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A Weight Off My Back

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    A Weight Off My Back

    Well, Friday I paid off the last balance of my student loan debt (at the expense of my poor checking account).

    I started my "career" job and my second suppliment job at the same time just over a year and a half ago. The second job's sole goal was to help save money and also pay down my student loans.

    I paid off just about $16,000 in 19 months while still managing to save 15% for retirement and put away extra money into savings each month. I'm 25 years old and feel so much better knowing that the second largest chunk of debt I have is gone forever.

    Here I sit, with about $5,000 in checking/savings, my car as my only debt (which is the next thing to tackle), $12,000 in retirement and the ability to put away even more each month now as I'm keeping the second job to help maintain the extra income for savings as I want to purchase a home in the next 4-5 years. Must say, pretty happy/lucky to be where I'm at but it didn't come without hard work...I have to credit this forum as being a part of the motivation among other sources, but a big thanks to all the contributors here.

    #2
    Congrats.

    $16K in less than two years is impressive.
    Brian

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      #3
      Give yourself a nice pat on the back and continue to move in the direction you're currently heading.

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        #4
        I am really impressed... You have done a great job. KUDOS. People should learn from you. Once you pay off the car, you will have more money to save. Once you save money for the down payment, you will be all set for buying your first home. Congratulations buddy!

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          #5
          Thank you everybody!

          My next step is getting my car re-financed down to 1.49% from my current 5%.

          I'm on the fence about rushing payments for the car at 1.49% since they payments aren't a burden. If I just make the payments for the next 48 months, the car will be paid in full and at my current savings rate of $2,000/mo I will have close to $100k cash and $45k retirement/investments. I'll have just turned 29 which I think is a pretty decent spot to be in heh.

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            #6
            Congrats! My wife and I are preparing to throwing everything we have to pay off her student loan and our car payment in 2.5 years. Can't wait until we pay it off so we can free up that income!

            Charlie
            Last edited by jeffrey; 01-03-2014, 09:03 PM.

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              #7
              Congrats! Keep up the good work.

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                #8
                Nice work!

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                  #9
                  Congrats on paying off the loans! I did the exact same thing that you did- pay off debt while also saving for retirement. It worked great for me and I know it will for you! Keep up the good work!
                  Check out my new website at www.payczech.com !

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                    #10
                    Congrats! That's a pretty hefty chunk of debt to have wiped out! You're in a much better place now for sure.

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                      #11
                      Wow, that is a very impressive goal you have accomplished in such a short period of time!!!

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                        #12
                        Good on you, it's terrific to see you succeed with your plan to pay off your SL super quick and saved yourself a ton of money on interest.. Wonderful that you've also contributed 15% for retirement. What did you chose in that plan? I'm delighted to cheer your endeavours and have no doubt you'll have a 20% DP for housing quickly.

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