A Realistic Debt Journey

Starting back around 2015 my wife and me started making plans and began the snow ball debt. We didn’t keep track of our pitfalls and joyous moments the past two years because well we didn’t know we would be putting it on the Internet one day. But we decided now to put it out there to show viewers everything we have been through, to help you avoid the same obstacles and gain encouragement to start your financial freedom journey. This is a real transparent view into our lives and what paying off debt is really like. It doesn’t happen over a year like you may have read in other articles. For us it took time, consistency and dedication. Throughout the journey we realized we want to pay debt off but our intensity level is not as high as others or low as others. Because of that we found a great balance between paying debt and living life. Hope you enjoy!
Screen Shot 2016-08-26 at 5.15.05 AM
*July Debt Checklist*

 


Sallie Mae Pay Off
Side-note for Sallie Mae we decided to knock them out first because they offered a deal to forgive a portion the loan. The deal was to make 12 monthly payments of $517.00 until August 2016. We are extremely ecstatic to say we stayed consistent by making it a priority and still managed to pay off other debt and continue saving. Felt amazing to cross them off our list. This type of deal is not offered by federal loans so contact your loan company to see if they have any options.
New Car
As is life we had an “uh oh” moment when our 2007 Jeep Liberty gave out on us. ItIMG_0309 turned out to be a problem with a cylinder piston which turns out it is really…..really expensive to fix. It would cost us around $7,500 to fix the vehicle. We took about a week to discuss other options and decided to purchase a new vehicle. The Jeep still had other problems that would cost more money down the line and we thought it best to purchase a newer car that was more gas efficient too. We purchased a 2014 Nissan Versa and have been happy with the decision. This of course was a setback to our debt plan and we are taking on that car loan payment day by day.  On the bright side we were ecstatic that we had enough money for a down payment and received a great interest rate.

4th Quarter Strategy
Strategy for the next upcoming quarter is being a little derailed because we are moving back to our favorite city ATLANTA! But we planned for this for some time and have our budget saved for it so it shouldn’t be a factor unless we have any uh ohs. We will continue to pay the lowest debt by monthly payments and extra money we have after paying ourselves first and paying others second.
Our budget for the rest of August is the regular expenses, fixing our Mazda Tribute to have it registered, enjoy Dallas, continue saving and pay off more loans. Afterwards through the rest of the year are main goals are:
  • Save for a modest honeymoon trip : )
  • Continue paying off debt (as much as possible)
  • Move to Atlanta comfortably
The upcoming monthly posts will consist of our budget and updates on debt amounts. We want to show what it looks like for a regular millennial to pay off debt and enjoy life at the same time. Reading articles where someone paid $100,000 in loans in two years I realized that life is not for me. I want to be aggressive about paying debt and at the same time still enjoy my young years. It is important to find your level of intensity and still enjoy life. Let the fun begin!

Sign up for my FREE 10 day course to create your blueprint to financial freedom

Financial-blueprint

Learn how to make a blueprint to your definition of financial freedom.

Powered by ConvertKit

Leave a Reply

Your email address will not be published. Required fields are marked *