Below 50k!

Good morning debt destroyers! I had a different post in mind today, mostly about how I feel so behind in my financial life, but then considered that I didn’t want to start off the day with feelings of inadequacy. What if I am right where I am supposed to be in this moment? So I thought I’d have a positive, celebratory post stating that I am below the 50k mark!

Current Debt: $49,331.13

Graduate loans: $40, 780.39

Undergrad loans: $8, 550.74

Paid off in 2013: $9,030

I am so excited!  I thought I was falling behind, but I am exactly where I am supposed to be. Even though I’ve had a severe case of debt fatigue, and some lifestyle inflation since I got my job, it’s nice to know that I’m still not doing that bad. It’s inspiring to know that I could do even more!

For those paying off debt, I can’t stress enough how much of this process is mental. I’ve accumulated a total of 81k in student loan debt getting all smartified. The first four years of debt payment, I was just going through the motions, never paying more than the minimum. Then after I graduated with my M.A. my debt total skyrocketed and I knew I had to focus, try harder and obliterate this financial deathtrap. I didn’t see any significant progress until I mentally committed to overcoming my debt. Over the past two years, I’ve paid off nearly 20k, and as you can see 9k of that was in the past 7 months. For the first 5 months of this year, I made 12/hr. BEFORE TAXES. So if you think you have to make a lot of money to do this, think again. I admit that I have cheap rent, low cost of living and don’t have kids, so I can make this happen.

The math seems impossible, but I know that the reason I’ve been able to make it happen is mostly because of my side-hustles, living a pretty minimal life and having a cushion in savings.  I’m hoping my next payment can get my graduate loans under 40k. To see that number in the 30’s would feel so good! Somehow 30k seems a lot less threatening than 40-50k.

I am not doing the debt snowball method, which would dictate that I get rid of my undergrad loans first. Those are sitting pretty at 2.5% interest, while my massive graduate loans have an interest of 7.9% (daily interest is $6.25!). So far it’s working for me.

How is everyone else doing? How do you stay motivated in a long stretch of debt repayment (years)?

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28 responses to “Below 50k!

  1. Holy cats! Your daily interest is $6.25?! That’s insane, girl!

    I’m soooooo proud of you for getting your debt under $50k! That’s crazy awesome!! Especially tackling $9k in the past 7 months is crazy great. I can’t wait to hear about this all more tomorrow night!

    • Yes, it is insane and it used to be worse! I can’t wait for this to be done, just gotta keep husssstlin for a few more years. blah.

  2. Congrats! As I work off my debt (starting with twice as much as you!) it is so inspiring to read about someone else is successful at paying more than the minimum and seeing the balance decrease instead of increase. Keep up the good work and thanks for the motivation!

    • Thanks so much, your comment meant a lot. Sometimes debt repayment seems so insular and lonely so thank you! Glad I could help motivate somehow.

  3. Congrats on reaching the below $50K mark!!! I remember feeling so awesome about myself when I did that 2 months ago. I’m amazed that you were able to pay off so much debt on a relatively low income. Such a debt repaying rockstar you are 😉

    • My side hustles and savings are really helping me here. I used to have a significant savings, but am slowly depleting it so I can payoff more debt! Thanks for the encouragement love!

    • Yes, 4 is better than 5 and I can’t wait for my 4 to turn to a 3. It’s like counting down to your birthday or something….it’s so good. It will happen for us soon, I know!

  4. Keep it up – you’re making excellent progress – took me and my wife just two years to payoff over $40K – can’t tell you the feeling you’ll get being DEBT FREE!! I’m not a blogger, but I do follow Girl Meets Debt which is how I got here!

  5. Yay, congrats on hitting the under $50k mark!! I agree it’s smart to knock out the higher interest rate one first – keep the great repayment going, $9k in half a year is amazing!!

    • Yay! Feels like I am getting somewhere, slowly but surely. This year a lot of things have changed for the better and thank goodness 🙂

  6. Well done on reaching the under $50k mark!! I am yet to experience the famous debt fatigue (here’s hoping I’m immune to it, haha), it’s great you haven’t fallen behind with your debt repayment!

    • Haha I know, right? Luckily I am making a bit more now, but still putting a lot towards my debt considering I have a non-profit salary. Thanks for the support!

    • Thanks 🙂 Baby steps is the only way for me. I am not in a position (yet) to move any quicker. But I’m pretty happy with the progress so far.

  7. Congrats! A little treat can help you stay motivated in the long run. Whatever you have missed most, a diner out or a nice top, but just one!

  8. I know this if off topic but I’m looking into starting my own blog and was curious what all is required to get setup?

    I’m assuming having a blog like yours would cost a pretty penny?
    I’m not very web savvy so I’m not 100% sure. Any tips or
    advice would be greatly appreciated. Appreciate
    it

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