Debt Reduction May 2017

May Debt Reduction Progress: $13,208.15

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!

Debt Balances as of June 6, 2017Debt Balances as of June 6, 2017

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:

Payments
Check out that interest ;-(

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!

Other debt posts:
The Death of Parent Plus Loan #7
April Debt Reduction
August Debt Reduction

 

 

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