This month marked a psychological victory of the small (but good) kind. My student loan now stands at $8996.18, which means it is under another milestone number. Barely under $9000, but under it is and I take any victories I can get! To accomplish this, we paid $400 towards the student loan this month instead of $300. Since we are upping that starting in May to a minimum of $500 per month, this was practice, in a way. Since the student loan is our last remaining non-mortgage debt, that is also the remaining amount of our original $36451.71 debt, which means that 75.32% has been paid off since June of 2007. A lot more than I ever imagined accomplishing in two years – and June 2009 isn’t even here yet.
I’ve set up an automatic withdrawal to our “new to us car” fund for $300/month starting in mid-May. This fund will basically double as a backup emergency fund if the $2500 we have saved (well, will have saved by tomorrow when my spouse gets paid and I top it up to that) isn’t enough for some kind of major emergency, but I am hoping it can continue to grow and serve the purpose I have assigned it. The 1996 Toyota is still going strong at 205K miles, and the 2001 Saturn, at just over 100K, is behaving for the moment. For the moment being the operative word, but I am hopeful, since we do not drive them very much compared to the average consumer, they will both hold up for at least the remainder of the year. Or even for 2010 and 2011! Heh. A girl can dream.
Debt down, savings up – April turned out to be a decent month. On to May, with no predictions… predictions seem to be my downfall in 2009. The debt will be conquered yet!