Tell All Tuesday ~ The 49.99% Edition
As I write this, it is still barely Tuesday, although it’ll already be Wednesday by the time most of you read it. Earlier this afternoon, I made the minimum payment of $144.50 to my student loan, and a $1800 payment to my spouse’s student loan, to bring our percent of total debt eliminated since June 2007 to 49.99%. I probably could not be closer to 50% eliminated if I had tried. I knew it would be close, so I pored over our budget sheet and squeezed everything I could everywhere I could to put the maximum amount towards that loan this month. I don’t at all feel like we fell short, for later this week I will make our car loan payment, which will firmly push us into 50% paid off territory. 
I was able to squeeze some extra money out of our budget because I have a small cushion in our emergency fund, so if I’ve underestimated our expenses for the rest of the month, I know I have access to money to cover it. We’ve been fortunate enough to be able to put the vast majority of the income I earn solely to debt elimination, and come closer and closer to actually being able to live on just my spouse’s salary, which is our ultimate goal. Not that I intend on not earning money in the future, but we want to be able to completely meet our budget just with my spouse’s salary so we have more flexibility.
The numbers break down as follows:
Debt at start of blog (6/19/07) : $36,451.71
Current total as of 07/15/08: $18,229.39
Principal paid to date: $18,222.32
Broken down into:
- Credit Card: PAID OFF 2/7/08
- Student loan (at 7%): $11,253.14 (made minimum$144.50 payment)
- Spouse student loan (at 9%): $4936.46 (made $1800 payment, including $437.59 budgeted minimum)
- Car loan (at 4%): $2039.79
NCN Network Chart: 49.99% paid off
Crossing that 50% threshold officially will feel, well, amazing I think. I am already tingly thinking about it. I might have to buzz by the bank Wednesday morning and drop off my payment.
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July 15th, 2008 at 11:36 pm
Congratulations! That must be an awesome feeling. Hopefully, someday I’ll be in the same position!
July 16th, 2008 at 12:00 am
Way to go! As you continue to snowflake and eliminate your debt, your momentum will keep on increasing. Yaaaay!
July 16th, 2008 at 12:31 am
That’s such wonderful news, congratulations!
Congratulations on getting to half way in such a short period of time, it’s an incredibly tangible demonstration of the power of snowflaking.
July 16th, 2008 at 12:36 am
Yay! Congrats
I love to see other people reaching their debt payoff goals, because I know I’m not alone and that I will be doing the same if I keep up my motivation!
July 16th, 2008 at 2:02 am
Congratulations! Being halfway there is great.
July 16th, 2008 at 7:07 am
Congratulations. It must feel so good to see that debt decrease. You are on your way to financial freedom.
July 16th, 2008 at 7:15 am
Wow, great job! I’m so happy for you for reaching this milestone.
July 16th, 2008 at 9:15 am
I appreciate that you post actual numbers. I understand why some people don’t want to, but it is so inspiring (to me anyway) to see someone with actual debt totals similar to ours who is making such amazing progress! Congratulations!
July 16th, 2008 at 10:09 am
Congrats! I just passed the halfway point on clearing my own consumer debt yesterday, so I know the great feeling.
Sadly, those student loans will be piling up for a couple years yet… (I’m planning to use some of the momentum from paying off our personal loan to get rid of my only private student loan, hopefully it’ll disappear by the time I graduate.)
July 16th, 2008 at 11:09 am
WHOO!!!! Congratulations! It will all snowball from here, you watch!
July 16th, 2008 at 12:48 pm
Great job!! Keep it up, and it will be gone before you know it…
July 16th, 2008 at 12:54 pm
Congrats on reaching the tipping point … welcome to the home stretch.
July 16th, 2008 at 11:32 pm
WHOO-HOO!!! Hooray!
So great to hear that you have made the halfway mark,
and early
July 17th, 2008 at 1:20 am
Congratulations! I haven’t even been able to change my ticker since I put my site up, but I am anxious to start pushing it towards zero! I can’t wait till I can hit that 50% mark!
July 17th, 2008 at 10:12 pm
Congratulations on how far you’ve come!!! Good for you!!
July 19th, 2008 at 8:06 pm
Wow.. That purple and yellow are ALMOST even!!! Great, great, great, great, great job!!! You are an inspiration. Doesn’t debt reduction rock! Yes! And, so do you!!!
NCN