by Matt Fildes
First, before I go into any announcements, I want to thank those who wished me well on my post on Tuesday. After a couple more rest days, and besides the lingering congestion, I’m finally feeling back to normal.
To my announcement- I did it! As of this morning I have paid of my Sallie Mae 03. See my table below.
| Loan Name | Interest Rate | Original Balance- May '09 | Current Balance | Total Paid Off |
|---|---|---|---|---|
| Sallie Mae 01 | 5.25 | $27,837.24 | $24,462.48 | $3,374.76 |
| Sallie Mae 02 | 4.75 | $22,197.02 | $19,189.15 | $3,007.87 |
| Sallie Mae 03 | 7.75 | $20,692.10 | $655.99 | $20,036.11 |
| Sallie Mae 04 | 5.75 | $10,350.18 | $7,723.61 | $2,226.57 |
| Sallie Mae 05 | 5.25 | $6,096.03 | $5,356.99 | $739.04 |
| Sallie Mae 06 & 07 | 4.75 | $6,415.09 | $0.00 | $6,415.09 |
| Sallie Mae- DOE 01 | 5.25 | $5,000.00 | $0.00 | $5,000.00 |
| Sallie Mae- DOE 02 | 5.25 | $3,000.00 | $0.00 | $3,000.00 |
| AES | 6.8 | $9,000.00 | $0.00 | $9,000.00 |
| TOTALS | $110,587.66 | $57,338.22 | $53,249.44 |
Although I haven’t updated the table, the balance is now $0! This will give me an extra $34 per month to throw at the next debt in line- Sallie Mae 05. AND, not only did I knock out #3 but I started to pay down #5 bringing the balance to just over $4,900.
With it being so late in the week already (my apologies…)and the fact I didn’t do ANYTHING last week except take Nyquil and watch Netflix, I figured I wouldn’t do a full blown debt update, I’ll just save it for Tuesday, unless I get enough comments to warrant one.
I do have one question for those paying off debt- do you guys do anything to reward yourselves when you reach a milestone, or do you figure the ability to put more money on the next debt is enough of a reward in itself? Let me know in the comments!
Congrats – another one down!!! So Sallie Mae #3 will be gone in no time…what next? Where do you want to concentrate – I’m guessing #4 with the highest interest rate?
You’ll have this debt knocked out in no time!!!
Thanks Sue! I’m going to start attacking #5, which is the next highest balance.
Matt-
I think it is important to have little splurges along the way as you are making good progress, this was a fairly large debt to knock out. Of course, this is assuming that this is an actual splurge and not something that you allow yourself because you “deserve” it or any of the other silly reasons. There is also the dollar amount of the splurge to consider, since the minimum payment was $34 why not double that and consider it the splurge budget? While it is important to stay focused while paying down debt, it is also important not to stay so focused that you burn yourself out, every now and then you have to celebrate a win!
Cheers,
Meghan
I’ve thought about it and I’m don’t think I’m going to do any splurges. I bought a couple things this weekend which will be my reward to myself (all for under $20), but that’s it. I want to keep my head of steam going!
Congrats on the payoff! Great job staying focused even when you were sick.
I would have a mini celebration…..take out Chinese dinner with flowers and candles…..or a special craft beer with fun appetizer…..or a movie in the theatre with popcorn….any fairly inexpensive way to toast yourself and celebrate your progress!
Can’t wait to see your next updated debt chart!
Congrats! That was a huge accomplishment! I definitely think a little splurge (perhaps under $100) is warranted. You have to have some rewards in place for such a long journey. You’re doing great!
It’s a nice feeling to have this knocked out! I saw treat yourself to something for $34 🙂 it’s significant. Just make it something you wouldn’t normally get.
On a random note, i have a suggestion that you totally don’t have to take. Could you post more about you the person? I see your budget updates and stuff but I don’t really feel like I have a good connection with you as a person – your story etc etc. It might be deliberate in that you don’t want to share too much online but I know that sometimes I skim your posts just bc it seems to be just numbers and I don’t really feel a connection. Since you came in midway, i think it’s a good idea to develop your voice.
Just a thought.
Anyway, keep up the good work. You seem to be knocking these things down one at a time. It’s quite an eye-opener to look at the initial balances and see how far you’ve come!
I totally agree with debtor.
I would also like to learn more about you.
If you do like the idea but seem to be struggeling to come up with topics to write about, maybe you could use the “Questions of the week” from the past year as some sort of inspiration & answer those from your perspective.
https://www.bloggingawaydebt.com/2014/03/reader-qa/#comments
https://www.bloggingawaydebt.com/2014/04/question-of-the-week-draft/
https://www.bloggingawaydebt.com/2014/04/question-of-the-week-long-term-goals/
https://www.bloggingawaydebt.com/tag/question-of-the-week/
https://www.bloggingawaydebt.com/2014/05/question-of-the-week-what-are-you-willing-to-sacrifice/
Thanks debtor for the comments. I agree that I’ve haven’t posted much about myself- not because I fear no longer having some anonymity but because getting out of debt is well… boring. I don’t really do too much, at least nothing I’ve felt needed to be shared on here. But I see you’re not the only person to share this opinion so I’ll definitely try to be more open about my personal life come my next update!
Nice job, Matt! It feels good to cut out one more payment, doesn’t it? It seems that at the pace you are rolling, it won’t take you long to knock out the next loan. What target date do you have in the back of your mind? June, perhaps?
As far as a reward, I would definitely celebrate with a meal out.
Yes! It feels awesome! I’m hoping to have the next one knocked out in early May. I think that that date is ambitious, but April is a 5 paycheck month for me, so I should be able to do it.
Congrats!
We’ve never had any non-mortgage debt and it’s been striking me lately that the celebrations just keep you in the hole longer. Just another excuse to spend more money? The above table could amount to 10 splurges? Personally, it seems like a vicious cycle. If you want to be debt free for the long run you need to get out of that mindset. The debt payoff itself should certainly be reward enough. (You can certainly pat yourself on the back without splurging financially, and I think it’s a good habit to learn if you really want to stay debt-free).
I have to agree with this! Why should there be ANY kind of reward for people who have insane amounts of debt? The whole idea of spending even more money after you just paid off a loan (sometimes with insane interest rates) just seems crazy. Obviously, many people have money issues, in general ,who have so much debt in the first place. There comes a point in life where you just have to deal with that. A pat on the back and move on. Quit spending money you don’t need to! You can actually celebrate something without dropping a dime.
Congrats! My husband and I decided once we pay off the remaining debt we were going to celebrate by going out to an insanely expensive dinner and paying for it….with cash.
Congrats! I love that you’re really close to having the amount you’ve paid off be greater than your current debt! Nearly halfway there!!!