January 15: Check in - line 33! 🌿

We're doing a version of the 34 day reset - it's basically a no-spend January, to see just how much we can save to put towards our debt.  I have been really surprised by just how much we can do when we choose not to eat out or make spontaneous, unnecessary purchases. (though semi-budgeted for, thx Stuff I Forgot To Budget For category 😉) Some of this extra push came from a windfall too, of about $300.  While I've enjoyed seeing how much we can save without extra spending, I do miss some of those simple pleasures like not having to cook eating out... so no-spend January will definitely be ending with January. 😂

Progress so far:

Payments made: $1000

Balance remaining: $6000

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Payoff Goal:$7000 

Paid so far: $1000

14.29% of goal met!

Coral Mare Mortgage balance between 1/1/20 & 1/1/21 decreased by $3,872.42.  This includes rolling the refinancing costs back into the loan.  Let's see if bi-weekly payments help the balance drop, even when the house isn't the focus debt.

Coral Mare So awesome that yall are team driving. My BF has suggested that before, though I don't know that I could get my CDL. He's an amazing driver, though, but he only does local stuff. My mom had friends that got deep into debt, and decided to sell their house and get a rig and their licenses and they paid off their mortgage and debt within a few years, and then stopped driving to settle down. It's a really powerful tool if you choose to leverage it! Kudos to yall!

Orchid Guitar 

January Check-In: $1,855.67

Orchid Guitar 

I forgot to make one point for clarity and for others who are in this complex time of student loan debt payoff... We have been holding back the cash for our student loan debt payoff until the interest begins again. It's safely stored in its own bucket. The amount I will list in the debt smackdown is the amount placed in the bucket each month.

Our Thinking

We decided with the uncertain times that we would keep the cash as long as possible. We both are disciplined and know that it would be a true emergency for us to spend the money. It allows us options, though. We're a one income family, and while that job seems secure, we'd rather have the options as long as we can.

Orchid Guitar that sounds really wise. And it will be fun when you can make one giant payment when the time comes!

farfromtheusual 

So, so true! I am very excited to see the drop right before interest starts up again! I think that's part of the difficulty of waiting is I don't get the satisfaction each month of seeing the principal go down. But, when it does, it will be fun!

Orchid Guitar you're right, but just think of how big of a drop it will be when you make that huge payment!! THAT is going to be awesome!!!

farfromtheusual 

Yes, I have dreams of that day :)

Cinged aww, I do remember your lizard purchase :) How is the lizard doing??

farfromtheusual Combo Panda is doing great! We watched Wonder Woman 1984 last night after his bath and just chilled out for half the night. I've let him run around my son's room, and likes to find the smallest spaces to fall asleep in where it's difficult for me to reach or even find him, lol. He's shed around 3 times in the last 6 months and getting big! He doesn't pancake as much when I pet him, and even ran to me this morning when I went to feed him; usually he waits on his hammock until the bugs are in, but today ran up and waited for them. He really is an awesome little guy. 

On a side note, I totally just realized I can add pictures on here. 

I also just learned about the Community Journals, so I started one. 

Cinged OOOoO!!! SO cool! That's awesome that you are finally developing a relationship and some trust! That has to feel so good!!

Veronica Thank you so much!

mander82 I always feel like I have tiny goals compared to so many - but debt is debt, and what is a lot for some may not be for others, and that's ok. I haven't posted my numbers yet, but I'm only going to be paying about $3600 toward my debt this year, and it will actually be a bit less than that due to the interest. You can only work with what you've got, and every little bit is important! You're in good company!

mander82 any intentional goal is a good goal! I accrued CC debt quickly around 2016/2017 due to a variety of life circumstances, and it was only until about midway last year that I could pay more than the minimum payments (I usually tried to at least throw a hundred extra dollars or something to make a dent in interest). Last time I went (non-mortgage) debt-free I also did the snowball method; getting that first card paid off felt painfully slow but once each debt disappeared it was so freeing to see progress accelerate.

Gold Projector Are your student loans a mix of subsidized and unsubsidized? Mine is a mix, so some of interest and some don't. I have each one added individually in a tool called Undebt.it, and it shows all the different payoff types so you can see how much you'd be paying off overall and how much paid in interest. If you have some that are non-interest, maybe doing snowball with the interest loans first would help cut down on the interest you have to pay?

Congrats on your progress thus far, and good luck on your goals this year!! 

Cinged I also have a mix! You're right, I should prioritize those. I'm applying for an income driven repayment plan so I'm thinking FedLoan will take that minimum payment and allocate it as they see fit. Past that any additional snowball money would be best used to knock out the unsubsidized loans. Great idea, thank you!!

AmandaCham Welcome to the party!

farfromtheusual thank you. It does seem lovely here.  

Opal Freshness Gotta start somewhere! Welcome, and good luck on your goal!

Spider Plant Still paying off student loans after retirement?? Oh man, that is a wake up call, isn't it??  Congrats on your progress last year, and Good luck this year!!

Cinged Right? I was already putting extra towards them by the time I learned that, but it gave me even more drive and helped me shuffle my budget for even more ways to push for these to be done. I just started year 11 of paying mine (they were 25 year loans) and I should finish at a little less than the halfway mark, hopefully. Thanks for the luck and cheers for your goals this year too!

Slate Blue Cartridge I am actually line #56  

Slate Blue Cartridge   My goal this year is to start attacking our (almost maxed out) LOC.  It is at 96,696 with a $100 K cap.  This is obvi not great for credit utilization data that feeds our credit scores.  I have been paying only the minimum payments(interest only) for years... and it is time to get serious and pay this off before the end of my draw period in 2025.  If I can pay $2000 a month for the next 54 months it will be paid off in full by 6/2025! Let's go !!!

Maroon Sloth We'll help you stay motivated so you can meet your goals. This is my second year doing this and having to be accountable each month for what I've done even if it was just the min that month I was excited to see my goals balance dropping each month. And the rush you will get when you get that first thing paid off will also help. Best of luck to you. :)

Maroon Sloth My goal is to reduce debt by 36k this year!