Today is my son’s fifth birthday. To celebrate my mom came to visit from the east coast, and we had cake, a few presents, and fun with family. My son said it was the best day ever. I hope that he continues to enjoy the simple things in life for years to come. And I kept my house from being overwhelmed with a huge crop of new toys, selecting things that matter and will last over a lot of little trinkets. A win-win for me!
For newer readers of the blog, Tell All Tuesday is where I recap what’s changed as far as our debt situation since the last update. I used to do it every Tuesday, or close to it, but once I got down to the student loan, I can only make payments to it once a month without them advancing my due dates, and I want everything that possibly can be applied directly to principal, so I only make a payment once a month. So Tell All Tuesday has become more of a monthly affair. But, hey, today is still Tuesday.
Since last month, we got an unexpected refund of part of our escrow account because our property taxes have gone down. That added to the budgeted amount we pay monthly to the student loan was almost $1500, so I rounded up to make it even. When looking at my actual amount owed on the loan, I wanted to bump it up even more to cross another thousand milestone, but we weren’t able to do that this month, so we still owe just over $7000, to be exact, $7097.86. That payment put us at having paid off 80.53% of the total non-mortgage debt amount we owed (credit card, 2 student loans and car loan) two years ago, when I started this blog in June of 2007. Less than 20% to go!
The home stretch has taken longer in some ways than some of the middle steps did – it seemed we ran into a streak of good luck for a while and were able to make a lot of progress, and then hit some harder times where our progress has somewhat stalled. But it is still moving forward, even with the adjustments we’ve made to saving a bit more preemptively against needing a new-to-us car or any financial setbacks on the work front. And although $7000 still seems like a whole lot to me, paying off 80% of the original ~$36000 in two years makes the final 20% seem more than achievable. Our current amount paid off is now $29353.85, and my goal is to not only knock the student loan under $7000 next month (which would happen with even our minimum payment), but to knock that paid off number up to over $30000. Our budgeted amount (due to the change in our mortgage payment) is $543.66, so I’ll only have to snowflake at a minimum about another $150. We can tighten our belts more than we have been, and we can make this happen. And from there it seems all downhill… that works for me.