Tuesday, July 18, 2017

A summer update

Wow - I know I don't have that many regular readers, but for those of you who do check back in, I apologize for being out of commission for so long. I have reverted to only posting monthly debt updates for awhile because that was all I could manage, and then when May rolled around, our Discover card pending payments hadn't quite cleared when I wanted to post our update (I always try to pay it off first before tallying everything up). Then suddenly it was the end of June, and now it's almost the end of July!

The good news is that we have kept on track with our planned debt payments. Next week I will be posting a July update to catch everyone up. We are closing in on dropping below $60,000 by August. Some would gulp and go, "60? You mean you still owe $60,000!?!" And I will calmly reply with smile, "Yep, $60K. But we've come a decent way from $90K, and before you know it we will be down to $30K. . . ." That's how I keep going. It's not easy. We have friends who are taking the public service loan forgiveness route (which we also qualify for) and it's very tempting to just say, "Oh, whatever. Let's just make the minimum payments and wait for 7 more years."

There are so many other things we could do with $665 a month (this is what we put toward student loans). We could raise our grocery bill, buy smartphones, make all of the home improvements we would like. But one of the reasons we are not making just minimum payments is that we know that extra money flies out the window. When you have extra money coming in, you start to think about everything that is now more affordable, and suddenly your spending goes up and you are back to square one. As hard as it is, I know that with a couple more raises and consistent budgeting, we can be out of this debt in less than three years - in fact, more like 2 1/2!

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