July 2020 Debt Payoff Progress

I Should Be STUDENT LOAN Free By The End Of The Year

A lot has changed since last December, but I still am on track for paying off my student loans. I am finally under the 5-figure debt mark and it feels great. I plan to have my students loans paid off BEFORE the end of the year, just in time for this major change.

THE DETAILS

I track my progress towards my debt payoff journey using Personal Capital and the debt snowball method.

If you have any loans you are trying to get rid of, grab the personal finance bundle mentioned below. It has been KEY in helping me track my debt payoff journey.

CURRENT DEBT TOTALS

• Student Loans: $8,900
• Car Loan: $10,814.22

Total Debt As Of July 2020: $19,714.22

THOUGHTS ON PROGRESS

For the longest time I was looking forward to getting my student loans under $10K!

I’ve been thinking more about my goals list and what I want my financial life to look like once these loans are gone.

For example, I am only going to pay the minimum on my car loan because my interest is at 1.9%. I think my money can be better spent by investing it in the market.

The plan is to increase my 401k savings percentage from 7% to 25%. I used this website to calculate what my paycheck will look like after this change. Even though it will go down, I am comfortable with it.

GOALS GOING FORWARD

I have finally established a comfortable emergency fund. If I was to lose my job tomorrow, I have a 7 month runway to figure out my life.To be honest, I have never had this cushion before. It feels great! Long term, I am looking to build this E-Fund to a year of savings.

This would be the number that would help me sleep much better at night.

If you want to read older posts about this journey, you can find them by clicking here.