Browsing posts in: Keeping Motivated

And we have moved!

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Day 1 of the rest of our lives is upon us.  We have finally made the move from our very high priced hometown to a very small town three states away.  The last two days during the move, I have woken up feeling so much hope just overflowing at what the future holds.  We will be living with my grandmother as we get the lay of the land before seeking housing of our own.

And I got a sign that we were going in the right direction during our 8 hour drive loaded down with the last our of our belongings. I got a call regarding a job, one small town away that I applied for 2 months ago!  Woot, woot!  Don’t know what will come of it, but it’s right up my alley and super close to our new town.

All of our stuff is in storage for $125 a month.  It’s in a container that we can have delivered to us for a few hundred dollars or go pick it up at no cost.  We are spending the weekend with friends in Atlanta as Gymnast will compete here for his last regular season meet with his old gym.

We will return to Virginia for one week in March for Gymnast to compete at states near DC.  We have free housing for the week and will knock out orthodontist appointments and so on that same week. He will train here locally for the next three weeks and then return to his team gym for the week before states.  We are so blessed with their flexibility and willingness to work with us.

So for the next three weeks we will be getting the lay of the land, seeking work (Sea Cadet and I at least) and trying to get the kids settled in.

Oh, and one more thing…I now have a “guaranteed” 25 hour a week job at the one I’ve been working for the past year.  So it’s not full time income, but it is steady and more than I’ve had consistently.  (Both my part time jobs have committed to keeping me on despite the move, so I continue to have regular income.)  Will do a budget and goals post in the next month or so as the dust settles from the move.

Things are looking up.  I am filled with HOPE for what this move could mean for us…lower cost of living, more work and who knows what else.


A Blessing in Disguise

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One of my biggest dreads this past fall was living in the camper for the winter.  Going outside and up and down slippery stairs to go to the bathroom, inadequate heat and just being cooped up in the tiny space, literally on top of each other.  If I let my mind go there, the darkness would overwhelm me.

We were all so excited to escape for the holidays to my grandmothers home and our short jaunt to Texas, as Christmas got closer and our return date got closer, I could feel my stomach tightening with dread.  Then I go the text. And we were homeless.

And as grateful as I was for the housing and the experiences we had…it was kind of a relief to know that we wouldn’t be spending the winter in the camper.

The housing we have been provided for these next weeks is beautiful! It’s newly remodeled and barely lived in (empty nesters.)  It’s like living in a dream.  I even got to soak in a bathtub for the first time in I don’t know how many years.  After the last two years so scrimping by, tiny living and shared space, this has been such a blessing.  And we’ve only been here a week.

We are not being charged any rent or utilities, but I am buying all the food and cooking and cleaning.  I imagine this is what most people live like every day…but for us, this is totally new.  Each of us has our own bedroom, our own bathroom (Princess and I have a jack and jill set up,) there is a pool table, washer and dryer, and we even have a dedicated school room.  I admit it, we feel a bit spoiled.

But I am so grateful, overwhelmed, by thankfulness in fact.  All I can say is that God heard my cries and he answered me, in a big, giant way.

It’s just temporary, but the respite from the daily struggle and stress has already worked wonders on my soul.  And I know, that whatever comes next will be okay.

Continuing the job hunt, preparing to pack and move everything to GA and make it our homebase until work allows us to settle somewhere, and completely open to whatever comes next.  And this weekend, we go to the Naval Academy in Annapolis where Gymnast will compete in the Navy Challenge.  Wish us luck as we will be fighting the inauguration traffic both ways…ugh!


Ashley’s 2016 Goals Wrap-Up (With December Debt Update)

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2016 has been a rough one for many. Have any of you seen this meme floating around the interwebs?

Screen Shot 2016-12-22 at 3.07.22 PM

(Here’s one source, but I’ve seen it on multiple accounts. It’s everywhere.)

Makes me chuckle. Although 2016 has been tough in many regards (and I have a year-end wrap-up post in the works with more info on my 2016), it hasn’t been all bad. In fact, I’ve had a pretty good year when it comes to my financial goals.

In the beginning of 2016 I set these financial goals for myself and my family:

  • Save $10,000 for down payment for a home.
  • Save $5,000 for an emergency fund.
  • Put $30,000 toward debt.

These were pretty lofty goals at the time they were set. But then our income just exploded.

I ended up working all summer (an extra 3 months worth of income), I taught an extra class one semester, and hubs landed some big contracts in the Fall.

Without any major financial set-backs this year (*knock on wood*) we managed to hit these goals out of the park!! I’ll explain each in more detail below.

  • Save $10,000 for down payment for a home. Once this goal was set, I really put it first above  all else. Initially we were going to start looking at homes in May, but we pushed it back a bit when we felt we needed more time to save up an EF, etc. We found “the house” in August and it was a long process, but when all was said and done we finally closed in early November. I wasn’t sure if we’d be able to save the money in-time when we were shooting for a May timeframe, but by the time November rolled around we had more than enough saved for our down payment. With the money we saved (+ a generous gift from my mom) we had just over 20% to put down. We also had some cash reserves still on-hand that came in quite helpful when we needed to buy nearly $4,000 worth of “stuff” to get moved into the house (e.g., refrigerator, blinds, etc. See this post for details).
  • Save $5,000 for an emergency fund. This goal was so important to me, personally. This was the real reason why we delayed our house hunt from the beginning. We had our $10,000 saved up, but had nearly no emergency fund and I felt like it was just a recipe for disaster to buy a home with no money on hand. After we pushed back our original “house hunting” date, we were able to continue to stack money (again – I picked up work over the summer and additional classes in the Fall, too, which really helped in this regard). As I type this post, we have exactly $5,085 in our dedicated Emergency Fund and I consider it fully funded for the time being. Eventually we’ll try to bump this up to a full 3-6 months ($5,000 is about one month for our household…maybe 2 if we really stretch). But while we’re still in the process of debt repayment we’ll leave it at $5,000. I did have some comments on the house post that mentioned making a separate house-related EF (especially given the age of our home, etc.). I’ll address that more in my forthcoming 2017 Goals post. Look for that post likely next week sometime.
  • Put $30,000 toward debt. This is just such an obscene amount of money to pay toward DEBT in a single year! It’s crazy to think about how many families are struggling just to get by on $30,000 total annual income. When I first started blogging here our household income was just under $50,000. Thinking of that time (and there would have been zero chance we could have put a full 30k toward debt) compared to where we are now…I’m just amazed. Life has had it’s fair share of ups and downs, but we’ve been blessed in the financial realm this year. Check out our December Debt Update table:
PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient - Federal 2 (unsubsidized)$110715.80209December82433 (all school loans, combined)
Navient - Federal 3 (subsidized)$86215.8025December
Navient - 2 (subsidized)$85376.5533December
Navient - 7 (subsidized)$72326.5528December
Navient - 8 (subsidized)$64026.5525December
Navient - 9 (subsidized)$85376.5534December
Navient - 10 (unsubsidized)$161356.552020December
Balance Transfer Student Loan #2$30000% (through April 2017)$1000December$7650
Medical Bills$56360%$25December$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan$02.49%-Paid off in January 2016$24040
License Fees$02.5%-Paid off in April 2015$5808
BoA CC$07.24%-Paid off in June 2014$2220
Mattress Firm$00%-Paid off in May 2014$1381
Wells Fargo CC$013.65%-Paid off in May 2014$7697
Capital One CC$017.9%-Paid off in March 2014$413
Totals$75,171 (Nov balance = 78,345)$3399Starting Debt = $145,472

With our last large debt payment from December 2016, we’ve managed to cross the finish line on our final financial goal of 2016. We have officially paid over $30,000 toward debt this year!!! See below (with a previous goal check-in post found here):

Month 2016 GOALS 2016

January

Goal: $3500 $4013
February Goal: $1000 $1261
March Goal:  $1000 $2134
April Goal:  $2000 $1521
May Goal: $2000 $1325
June Goal:  $4000 $3500
July Goal: $4000 $4928
August Goal: $2500 $1374
September Goal: $2500 $2775
October Goal: $2500 $2750
November Goal: $2500 $2625
December Goal: $2500 $3399
Total Goal: $30,000 $31605

Some months were up and some were down, but the highs and lows all averaged out and still allowed us to hit this monstrous goal we had set that didn’t even seem feasible in January of 2016 and yet, here we sit at the end of 2016. Mission accomplished.

For anyone casually stumbling across this blog (as well as long-time readers – thanks for sticking around!!), I just want to stand on the top of a mountain and shout: I’M A REAL PERSON. A NORMAL HUMAN BEING JUST LIKE YOU. THERE IS NOTHING SPECIAL OR OUTRAGEOUS ABOUT ME AND MY SITUATION. IF I CAN DO IT, SO CAN YOU!!!!

Three years ago, I never would have believed I’d be sitting here today having annihilated nearly half of our debt!!! It’s a pretty incredible things and more great things are on the horizon.

How have you done on any 2016 goals? Are you taking stock and making plans for 2017 goals??


Ashley’s October 2016 Debt Update

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I hope you’re all having a good week! Our kids are out of school Wed – Fri this week so my mom flew out to help with childcare (since hubs and I both have to work still), so it’s been a lot of fun to visit together and it’s always great when Mom visits! For instance, my freezer is now full of homemade freezer meals that we can quickly and easily heat up on our busy weeknights!

I’m not even going to lie – this semester has been kicking my butt a little. I’m sure you can tell based off the more sporadic posting schedule as of late. Mid-semester there was a faculty member who, due to persona reasons, had to stop teaching a class. In week 8 of 16. Guess who got to pick up the class? This girl! I’m happy to help out and it will work out in the end (my department head is giving me a course release in exchange) but I’m definitely feeling the burden of the extra work at an already extremely busy time!

BUT –

we’re already on the downhill slope toward the end of the semester. Just a few weeks to go and I’ll be home-free! And it’s going to be such a fun winter break! We’ve made reservations for our family to travel up to the Flagstaff area and do the North Pole Experience. I’ve wanted to do it the past couple years and have kept ourselves form doing it due to budgetary constraints. This year I knew I wanted to make it a priority so I’ve been putting little bits of money aside each month to help offset some of the costs (much like I did when I saved a couple hundred bucks each month for an entire year in order to pay for cruise 2016 entirely with cash). This experience obviously wasn’t as expensive as the cruise, so I’ve just been setting aside $50 for the past couple months. I was able to pay for our tickets out of my pocket of cash and we still have a little leftover (that I’ll continue to add to this month and next) to cover the cost of a hotel and food or souvenirs on the trip. CAN NOT WAIT!!!

But that’s neither here nor there. Feast your eyes on the main reason for this post:  my October debt update!!!

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient$70,4266.55%$1975October$82433
Balance Transfer Student Loan #2$46000% (through April 2017)$750October$7650
Medical Bills$56860%$25October$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan$02.49%-Paid off in January 2016$24040
License Fees$02.5%-Paid off in April 2015$5808
BoA CC$07.24%-Paid off in June 2014$2220
Mattress Firm$00%-Paid off in May 2014$1381
Wells Fargo CC$013.65%-Paid off in May 2014$7697
Capital One CC$017.9%-Paid off in March 2014$413
Totals$80,712 (Sept balance = 83,173)$2750Starting Debt = $145,472

I’m not going to lie, I’m pretty bummed that we ended up SO.CLOSE to the 70’000s for our total debt owed. Just another $700 and we would’ve tipped over! But we’ll definitely be there by the end of this month.

The other important thing to note is that ACS is now off the debt spreadsheet table. ACS sold my last remaining loan with them (I used to have 2) to Navient. That means Navient now services 100% of my student loans. Blah! Speaking of, I still haven’t resolved my most recent Navient issue. They DID straighten out the auto-drafting issue and have updated to the correct payment (they had been grossly over-charging me). BUT, they still haven’t re-allocated the extra payments toward the loans I would have selected. So another phone call is warranted, but has not yet happened. It’s on my “TO DO” list for Friday (fingers crossed that resolves it).

Otherwise, things are moving right along. Still on schedule to close on our house very soon. I’m still holding my breath and crossing my fingers that it all goes through (after already being delayed twice). This weekend is also my husband’s and my 6th wedding anniversary! It’s going to be a bit of an anticlimactic one. My Mom leaves town on Friday so we had a VERY low-key date night on Wednesday night. We wore jeans and went to happy hour sushi. Nothing fancy or special, but it’s always nice just to have time out alone together (since typically we’ve got the girls anytime we go anywhere). Last year I mentioned how – when we first got married – I had hoped we would be able to spend our 5-year anniversary in Hawaii. Instead we made a major debt payment and just went out to dinner. Nothing crazy. I don’t regret our choice in prioritizing debt payoff in the least. I think it’s the best thing for our family. And it’s easier to maintain determination and stamina now that we’re adding in a bit more balance to our lives (e.g., like planning this Christmas trip to Flagstaff and going on more regular date nights, etc.). It’s all about trade-offs between debt payment and “life” happenings and I’m happy with our balance right now. At the same time, I look forward to the day when we can travel more freely without worrying about cost or the trade-off between paying off debt and making memories together. I’ve never been to Hawaii before and have always wanted to go. A second-honeymoon seems like the perfect reason. It’s not in the cards this year (though we’re still doing fun, albeit cheaper, family activities). But a second honeymoon WILL happen someday. It’s just one more of our “rewards” we’ll be able to indulge in after cleaning up this debt mess!  Every month – just a little bit closer to our debt-free goal!

How is your debt repayment going? Have you paid off any debts recently?


Ashley’s July Debt Update + General Life Updates

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It’s that time of month where our checks have all come in, bills have all been paid, and we’re getting to see how much progress we were able to make on debt. And – spoiler alert – it was a good month for debt payments!!!!

First, let’s get right to the debt table…

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient$658116.55%$4383July$74218
ACS Student Loans$85966.55%$20July$8215
Balance Transfer Student Loan #2$63500% (through April 2017)$500July$7650
Medical Bills$57610%$25July$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan$02.49%-Paid off in January 2016$24040
License Fees$02.5%-Paid off in April 2015$5808
BoA CC$07.24%-Paid off in June 2014$2220
Mattress Firm$00%-Paid off in May 2014$1381
Wells Fargo CC$013.65%-Paid off in May 2014$7697
Capital One CC$017.9%-Paid off in March 2014$413
Totals$86,518 (June balance = 91,058)$4928Starting Debt = $145,472

It’s still exciting to see so many empty rows, the debts having been paid off.

And can I get a virtual high-five for entering into a new first digit for debt payments? Just last month we were still in the 90k owed range and here we sit this month in the mid-80s!!! How exciting is that?! Still a heap-load of debt, no doubt, but it feels like it’s really moving at this point!

Also:  you ask for it, you get it! In response to reader comments requesting an updated break-down of my Navient Loans, I’ve made this special new table just for you!

NumberTypeAmount Owed
3/2015
Amount Owed
7/2016
APR
1-01Unsubsidized5612$08.25%
1-02Subsidized8762$86976.55%
1-03Unsubsidized6967$06.55%
1-04Unsubsidized6794$45336.55%
1-05Unsubsidized2215$06.55%
1-06Subsidized860$06.55%
1-07Subsidized7433$73676.55%
1-08Subsidized6572$65226.55%
1-09Subsidized8762$86976.55%
1-10Unsubsidized17557$183086.55%
SUBTOTAL:$71,534$54139
1-01 Federal LoanUnsubsidized08.25%
1-02 Federal LoanUnsubsidized116875.80%
TOTAL:$65,811

FYI, I broke apart my Navient (formerly Sallie Mae) Department of Education loans way back in March 2015. Please note that the original table did not include any Federal student loans, but I’ve gone ahead and included those in the updated Navient table.

Recently I’ve really started making good progress on paying down some of my student loans. They are, by far, the largest combined debt that we owe. But I’m still tackling them individually because I find it gratifying to pay them off loan-by-loan. After we buy a house, I’ve thought about refinancing to get a better interest rate, which would cause them to all be lumped into one new loan. But I’m not going to do anything related to credit until after the house deal goes down, so while the loans are all separate I continue to knock them down one-at-a-time. The next loan in my sights is loan 1-04. I’ve been doing a modified snowball method, paying the smallest loan first but focusing solely on my unsubsidized loans first.

***

I feel very fortunate to be in a position where we are making a nearly $5,000 debt payment within a single month. This will probably be our highest debt payment all year, given the way our salaries work (our highest income months are June and July). Our pay was higher than usual this month, so we had a higher than usual debt payment. We also did some savings for our house down payment and a little bit of spending on back-to-school shopping, conference-travel expenses (the trip isn’t until August, but I pre-paid a hotel, flight, etc.), and a surprise birthday present for hubs (his birthday is in early August).

It’s just crazy to think how big a hole we’re dealing with due (primarily, among other things) to the enormous amount of student loan debt we had. I’m so glad that my degree is finally coming in handy and helping to give us a larger-sized “shovel” (aka: income) to get out of the mess we’re in. (credit: Ramsey for the hole & shovel analogy). I certainly do not take it for granted.

In August I don’t get paid at all from my part-time job, so our income will be a little lower but we still have a buffer since hubs still has his income and I have my full-time job income. I’ve been working hard at balance this year. We’ve spent more money on having occasional date-nights (the goal is to have one per month, though we’ve been averaging closer to every-other-month). I’m also determined to start entertaining more, especially after we are in a new house! And, to give another personal (but related to finances) update, I’ve finally scheduled an appointment for therapy. Remember when I talked about wanting to go to therapy nearly a full year ago? I made it as far as to do some internet research, find someone I liked, and then I called and she wasn’t accepting new clients. That was nearly a year ago and I’ve done nothing about it since then. But even though I feel much better now than I did at that time (things are on the ups – my dad is in an assisted living, we’re selling his Utah house, preschool starts again in 2 weeks, hubs and I have had more date nights and fun stuff  out of the house), I still feel the desire to talk to someone. I’ve experienced a lot of major life changes in the past year between starting back to work full-time, starting the girls in preschool full-time, dealing with my dad’s health crisis, recent deaths in the family, etc. etc. etc. I think it’s good and healthy to take the time (and money, if one’s budget allows. thank you generous university insurance plan!) to have little “check ins” every once in awhile. Plus, we’ve got more major life changes ahead as we begin the process of house-hunting and officially putting down roots here in Arizona (something that’s strangely difficult to come to terms with. We’ve been living here a solid 6 years now, but I always thought we’d move back to Texas to be by family so it’s odd to realize we’ll likely remain in Arizona for some time to come).

Anyway, all of this is just to say that I’m still working to add more balance back into my life. I’m now into my 3rd year of debt payoff. The first solid 2 years I was 100% gung-ho on the debt reduction train. I’m still on the train (as evidenced by this month’s killer debt payment, thankyouverymuch!), but I’m trying to add more room to our budget for normal “life” stuff. Dates, kids’ activities, entertaining friends, going to therapy. I’m even thinking about maybe re-joining a gym once the kids are officially back in preschool (for long-term readers, you may remember I bought a gym membership a couple years ago and cancelled it after only a couple months to try to save every penny and put it all toward debt).

I just want to keep it real with you all as I’m on this journey. We’ve had 2 years of solid, hard, grueling work. We still have a very, very long way to go. But this is a marathon for us, not a sprint. We couldn’t have maintained that pace forever (and it would have been unhealthy and damaging to try). I’m still trying to be reasonable – we’re not going all-out crazy spending money. But I think it’s important to start letting the girls participate in different activities (I’m still limiting to one activity at a time. Right now it’s swim, but we’ve put in a cancellation notice effective at the end of August and plan to start a new activity in the Fall). I think it’s important to put more time and effort (and, yes, money) into strengthening our friendships by having people over and hosting more get-togethers. And just generally doing more paid activities that we’ve been foregoing the past 2 years. All while trying to still make hefty debt payments that we can be proud of.

We’re well on our way to hit that $30,000 debt-reduction goal for 2016. I think our future is bright.

Where are you on your debt reduction mission? Did you go all-out the whole time, or did you add in some “breaks” and periods with more balance? How long did it take you to get out of debt? What was the #1 thing that helped you to stay the course and eventually get out of debt?


Ashley’s June 2016 Debt Update

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I’m really excited about this month’s debt update! I’d originally hoped to put a solid $4,000 toward debt this month and, although we didn’t quite hit that number, we did put a full $3,500 toward debt!

I know I’ve said this before, but moment of silence for that huge, astronomical number!

((((((silence))))))

Thank you! I just like to acknowledge that $3,500 is a ton of money!

If the average American household income is $55,000 (source), then this represents roughly a full month worth of net income for the typical U.S. family. Craziness!

See for yourself…

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient$698266.55%$2955June$74218
ACS Student Loans$85966.55%$20June$8215
Balance Transfer Student Loan #2$68500% (through April 2017)$500June$7650
Medical Bills$57860%$25June$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan$02.49%-Paid off in January 2016$24040
License Fees$02.5%-Paid off in April 2015$5808
BoA CC$07.24%-Paid off in June 2014$2220
Mattress Firm$00%-Paid off in May 2014$1381
Wells Fargo CC$013.65%-Paid off in May 2014$7697
Capital One CC$017.9%-Paid off in March 2014$413
Totals$91058 (May balance = 94,292)$3500Starting Debt = $145,472

Two things excite me about our debt update this month:

  1. We’ve dipped into the $60,000s for my Navient student loans! I know we still owe a ton, but it’s SO exciting to finally hit a new first digit! The entire time I’ve been blogging Navient has been up in the 70,000s range, so this is a huge deal to me! To be fair, it’s only within the current calendar year that I really started tackling the student loan debt-mountain! (note – I was paying toward student loans all along, but not at a very aggressive rate, as I had prioritized other debts first). I can’t wait to continue seeing this number drop!
  2. We’re super close to hitting a new first-digit of our overall debt! At $91,000 currently owed, we should definitely but down into the $80,000s range by next month! EEEK!!! Again (I must emphasize this for newer readers), I know this is still a disgusting amount of debt. But when I started blogging I had nearly $150,000 of total debt, and it feels like just yesterday when we broke the $100,000 barrier, so the last $10,000 has gone in basically the blink of an eye (ahem – it’s actually taken 5 months, but whose counting?)

I’m really feeling the momentum now and it seems like the debt is just melting away! We still have a LONG way to go, but I’m feeling refreshed and rejuvenated! We’ve had great pay in June (budget update coming soon!) and expect to have great pay in July as well. That really helps as we’re working on pounding out a lot of these student loans.

Also, I’ve grouped all my Navient loans together just for ease, but I’m actually paying them one-at-a-time (first I targeted the highest interest loans, and now that all the remaining loans have the same rate I’m targeting them by smallest first – the snowball method). I’ve actually paid a couple in full lately and it feels SO SO good every time I log into Navient and see another loan with zeros all the way across for amount owed and upcoming payments. These are just the kind of emotional “wins” I need to really feel like we’re on the right track. And it feels GREAT!!!

Next steps – build EF and buy a freaking house!!!

 


2 Years Into Debt-Payoff

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Wow, wow, wow. I was just talking about how time has gotten away from me this month. I’ve done it again because here I look up and realize I’ve missed a very important anniversary of sorts. In March, we officially hit the 2-year mark since starting the debt-reduction mission. Can you believe it? I started blogging here in March 2014 with this first introduction post, followed-up by this post where I gave the nitty gritty details of our full debt situation. So what’s happened in this time? And what’s on the horizon?

Two Years into Debt-Payoff:  A Look Back and a Look Ahead

A lot has happened in the past 24 months since I truly began this debt payoff journey (note, I’d been paying some debt prior to beginning blogging here, but it wasn’t until I began blogging that I really kicked debt payoff into high gear).

In 2014 we paid over $25,000 toward debt. At our highest, we paid over $7,000 in a single month during the summer! It was a whirlwind of a year!

In 2015 we paid another $25,000 (actually a bit more) toward debt! Hubs’ business experienced some setbacks, but I landed a new full-time job that certainly helped to boost our income.

2016 is set to be a landmark year for us in terms of income. We’ve also split our priorities a bit to include some savings goals. In my 2016 goals post, I pinpointed 3 goals we’re working on this year:  1) Save $10,000 for a down payment on a home, 2) Save up $5,000 for an emergency fund, 3) Pay $30,000 toward debt.

So how are we doing nearly half-way through the year?

Goal 1:  Save $10,000 for a down payment on a home – So far, so good on this goal. We’re planning to start house-hunting in early summer (May-June timeframe), with hopes of closing by late summer (August is our target month). We’re on track to have our down payment saved by June (but there is a little bit of leeway in case it spills over into July).

Goal 2: Save $5,000 for our emergency fund. This is chugging along slowly. I’ve been saving less toward our EF as we’ve focused more on the down payment for now. But our budget forecasts currently have us meeting this goal by July. It will be nice to have a little buffer built back up before moving into a new house. You know….just-in-case.

Goal 3: Pay $30,000 toward debt. So far, so good with this, too. Every month we’ve exceeded our goal for the month. See here:

Month 2016 GOALS 2016
January Goal: $3500 $4013
February Goal: $1000 $1261
March Goal:  $1000 $2134
April Goal:  $2000 ((estimated: $2,000))
May Goal: $2000
June Goal:  $4000
July Goal: $4000
August Goal: $2500
September Goal: $2500
October Goal: $2500
November Goal: $2500
December Goal: $2500
Total Goal: $30,000  

 

Now that I’ve managed to extend my work contract through the summer, especially, I’m thinking this goal should be in-the-bag.

Oh, how good it will feel to dump a full $30,000 in debt this year! That will amount to knocking down my student loans by nearly 33%!

I cannot wait to have Navient out of my life forever. I want to scream it from the rooftops! I CAN NOT WAIT!!! What the world will feel like when we don’t owe a single person a thing. When our only bills are for our immediate living expenses (food, house, utilities). When we can save and grow wealth and be more generous people to the causes that matter dearly to us. To consider possible early retirements. To travel more. The list goes on and on and the possibilities are limitless.

Only a life free of debt can afford us all of these options. I want it so badly I can taste it. I can’t wait until our dream has become a reality.

We’re in it for the long-haul. Ramsey spouts the statistic that the average person going through Financial Peace pays off their debts in 18 months. Well, we’re at 2 years deep with probably another 2 years to go. Sometimes I feel like I’m flying high (like when we finally became consumer debt-free!!!!!), other times I feel absolutely defeated (like when Navient (metaphorically) stomps on my face again). But I just try to keep my eye on the prize:  eventual debt-freedom. How sweet that success will be!

Where are you in your debt-reduction mission? How much further do you have to go? How far have you come?


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