the remainder of my debt ($104,000) as fast as I could. With my sights set on a debt free date of November 2016, I'll share my journey with you to reach this goal, every step of the way.