I know we still have a ways to go until we are debt free. And it is most likely that we will need to incur debt in the next few years because we will need to buy a car, and save for a down payment and hopefully have a mortgage within the next five years.
And at $22,061.79 left, my student loans are no joke. But before I get depressed about how much debt still remains….Today, we celebrate that we are credit card debt free!
We are credit card debt free!
I made the last payment to our Citi Card today! All we have left to pay off are my student loans!
And what better way to celebrate tonight than with a FREE semi-fancy dinner out, courtesy of a mystery shop? Love me a free date night!
I have updated our debt numbers. In less than a year, we have paid off $9,523.17! How amazing is that?
I wish I would have calculated our total debt when we had just gotten married. Because these numbers do not reflect the $5,000 in credit cards we paid off within the first 8 months of marriage. But I hadn’t completely jumped aboard the let’s-pay-off-our-debt wagon quite yet.
Since then, we’ve paid off my car and we’ve paid off our credit cards as of today! Man, that feels so good!
The next stop is coming up with a student loan payment plan. Now that we’re living in a bigger place and our rent is higher, we can’t save or pay off as much as we have been this past year.
We plan on doing the snowball method to pay off my student loans, from smallest to biggest, and we hope to have them paid off by the end of 2015, which gives us 3.5 years.
We’re taking a slower approach to paying off the student loans because there are some other things we want to do that we’ve put off, like finally going on a honeymoon!
Our plan to pay off my student loans includes:
- Making double payments each month from our regular take-home income
- Contributing the extra payment toward the smallest loan first
- Contributing anything over $500 from my extra money toward student loan debt
Now excuse me while I go do a little happy dance….