Celebrating an Accomplishment

by Lisa on Friday: Nov 30, 2012

Today I accomplished something I’ve been working on for a very long time that has nothing to do with health, fitness, food or my job. Any guesses?

I paid off my student loans!

I wrote about my journey with my loans a few months ago at Budgeting in the Fun Stuff here, but here is a quick summary: I graduated college in 2005 and had massive debt (nearly 6 figures). When I started paying them off that year, my monthly payments were the equivalent of a small rent payment, which meant I couldn’t afford a real rent payment on top of that with my entry level salary.

But I scrimped and saved and worked my way up at my job. I put almost all of my extra money every month on the debt and made spreadsheet after spreadsheet to track it all and to keep me motivated. I honestly thought I would never get to this point, especially after so many years of seeing a massive balance every time I logged into my account.

In a sort of nerdy way, the spreadsheets really were what kept me going the most. In the beginning they were insanely detailed, and I checked back in every month to update how much extra I had paid along with keeping a running total of how much interest I was saving by paying early. I do wish I had kept up that last part all this time because I would love to know how much interest I saved. These were 15 year loans, so I effectively saved 8 years of interest.

This has been a tough week at work so I’m happy to be able to go home tonight knowing that not only is it Friday, but that I also have something to celebrate. Now on to the next big financial challenge: saving up to buy a house!

6 Responses to “Celebrating an Accomplishment”

  1. Anne Kimball says:

    Hi Lisa, I’m Anne from Life on the Funny Farm (http://annesfunnyfarm.blogspot.com), and I’m visiting from Friday Chaos.

    Wow, I am so impressed! That had to take a lot of dedication and fortitude. I wish my husband and I had half the focus you have with paying down debt. You’ve inspired me!

    Anyway, thanks for posting this. If you’ve never visited yet, I hope you can pop by my blog sometime to say hi…

    • Lisa says:

      Thank you! It was a definitely a hard road. I’ll be stopping by your blog as well!

  2. that is amaze-balls!! you were able to pay off way more debt in the same amount of time as me! i also graduated in 2006 but i only had 30k in loans. i only got serious about paying it off recently though, but already under 20k! hopefully two more years, i’ll be able to say the same thing! if i were you, i’d figure out a way to put fireworks on your blog because that is a big freakin deal!

    • Lisa says:

      Thanks so much! I’ve been keeping up with your debt payment posts on your blog too and getting to where you are now is awesome progress. Once the decision is made to focus on getting rid of them, it all seems to move a lot faster. I still sort of can’t believe that I never have to log in to Sallie Mae again!

  3. Rosey says:

    Oh my gosh, you will hear me screaming all the way to the moon with JOY when my student loans are paid off. Congrats on the awesome news!

  4. […] November No pictures for this one, but this was the biggest accomplishment of the year. I finally finished paying off my massive student loan debt!! […]

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