A little background to my debt story.
July 2019 – I paid off my $16k car loan in 15 months, ahead of of schedule. So I guess you can say that I am pretty good when it comes to budgeting and making sacrifices.
Once my car was paid off, I shifted my focus to build up my savings because I work as an independent contractor, and work is not always consistent so I feel more comfortable having at least 6 months of living expenses saved. Now that I have that saved, I can shift my focus to pay the balance left on my student loans.
I paid off 2 student loans – $2,033.82 in April 2017 and $5,497.89 in October 2018 – and have 4 left. As of July 2020, the balance is a whopping $90k!!! I have paid $16,294.09 in interest since Jan 2017. That number makes me sick to my stomach. While mandatory payments towards student loans has been suspended, I am trying to take advantage of 0% interest set to zero on student loans during the pandemic. This is due to expire in October 2020, but I am really hoping it is extended for at least a year OR it would be even better if it is decided to forgive all student loans (yes, I am still praying for a miracle!!!).
Periodically, I will update you on my progress. But I want the focus to be less on my actual numbers and more on my mindset as I navigate the balance of staying committed to paying off debt and living my best life!
Because my student loans are not going to pay themselves, please note that I get commissions, at no cost to you, for purchases made through links on my site. Debtspiration is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.