Today starts the challenge part of The Debt Movement, so I want to share my goal for the next 90 days along with our starting point and our plan to knock this debt down.
Looking at $19k in Debt Left
Jeff Rose from Good Financial Cents and Ready for Zero have teamed up for a massive project; helping people to pay off $10 million dollars of debt paid off in 90 days. For my part I’m contributing my $19,000 student loan as a part of the challenge. I’m hoping that this group effort can speed up our goal of getting rid of this debt.
Paying Off $2,500 in 90 Days
Though the interest rate is low, we really want to improve our monthly cash flow in the long run. However we don’t want to pause our retirement contributions, so that means we have to cut other expenses and look for ways to earn a bit of income to get this loan eliminated.
As far as earning a bit of income, we have some cash this past week by selling our Jetta through Craigslist. We decided to take a chunk of this money and use it to an additional payment on the student loan. I’m scheduling a payment next week. I’ll also look for ways to sell some of our stuff and get a bit more cash.
We have redirected the extra payments we were sending in for the mortgage and now they are going towards the student loan. It is my hope that this will help us to get rid of this debt in 3 years or less.
Thoughts on Earning More and Paying Down Debt
If you have any ideas on earning a bit more money to pay down the loan, please let me know in the comments. If you’re interested in being a part of The Debt Movement, go ahead and sign up today to be a part of this massive challenge.
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More good news: If you’re committed to paying down your debt this year, sign up for $15,000 worth of Debt Scholarships to speed up the process even more.