Coming to you again exactly 1 year since my last post, 7 Loans in 6 Years! The debt payoff continues as I’ve *almost* paid off 8 out of 10 loans!
If you’ve been following my journey to being debt free, you know that I’ve consistently been on track to meet my goal of paying off one loan each year. To date, I’ve paid off 6 student loans and 1 car loan (hence the total of 7 in my update last year).
My plan after last year’s post was to begin making payments on my largest remaining loan since that has the highest interest rate, which I’ve been doing. However over the course of the last year, I’ve also purchased a new-to-me car (with no loan!), dealt with mechanical issues for said new car, and purchased a multi-family home with my husband. It has been quite the year for us!
That being said, I had to prioritize where I spent my extra money and unfortunately didn’t always put it towards my student loans. It is important to note, though, that I did always make my monthly payment.
To date, there is $1,396.88 remaining on the loan I’m working on. I’d love to say I’ll have it paid off by the end of the year, but with Christmas coming up I can’t promise that either. I’ll still be chipping away at it as much as I can, and I hope to have it paid off very soon. Once it is, I’ll update this post at the very end!
Given that student loan debt has increased $61 billion since last year (bringing the total from a whopping $1.753T to an even more whopping total of $1.814T, knowing that I’ve paid off so much in such a relatively short amount of time makes me feel accomplished.
I was a little disappointed when I realized I’d be giving this kind of update instead of a “woohoo it’s paid off” update as I usually do, but hey I’m just human and you can’t always win, right? Not to mention, I’m pretty dang proud of myself for getting approved for and purchasing a multi-family home in this economy. Win some, lose some. It’ll only be a few more years before I’ll officially be part of the 20% club!
Currently, my student loan balance is down to about $8,300 (from $12.2K this time last year). Knowing I’m finally in the thousands instead of tens of thousands gives me so much push to see it continue to decrease.
If all goes according to plan I’ll have paid off the remainder of this loan as well as my next highest interest loan ($3,250) by this time next year!🤞
As always, thank you for reading! Make sure you subscribe so you can stay tuned for next year’s update on my progress.
Until next time! ❤
P.S. If you’re working on paying off debt while simultaneously trying to save money, pay bills, and budget effectively but don’t know where to start, I can help! While sharing my journey to being debt free, I’ve received SO many questions on my tips & tricks for doing so. So I took my knowledge and experience and created a beginner-friendly Budget Journal! Purchase and download the digital version below so you can use it as many times as you’d like!
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