I’m pretty happy with my May 2017 debt reduction progress.
Nah, I’m lying – I’m fucking stoked!
I was able to pay off Parent Plus loan #7 by cramming $11,612.51 down it’s throat. It was really scary to click the “Pay” button that day, but it was well worth it to be able to see a balance of “$0” the next day!
Since last month:
Parent PLUS debt down: $12,395.64! <– yay me!
Mortgage lowered: $812.51
Overall debt reduction: $13,208.15
How did I do it?
I made 3 payments on the Parent PLUS loans, two of which were my current normal monthly payment of $1,500 for May and the first of two June payments (because I’m late posting my update).
The payments actually looked like this on the days I made them:
The big $10,000+ payment (plus an additional $120.08 because there was NO WAY I was going to be that close and not pay it off) is money I had been holding in my emergency fund since December. Since I am a one-woman show with an older home, three older cars, and one not-quite-independent college graduate, it makes me very nervous to not have a decent amount in my savings. I am also wise enough by now to know that if I hold onto cash too long I stand even scarier chance of spending that money on something else that I don’t really need. I finally made the big decision to pay off one of the PLUS loans.
It felt sofuckinggood.
Now I want to do it every month!
Hmmm…can’t do that quite yet.
But I do have big news coming soon that will positively affect my payoff rate. I can’t post about it just yet because I don’t want to jinx it, but I will as soon as I can!