Four Figure Student Loans. W00t!

Four Figure Student Loans. W00t!

Raise your glass in celebration! It's wondrous day!

Raise your glass in celebration! It’s wondrous day!

 

It seems like just last week I was asking you all if I should pay my student loans down or keep my savings bolstered up. And after some awesome discussion, I decided to plop $3,000 of my savings on those blasted student loans! That brought my total from about $14,000 to just under $11,000. I was pretty excited to see the progress, but to be honest, having these loans the past 4 years, it has felt like they were moving slower than a traffic jam in China (no seriously, look it up!). But today marked a momentous occasion as I can now remove a digit from the total debt left on our student loans.

Less Than $10,000 To Go!

I logged into our Mint.com account to look at our budget yesterday, and a number caught my eye. It was a number I had not seen before, so I scrolled down to take a closer look. It was a fun-looking, four-figured number that was happily sitting under my student loan heading. Wait, did I just see a four-figure number under student loans?! O. M. G.!!!! My eyes weren’t lying to me. Nope, our student loans were comfortably sitting at $9,887.10! W00t!

Student Loan Balance Sept

Having seen our student loans start at $24,000, and watch it slowly but surely drop down over $14,000 really has boosted my motivation for getting rid of these pesky things once and for all. And now that we’ve dropped below 5 figures, I am planning and scheming how I can kill these things faster than Miley Cyrus killed Hannah Montana. I want these things gone, and $200 a month back in our pockets to start putting towards our mortgage and retirement accounts. I want it so bad I can nearly taste it (and it tastes like freedom!)

How Much Longer?

At the beginning of the year, I set an aggressive goal to kill the student loans by the end of the year. Looking back now, that was definitely wishful thinking, but I have been able to knock out about $6k of the loans so far, and there’s 4 months to go! If I can make some things happen this year, I’m hoping to get it down another $2,000 by the end of the year. That would put me at just under $8,000 left on the loan.

Assuming I can earn some extra money through side hustles and being an awesome tax accountant, I believe I should be able to knock out this loan by June next year! That means we could be debt free (except the mortgage) by June 2014! WOOOOOOOHOOOOOOOOO! I can’t even imagine what that will be like, but I’m hoping to find out sooner rather than later. Then I can join the ranks of my fellow student loan killers, like Michelle and Kathleen, and be free from the slavery that is consumer debt forever!

I have a tough road ahead, full of frugal decisions and determination to be debt free, I know that this goal is much more solid than what I set before. I have access to the possibility of extra income online, am still a professional tax accountant, and am always looking for opportunities to move up at work. Combine that with always trying to figure out how to save money and rocking an AWESOME budget, our chances are looking pretty good at becoming DEBT FREE FOREVER in 2014!

Join Me In Celebration

Everyone has their milestones set before them, even if they only seem like a pipe dream at the moment. But join me in celebrating the small wins, because your big win is definitely on the way. Our big win is getting below $10k in debt. What’s yours? Share with us in the comments and help motivate others to see that the small steps do add up to big wins, and those big wins feel great!

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Comments

  1. That is awesome, Jacob. I love seeing numbers drop like that! Keep it up and you’ll have it all paid off in no time!
    Holly@ClubThrifty recently posted..Cash Money: $6,605 in August Income and Blog UpdatesMy Profile

  2. Good job! To this day, I still cannot believe that my student loans are gone. The feeling is great!

  3. Great job on getting below $10K. I haven’t missed my student loans at all since we paid them off this past spring. I would love to get our mortgage below $150K by the end of the year.
    Kim@Eyesonthedollar recently posted..Do I Need Vision Insurance?My Profile

  4. Congratulations Jacob, its always good to reach a milestone. Keep going and that last “few dollars” will be gone in no time at all.

    I challenge you to make the “YAY – I’m debt free (other than mortgage” post in or before May 2014?

    Think you can do it?!
    moneystepper.com recently posted..Attitude to money – the three second testMy Profile

  5. Dropping digits! Keep up the great progress and you guys will kill it in no time.

  6. Woo, that’s awesome! That must feel so good knowing that your student loans will be gone soon. I think being under $10k is a great milestone – I am hoping to be in the $14k’s by the end of this month. Slowly but surely the amount is getting lower.
    E.M. recently posted..Student Loan Debt: Update #4My Profile

  7. I’m looking forward to the celebration when those loans are at $0! Congrats on your progress.
    Kurt @ Money Counselor recently posted..Net Worth PollMy Profile

  8. Wow, great news! There is the light at the end of the tunnel (and no, Metallica, it isn’t a freight train).
    PK recently posted..What’s the Ideal Savings Rate for Retirement or Financial Independence?My Profile

  9. Outstanding- you’ll feel so free when they’re gone. Then it’s on to the mortgage!

    My goal? Retire at 45.

    My favorite pizza topping? Pepperoni.
    No Waste recently posted..Net WorThursday – August 2013My Profile

  10. Congratulations! That must be an awesome feeling. We are almost down to half of Tori’s initial post graduate balance and that is a pretty major victory for us!
    Lance at Money Life and More recently posted..Should You Pay Off Your Spouse’s Loans?My Profile

  11. Nice progress! You will love it once you have those loans paid off.
    Nick @ ayoungpro.com recently posted..The Road to Retirement InfographicMy Profile

  12. Congratulations on the progress. You have been doing great on paying down the loan. I don’t doubt that you will get it paid off by next June as you plan.
    Andy Hough recently posted..Save Money With DIY YouTube VideosMy Profile

  13. Nice progress, but I hope you are still saving for retirement.
    krantcents recently posted..3 Ways to Make Cents of HVAC MaintenanceMy Profile

  14. That is awesome, congratulations on the four figure milestone. It will be a couple of years before I can crack the cork for that milestone. I did pat myself on the back for cracking under 40k not to long ago.
    Micro recently posted..Do you keep easy quick meals on hand?My Profile

  15. Congrats Jacob! That’s a pretty nice milestone to hit. We recently hit 1 year of annual income in retirement savings, which was pretty cool. Always fun and motivating to see progress like that.
    Matt Becker recently posted..The Peer-to-Peer Lending Numbers They Don’t Want You to SeeMy Profile

  16. How exciting – congratulations!!! I can’t wait to get to this point in my debt repayment journey!!
    Lisa E. @ Lisa Vs. The Loans recently posted..Weekend Recap: KoinoniaMy Profile

  17. Nice work! It was one of the best feelings paying off all my business school loans. I suspect you are now going to be extra motivated to pay it off within a year!
    Financial Samurai recently posted..How To Get A Rich Man To Be Your Boyfriend Or HusbandMy Profile

  18. Congratulations!!! Our bin win this year was fully funding both Roth IRA’s despite making less than last year and $12,000 in dental expenses that just popped up.
    Crystal @ Prairie Ecothrifter recently posted..How to Save Money by Swapping, Sharing and HiringMy Profile

  19. Great milestone to see Jacob. I always loved to see those and I am excited for you. Keep it up!
    Grayson @ Debt Roundup recently posted..Net10 Wireless Review – An Alternative ChoiceMy Profile

  20. Nice job! There seems to be a lot of celebrations like that in the PF world today!!
    Budget and the Beach recently posted..The 99 Cents Store/Link LoveMy Profile

  21. That is awesome! Congratulations on job well done. It’s really nice to read accomplishments like this.
    Marissa@Financetriggers recently posted..How to Lower Your Car Insurance FeesMy Profile

  22. Congrats, that’s awesome! I cannot wait for that day. I recently celebrated getting my student loans under 50k, which was a huge milestone!
    Dear Debt recently posted..I quit youMy Profile

  23. Fabulous! We recently paid off $8,000 on a $12,000 student loan, and it was such a wonderful feeling. We can’t WAIT to make that last payment and have it off our shoulders forever! (although, we still have $200k left. Wah wah)
    Rebecca @ Stapler Confessions recently posted..Painless Ways to Save MoneyMy Profile

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    […] I Love Budgets has just about paid off his student loan and is pretty excited about the prospect. […]

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