tell all thursday another dollar another digit

April 30th, 2009

Tell All Thursday – Another Dollar, Another Digit

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!

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10 Responses to “Tell All Thursday – Another Dollar, Another Digit”

  1. Congrats! you are an inspiration and you are almost there! We just started our payoff plan but your site has been inspiring me. We have a wee bit more than what you started with but being only 2 months in I am already seeing some progress.

  2. You are my inspiration to keep on keeping on! Congratulations in your debt reduction journey. I admire you so much!

  3. Way to go! Those $1000 milestones are always awesome. I also love when I skip one! (like going from $9xxx to $7xxx in one month) Progress always feels great, doesn’t it?

  4. We just became Debt Free (except for the home mortgage) yesterday! And it does feel great. It took us 26 months. Now we are trying to build up the emergency fund. Congratulations on your accomplishments. I am looking forward to following your progress! :)

  5. I will become debt-free on Monday (except the mortgage)! Knowing that it is just days away is truly liberating. It took exactly 3 years to pay off $32,000. Although I’ve only been reading your blog for a few months, thank you for what you do. Your postings have helped me to stay focused during the final stretch of getting rid of this debt. Good luck with everything!

  6. Wow, this is awesome! I bet having your loan under $10 000 feels great (i can’t wait for this feeling). I love hearing realistic stories like yours. Right now my only debt is a student loan as well and i’m also saving for a “new to us” car. It’s great to hear that other people are in situations so close :)

    Thanks for the read!

  7. congrats – know that is such a great feeling! We just got our mortgage under a milestone number, and it felt fantastic…enjoy!

  8. we’re a toyota family! so i know that if you treat that toyota well, it’ll return the favor!

    thank you for being so honest in your posts. i know it’s probably theraputic for you to put it all out there, but it’s also the same for me reading. it’s empowering and i appreciate it!

  9. What an accomplishment! If it were me, I’d be so paralyzed by a $36,000 debt, it would make me catatonic.

    When you are out of debt (as in the last post)…you should write a book about your journey to debt freedom. It’s a real inspiration.

  10. WOO=HOO!! That’s is great! I hit two milestones this month – a HIGH-interest personal loan dropped to $2995 (from a high of $7900) and my 2nd mortgage when to $14956 (from a high of $16500)…so I’ve paid roughly 25% off in 12 months! It’s nice to share in your milestone, and as others have said – you are an inspiration to keep at it!