I've decided to hold myself accountable as I pay off my student loans by sharing my progress once a month as the balance goes from $68,200 to $0. Perhaps, I'll even inspire a few of you to join me. This is my second update on this life-changing journey.
Balance as of July 27, 2018
$68,200
$68,200
Interest rate: 5.8%
Progress since then...
Total paid in 1 month!
$12,000
$12,000
And the new balance is...
New Balance
$56,200
$56,200
My confidence I will pay off all my student loans in 13 months: 100%
How I did it:
- Lived on only 38% of my income. The rest went to my student loans. (For this I recommend reading The Minimalists and Mr. Money Mustache.)
- All my savings went to my student loans, except for the $1000 emergency fund.
- Liquidated all investments, except for retirement savings accounts.
- Want more on how I did it? Go to my latest posting on living on $20K per year.
How you can do it!:
Here are some links to my other posts to get you started. These are the steps to paying off debt.
1. Create a budget.
2. Track your spending.
3. Learn to live with less.
4. Live on less than 50% of your income.
Go to my resource page to learn more about this topic. I recommend starting with Mr. Money Mustache and BiggerPockets Money podcast.
5. Crush debt (learn about the debt snowball).
Me celebrating the actions I've taken today towards my soon to be future of being debt free...
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