Hey!! If you’re new to the site or haven’t been here in some time, you may be wondering what this post is. TL;DR – my wife Rachel and I started our marriage together with over $80,000 worth of debt between us. That got old REAL quick, so we turned to Dave Ramsey’s Total Money Makeover for help getting out of it. Though we “started” our journey as a New Year’s Resolution to each other in January 2016, we started really hitting the gas when this blog launched in August 2016, and I’ve been posting these monthly progress updates ever since. If you missed the last one, you can find it here, or you can see all of them from the Updates link on the home page.
September has been a whirlwind, even though it doesn’t look like it from the numbers below! We were able to refinance two of Rachel’s highest-interest student loans with Credible, knocking the rates down from 10.5% to 5.99% and shaving $160 off the minimum every month, which frees that money up for other areas of the debt snowball. It’s cute, though, because in the paperwork they sent us, they mentioned that the last payment we have to make would be in September 2032. Those sweet summer children…
|January 2016 (Start)||July 2017||September 2017|
|Car Loan||$4,685.88||PAID OFF!! 03/17||—|
|Discover Loan||$5,511.82||PAID OFF!! 06/17||—|
|K Student Loans||$14,058.10||$11,540.50||$11,450.75|
|R Student Loans||$47,879.41||$45,005.28||$45,471.44|
$22,552.51 paid off since 1/1/2016
$12,634.90 paid off in 2017
$322.95 paid off this month
The Road Ahead
In addition to the refinance we did at the beginning of the month, I’m making good on my plan to pivot. God has finally answered my prayer for a new career path! This news is excitingly scary, and I’ll have a more in-depth post about what it means for our financial future once more of the details get hammered out. For now, it looks like our snowball is actually going to slow way down, but God has surprised us just a few times before, so I think we’ll just wait and see. We are still on track to pay off Discover next month, so it’ll be really good to be down to just the student loans as this job change takes effect.