tell all tuesday happy birthday and debt milestones

June 30th, 2009

Tell All Tuesday – Happy Birthday and Debt Milestones

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 achievableOur 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.  :)

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14 Responses to “Tell All Tuesday – Happy Birthday and Debt Milestones”

  1. This was a great post! I love reading about your debt payoff!

  2. Awesome! You’re so close! I’d be scrounging up every last dollar too :)

  3. I miss when you used to blog more regularly. Did life get in the way, your interest wane, you run out of new ideas, or something else?

  4. Congrats on your progress – you are doing great!

  5. Congrats!! It does seem worse at the end, when you’re so ready to just get it over with but you have to wait… That last payment is the worst!!! (Waiting four weeks or so to make it, when you know you’ll be able to but not quite yet.)

    Hopefully I can kill my new car loan quick…. I hate having to build credit by having debt. Sucks, but considering how young I am it’s necessary at this point. Will probably be less important to me after we buy a house somewhere, but until then both my husband and I need healthy scores.

  6. I’ll second that–I also miss when you used to blog regularly!

  7. Hang in there…before you know it, you’ll be debt free!!

  8. Wow! That’s awesome. I can’t believe how much debt you’ve managed to knock out over the past two years!

  9. paidtwice Says:

    July 3rd, 2009 at 4:49 pm

    @Brandon –

    My hope is that I will blog more regularly as time goes on. Honestly, my dad’s death really affected a lot of things in my life I never realized it would, including my ability to sit and think clearly enough to write about, well, anything. I’m struggling with a lack of motivation about *anything* in my life, including blogging, and have to keep what I can on track. Some weeks I post a few times, some weeks just once, my goal is always 5 times but I often fall short of that.

    But the blog is still something I feel is important and am keeping at – just not in the same way – for now. As time goes on things will change, and hopefully for the better. :)

  10. Wow! That’s an awesome accomplishment, especially with the cost of a family to cope with. Great work!

    Hope you feel better…it sounds like your dad’s passing brought on a spate of depression. Maybe if that doesn’t lift in a few weeks, it would be a good idea to see a doctor?

  11. *hug*

    I hope things improve for you.

  12. Just stumbled upon your site for the first time today…Congratulations on only having your student loans left to pay off. It is really motivating to see your debt has decreased so fast. My wife and I are currently in school and we recently realized that we have gone far enough into debt and are starting to make a significant turn around. Thanks for the extra motivation.

  13. wow!! i just linked to you from a friend of a friend of a … you get the idea.

    i am so looking forward to reading more and getting ideas & i am in love with snowflaking – i already practice snowballing (but didn’t know that was the name for it!)

    your enthusiasm in this post has really motivated me to refine my budget and make it a little more detailed. thanks for the push!

  14. I love reading your blog & seeing what anyone can do when they choose to. We have been mortgage free for 10 yrs now & debt free for 3 yrs! It’s an awesome feeling. We just realized if we had stuck with our original 30 yr mortgage we’d still have 10 more yrs to go. Freedom is sweet!