Sorry for the late posting today, but it’s been a very busy couple of days at home- lots to do now that the weather has turned for good!
I’ll start this post with a debt update because I have some wonderful news to share- I paid off Sallie Mae 05!! That’s right- gone!! Another one bites the dust, lol.
So here’s what the numbers look like now:
|Loan Name||Interest Rate||Original Balance- May '09||Current Balance||Total Paid Off||+/- Since Last Week|
|Sallie Mae 01||5.25||$27,837.24||$23,985.23||$3,852.01||$0.00|
|Sallie Mae 02||4.75||$22,197.02||$18,820.44||$3,376.58||$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||$7,407.64||$2,942.54||$0.00|
|Sallie Mae 05||5.25||$6,096.03||$0.00||$4,840.64||$1,255.39|
|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’m also super close to another milestone (a milestone that felt like an eternity away only a year ago)- below $50,000. I think seeing a 4 as the first number is going to have a very big impact on my psyche moving forward.
I also want to talk about something that can very much make or break a debt payoff- the support of your family and friends. I’m extremely blessed in the sense that for the most part, I have this support, with most of my blessings aimed towards my parents and my GF. BUT, it hasn’t always been this way for me. When I originally told my parents, I got a lot of “why’s?” and “don’t you make enough money not to worry?”. They still make jokes at my expense about it, but I take it in stride, since they really do support me. It took some convincing that I’m on the right path FOR ME, but I finally got them to agree that I’m making the right choice.
When I graduated from college (with a butt load of debt and 40K/year in pay) I had a girlfriend of a year. When my student loans were coming due and I had to make cuts (which included, dates, gifts and the like), we did NOT see eye to eye and was one of the big reasons for our eventual breakup.
I even went on a date a couple of years ago where the girl spent the whole date asking me about my personal financial situation. After I told her I was an engineer, but I didn’t have much money to spend, she couldn’t believe that I chose to live my life in such a frugal manner. There was no 2nd date.
As for my close friends, I don’t remember having many issues. They supported since we were, and some of us still are, all in the same predicament, being as we all graduated from the same, very expensive, school. Some of us still talk financials on a regular basis.
This is a hard subject for me to bring up, because I’ve haven’t been on the other side of the fence too often. I had the one breakup many moons ago, but other than that I haven’t found any of my friends or family to be roadblocks. To me, it seems like such a crapshoot, which boils down to: are you lucky enough to have people around you, particularly family members (as you can’t pick your family, like you can friends) that got your back? Since I really feel we’re all in this together, I’d like to open a discussion on the topic in the comments section for anyone willing to share. I have a couple of questions:
- During your debt payoff, do you feel like you did or didn’t have the support of those around you?
- How do you think it affected your debt paydown?
- Did any of you NOT reach your goal from lack of support?
- Did any of you reach your goal IN SPITE OF the lack of support?
Thanks, and have a great week!