At this point in time, my plan after paying off student debt is pretty easy. Knock out my car next.
I plan on doing a follow up post to this one explaining my plan after paying off ALL my debt, but I thought this would be a good “halfway” point.
Like I said, next is the car. I have about $8,000 left on my car loan and my plan is to get that paid off before the end of 2019.
With the help of math.
I calculated out that I should be finished with my student loans at the end of August. At the end of August my avalanche should be around $500. Once my student debt is gone, I can take that $500 I paid for loans and add it to my $325 car payment making my total avalanche $825.
Now, hold on for a minute. I pay $500 TWICE each month and the $325 ONCE a month. Based on this, we can assume my avalanche is actually going to be $1,325 a month, NOT $825.
With some simple math, we can take the $8,000 and divide it by the $1,325 to get roughly 6. This represents the total number of payments AFTER my student debt is gone, that it will take to pay off my car.
Next, I can count 6/7 payments from when I pay off my student debt, to when I pay off my car. This should bring me to right around thanksgiving of 2019 for the conclusion of my debt free journey.
Can I do this?
Absolutely, in fact I encourage it. Take my numbers as place holders and fill in your own debt numbers! Post a comment below with your progress, I would love to see you achieve your goals.