by Adam Dawson
We had a reasonable month paying down debt. I’m happy that we seeded the $15k fund. The best part of posting this update for me is to realize we’ve crossed the 2 year barrier! In 23 months we will be debt-free! I can’t wait!
Loan Balances
Stafford Loan #3: $17077 (-$1334)
Discover Student Loan: $40134 ($-106)
Citi Graduate Loan: $37487 (-$91)
Total: $94,698 (-$1531)
Account Balances
Emergency Fund: $5000
Race to $15k: $600 (+$600)
Debt Sinking Fund: $2400 (+$1200)
Total: $8000 (+$1800)
Grand Total Improvement: $3331
I decided to stop the nonsense of calling Great Lakes (Stafford Loan) to apply the payment to each sub-loan. I figure with snowball payments and the debt-sinking fund, this loan should be gone completely in 5-6 months anyway. I’m also excited to have $8k sitting in the bank, even though most of it is accounted for.
We are both feeling the burden of debt lately and we are so ready to be done with the payoff journey. But we are excited to be making progress and happy that the end is finally, FINALLY, in sight.
That is great! Although its depressing to see 3k go to debt repayment. It does make the balances drop way more noticeable and encouraging!
Excellent progress! Don’t forget to claim the interest paid on the Stafford loan in 2013 come tax time. The 1098E form to claim the deduction will be available for download on our website January 13.
Adam, I must say I am thoroughly impressed. With my career in debt services, I find myself toiling over a pile of articles relating to it. The majority of articles are greatly depressing as you can imagine. Most people are looking for solutions, but lack the ability to act. To read about the progress that you and your family have made is a true breath of fresh air. Keep up the great work!
That’s excellent that it feels like the end is in sight. It makes a tough road at least a little easier!
Great job! Especially for the month of December (we usually are happy to just break even at the holidays!). Now you are poised for an awesome 2014 – keep it up!
Great job! Keep up the awesome work!
Excellent! You guys really show how even on a moderately high income people can get into trouble, but with some guts they can really make a difference in their own lives.
I hope you can turn your frustration to the positive. Don’t be frustrated with your current or future selves, they are your partners in this. It’s your past selves you need to shake a finger at.
Congrats on paying off so much debt. Debt adds stress to anybody’s life, but with patience and dedication anybody can be free of it.