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I Did It!

September 13th, 2020 at 01:30 pm

I’m so happy, I hit the send button on a $1,000 payment of my student loans. I used the money I was saving for my bedroom set. I don’t know why but something is telling to get this first loan paid by the end of the year and so I’m trying very hard to do so.

I’ll admit I can’t help but think, what if I was able to invest this money? It depresses me, but I know I’m making progress. By the end of the month, I would have thrown over $2k at this debt.

I’m praying that the interest free remains through at least the first quarter of 2021. If this happens, I will be able to pay off the interest of the second loan, and start tackling the principal.

Edited to add, a friend’s mom put $20 in a thank you card, I was able to find her Lysol. Though I didn’t want the money back and it’s way more than I spent for it, I’m thankful. I used this to add to my student loans. So today I paid $1,020.

My new balance on student loan 1 is $3980

Posted in Debt | 7 Comments »

7 Responses to “I Did It! ”

  1. Lots of Ideas Says:
    September 13th, 2020 at 04:47 pm 1600015655
    1600015655

    Good for you for making a tough decision.

    This is not the time to put a big chunk of money into the stock market,
    We are going on a wild ride from now through the inauguration,
    If you invest the same amount each month, that is fine because of dollar cost averaging, but I think we will soon see a lot of people worried that their retirement accounts have lost $$$.
    The debt you are paying will stay gone!

  2. Amber Says:
    September 13th, 2020 at 04:57 pm 1600016244
    1600016244

    Thanks LOI, you’re definitely right about the debt being gone.

  3. crazyliblady Says:
    September 13th, 2020 at 05:46 pm 1600019200
    1600019200

    Congratulations! It takes a lot of discipline to make that kind of move. You will not regret it.

    I have had to make similar moves lately with beefing up emergency savings as a priority over making debt payoff a priority. Don't get me wrong, I am still paying off debt and paying some extra, but emergency savings is my priority.

  4. Thrifty Ray Says:
    September 13th, 2020 at 06:42 pm 1600022578
    1600022578

    Your gut instinct is so spot on. Paying down the debt right now is a very wise decision. Congrats!!

  5. rob62521 Says:
    September 13th, 2020 at 07:12 pm 1600024336
    1600024336

    Way to go, Amber! You are smart to pay down debt. There will come a time when you can invest once you have things paid off. The way you are tackling it, it will be sooner instead of later.

  6. My English Castle Says:
    September 13th, 2020 at 07:49 pm 1600026568
    1600026568

    Hooray for Amber!

  7. Joanne Says:
    September 14th, 2020 at 12:11 am 1600042308
    1600042308

    Good for you Amber that you paid that debt.

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