I can’t believe how quickly this year has gone by! It’s been a bit since I shared our student loan balance so I wanted to go ahead and update you on our progress. To be honest, we have been slacking off this summer. No, I’m not throwing my money away in Vegas, but we haven’t been as focused on paying down the student loan as we had in the spring. Part of it was due to having to buy a car the other month and rebuilding our savings. The other part is just due to us simply enjoying the summer.
However I’m now back on the saddle and I’m ready to pay down this loan! I checked our account and as of today, our student loan balance is $14,561.51.
- To pay it off in 2 years, we’d need to pay an average of around $600/month.
- To pay it off in 3 years, we’d need to pay an average of around $400/month.
- To pay if off in 4 years, we’d need to pay an average of around $300/month.
Right now, paying off the student loan in 4 years is certainly doable with our current budget. However, I think if we got back to focusing our extra income towards paying that down we can get it done in a couple of years.
I’d love to hear of some of your financial goals. What are your plans for the rest of the year?
Favorite Personal Finance Posts This Week
Here are some personal finance posts that made me want to try and shake up my finances.
- 70% Of Your Wage Should Go To Your Mortgage: While we are focusing on eliminating our student loan, there are people passionately paying off their mortgage early. Mutilate the Mortgage shares how you can get rid of your mortgage in less than 10 years.
- 10 Worst States for Financing a New Car: Glad NC didn’t make the list 😉
- Craigslist: Sell Your Item in 24 Hours Or Less: This is one of my new projects – getting rid of our gently used stuff and hopefully getting some cash for them.
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Photo Credit: rrunaway