Well, as of today (May 8, 2019) I should be on track to paying off my student debt in August 2019.
2.5 years and around $30,000 later, one of the biggest burdens of my adult life is about to be (finally) lifted.
Don’t get too hyped though, I still have a couple months to go. And an entire car left to pay off afterwards.
That aside, let me walk you through my plan for these last couple months.
Like I stated in previous posts, I’be been utilizing the debt avalanche approach to paying off debt. Although I began my journey using the debt snowball method. I swapped kid way through because I was confident in my discipline and knew I could pull off the Avalanche method. Even if it meant a less exciting journey.
That all said, I’ve paid off the loan with the highest interest rates already. All that’s left is a measly ~$3,000 loan at 3.something%. I’ve calculated my snowball to be around $450 a paycheck and (hopefully) $900 each month. This puts me at exactly 3.33 months remaining. Lucky for me though, this May is a 3x pay month, which allows me to put a bigger dent in this final loan earlier on.
As I work through this final loan, I want to make sure that I’m held accountable. I’ve put my numbers down onto paper (and on my blog) and in doing so, I have some accountability. I suggest you do the same, it definitely helps. Let me know in the comments below what debts your working through, and then map out the numbers like I did above. It’ll give you a chance to visually see you progress, and hold you to it. Keep grinding, we’re almost there!