Author Topic: Student Loan Debt Free by November 1st, 2013  (Read 1922 times)

libraryjoy

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Student Loan Debt Free by November 1st, 2013
« on: September 12, 2013, 10:56:17 PM »
I owe the Canadian government $5,251.97. If I am exceedingly careful with my money, I stand a chance at being debt free (aside from a zero-interest loan from my parents) by November 1st, 2013. November 2nd is my birthday, and I can't think of a better gift to myself!!

Is anyone else close to paying off their debt? Or, close if you REALLY push yourself? I'm totally game for slashed food budgets and free fun :) Let's share ideas and help each other reach this ambitious goal!

basd

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #1 on: September 13, 2013, 12:14:15 AM »
I've got around 4K euro left on my student loan, but with a child on the way it is getting tougher to save up enough to pay it off before the end of year. I'm not really in a rush as the interest isn't really that high (2.39%) but I want to get rid of it asap nonetheless.

I've just received my first pay from a side gig this morning and, albeit a pretty small payment, I might just try and pick up some more to get it out of the way before December 31..

Good luck on your challenge :)

Charlotte

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #2 on: September 13, 2013, 06:00:41 AM »
We're hoping to pay off my motorcycle this year. I know, I know. It isn't mustachian badass, but it's our fun time together and we love it! My husband just pulled a bit out of savings and cut the bill down to a little over $6000. It'll be tight and we might have to drop both checking accounts down to $5 at the end of the year, but we are hoping!!

Good luck to you, and almost Happy Birthday!

KatieSSS

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #3 on: September 13, 2013, 01:50:46 PM »
Great challenge! My realistic goal is to get my debt paid off by the end of this year, but I might have a buyer for my car soon. If I sell my car, I might be able to hit the November 1st date!
"I dislike the fact that I have to be at my job at least 40 hrs a week. My time on this Earth is limited, and I want to be able to spend more of it in accordance with my priorities and desires. That is the main reason I want to be FI." = EarlyQuit, MMM poster

libraryjoy

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #4 on: September 14, 2013, 09:52:29 AM »
basd - Oo good luck!!! Not sure if you have anything you'd like to sell, but I've been putting stuff on craigslist to help me get closer to my goal.

Charlotte - End of year is a good goal!!

KatieSSS - Good luck on selling your car! Nov. 1st is ambitious, but maybe we can do it! :)

osker borst

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #5 on: September 14, 2013, 03:11:15 PM »
I've got ten times your student loan burden. When I pay this junk off, I plan to host a home-cooked meal with all the friends and family who helped along the way. Your birthday is a great coincidental occasion. I'll plan my debt-free birthday party for November 9, 2016.

You're so close, you can do it!

libraryjoy

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #6 on: September 14, 2013, 03:21:50 PM »
Osker borst - You'll get there!! I find that the closer I get, the bigger my payments become. I used to pay $200/month, and I'm upping that substantially as I get closer!! :)

MakingSenseofCents

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #7 on: September 18, 2013, 01:53:20 PM »
I paid off my student loans completely in July. Next felt better!
Life is supposed to be enjoyed.

Working on pursuing my passion and working when/if I went to. Paid off my student loans by the age of 24 and left my day job to pursue full-time freelancing.

www.makingsenseofcents.com
www.diversifiedfinances.com

libraryjoy

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #8 on: September 19, 2013, 05:14:39 PM »
Way to go! I will keep that in mind as I try to resist lifestyle inflation...

Charlotte

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #9 on: September 20, 2013, 05:04:25 AM »
Quick update -- we wiped out our savings and paid off my bike.

We just can't handle debt.... (shaking my head at our silliness).

But we will now be able to save much faster. We should be back up to a decent EF in one year!!

libraryjoy

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #10 on: September 20, 2013, 01:20:46 PM »
Charlotte - congrats on getting out of debt! No matter how :)

Charlotte

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #11 on: September 21, 2013, 03:52:25 AM »
Thanks! However I must admit that we aren't out of debt....

I still owe on my truck. That was kind of a mistake, but at least it's only 2%! Also, my kid is in college (3 more semesters!) and we are cash flowing that, but I consider it debt . It helps keep me in check!

Next year's goal -- finish paying for college. 2015 goal -- pay off the truck!

I am a work in progress.  :)

HappierAtHome

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #12 on: September 21, 2013, 05:06:11 AM »
This is an excellent goal, good luck! Being debt free is THE BEST. Seriously. You'll never look back.
Read my journal and help me figure out how to get to FI faster!
 http://www.mrmoneymustache.com/forum/journals/young-australian-can't-wait-for-fi/

young_one

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #13 on: September 22, 2013, 11:05:20 PM »
Awesome! Sounds like a realistic goal!

I graduated a few months ago and started with about $10,4000 in loans. I am currently in my grace period (until mid-December.) I have paid $500 to wipe away the interest and start eating away at the actual principal of the loan. I will continue to make payments in small chunks as I go, thus reducing my minimum payments when those start (in case I were to lose my job.)

My goal is to be paid off by the end of 2014, but I could even have it all paid off before then!

Rebecca Stapler

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #14 on: September 23, 2013, 01:39:58 PM »
Awesome! Sounds like a realistic goal!

I graduated a few months ago and started with about $10,4000 in loans. I am currently in my grace period (until mid-December.) I have paid $500 to wipe away the interest and start eating away at the actual principal of the loan. I will continue to make payments in small chunks as I go, thus reducing my minimum payments when those start (in case I were to lose my job.)

My goal is to be paid off by the end of 2014, but I could even have it all paid off before then!

Great plan -- ESPECIALLY paying off the interest before it gets capitalized!
Digging out of Debt with Frugal Living and Free Batteries: http://staplerconfessions.com/
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libraryjoy

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Re: Student Loan Debt Free by November 1st, 2013
« Reply #15 on: September 25, 2013, 03:45:10 PM »
I'm on track :)

I've been maximizing my free food opportunities (events, etc.) and I am not buying myself anything "fun" unless I can sell something first!