Struggling to be debt free

Now that I have paid off that nasty, hairy student loan I have been more willing to purchase the little things that are needed around the house.  I used to put off the little things so that I could save more money to put towards the student loans.  For example, I purchased a new litter mat for my cats. In store the mat costs $40 (petsmart).  I found it on Amazon for $26 (taxes included).  I needed a new mat because my cats like to claw the mat and rip it to shreds.  Until they began ripping it, it worked like a charm to cut down on the litter that they would spread across the room. I also finally ordered a new filter for the refrigerator.  Of course, now that I ordered it, it's been back ordered.  Sigh.  The last thing I ordered was a new set of checks.  I moved into this house 2.5 years ago and never had new checks printed.  I found some inexpensive checks online for a total of $15.93 (checks, taxes and shipping).  Bank of Amer...

So when I arrived home from work yesterday I checked the mail and my yearly escrow analysis for my mortgage arrived.   The statement predicted a $182 shortage which means I can pay that $182 now or spread out during the course of the year.  Sounds like Wells Fargo found out I paid off my student loans.  Of course I will pay the $182 now.  I don't want my mortgage payment to go up.  In case hard times ever fall upon me, the smaller the mortgage payment the better.  I hate how it seems that the universe can sense a little extra money in your pocket. Oh well. Now I just have to wait for the homeowner's association dues invoice to arrive...

I only have time for a quick post today.  I'm already running behind as far as getting ready for work today.  I just wanted to take a few minutes and jot down some new worries I have been experiencing since becoming debt free.  This is the beginning of a new phase of my life and now I am worried that it could all be taken away.  What if I lose my job or get fired before I rebuild my emergency fund?  What if I lose my job before I can start saving for retirement?  What if I fall back into debt?  There's more and more of those similar thoughts brewing in my head.  I want to save money and be financially secure and I'm worried that something bad will happen before it get there.  I know my fears are irrational, but they keep popping up.  Does anyone else have this little worries creep in? 

I am debt free!!! Well, except for my mortgage!! I pulled the trigger and pulled money out of savings to pay off my student loan.  I really just couldn't bare waiting any longer and paying $0.14 a day in interest.  I did not feel the elation that I had hoped to feel, instead I feel a bit nervous.  I pulled the money out of savings so my emergency fund is down to $8,316 (but my online savings account remains at $4,023).  I hate having my emergency fund below $10,000, but by mid- February it should be back where it was.  Less than a month away. It's weird how being debt free is not as exciting as I thought it would be.  I felt way more excitement paying off loans and credit cards along the way. Strange... Oh well, now I can start planning my journey to build wealth and give.  Here's a lovely snapshot of my account:

$190 utilities $100 groceries $100 HOA dues $79 car registration $98 dentist appointment $1622 student loan $33 home alarm $200 spending $100 gas I don't think I will have to pay the $98 for my dental exam because the firm just recently started providing dental insurance. However, I will probably use that money for a voluntary bar association due payment ( I am a member of a local bar association and the dues are $90). I already paid and blogged about my student loan payment. Now, that the balance is down to $1,693, I am seriously considering paying it off- like today.  I accrue $0.14 in interest a day and I already owe $0.68.  I'm just tired of paying on this thing.  I will let you know what I decide to do!

Yesterday was payday and I made a large payment on my one remaining student loan.  I used the entire $400 I received in travel voucher reimbursements, the $1622 I budgeted for the payment and the excess money I had left from last budget period.  The total payment amounted to $2,154!  That payment brought the balance down to $1,693 (with interest calculated through 1/31/16)!!!  I am paid up for over 9 years, my next payment is not due until May 16, 2025!!  Literally, only $1,693 stands between me and being DEBT FREE (except for my mortgage)!!  I am pushing my pessimism aside and I am going to be debt free by the end of this month! If I am able to pay this off at the end of this month, I will have cut over 14 years off of the original repayment plan!

Hey guys and gals, January is flying by and I have not had the chance to put up a new post in awhile.  Since it is almost the end of this budget period, I figure it must be time to put up my budget post! lol! Anyways, this is how the first 15 days of January were budgeted out: $1,480 mortgage $592 student loan $60 pet plan $90 groceries $200 spending $100 groceries There will be major changes coming to the budget in mid- February once I pay off my student loan and I have already made a couple of draft budgets just to see how things will fall out.  Oh I just received a $400 travel voucher reimbursement and have decided to put that money on my student loan, so I think as of tomorrow I will have the student loan paid down to about $1,800 or $1,900 (depending on my spending today and tomorrow).   Yay!

 I made 10 goals at the beginning of 2015.  I did a  status update on June 5, 2015 and Octotber 4, 2015. Below are the final results 1. Pay off $10,000 on my student loans. PASS- - I paid off $20,317 on my student loans!  2. Pay off the smaller student loan completely. PASS- the loan was paid off in April of 2015! 3. Cash flow the dental work I have left. PASS!! 4. Be a better friend to my friends. PASSISH I was definitely there for a good friend of mine when her mother passed away this year. 5. Read at least 24 books FAIL- I ONLY READ 18 BOOKS! I don't know what happened.   6. Give more (time and money). FAIL!!- I did not give much time or money to any charitable organizations.  7. Lose weight = 30lbs. OMG!! Weight loss to date--3lbs. Sigh. TOTALLY FAILED- I GAINED WEIGHT.  8. Find a new job. FAIL! 9. Be more positive! FAIL! 10. Increase online savings account to $3,500. PASS-I HAD APPROXIMATELY $4,029 BY THE END OF T...

I tracked my student loan payoff amounts (somewhat) for 2015.  The total amount owed at the end of each month is shown below. December 2014: $23,650 February 2015 $22,226  April 2015: $19,408 May 2015: $18,939 June 2015: $16,632 July 2015: $14,824 August 2015: $12,392 September 2015: $9,999 October 2015: $8,019 November 2015: $5,692 December 2015: $3,844 I paid a total of $20,317.22 to my student loans in 2015, of that amount $506.26 went to interest.  I made my final goal of paying $20,000 to my student loan in 2015!! I'm so excited that I accomplished that goal.  It was a great year for student loan payoff.  My next payment is not due for over 8 years!  Coming soon, an analysis of how I did on my 2015 goals!

Happy New Year Everyone!!!! Welcome to 2016!! I accomplished both of my most recent goals for my student loan! I paid over $20,000 on it in 2015 and got the balance down into the $3000s.  The exact amount owed is $3,844 (with interest calculated through January 15, 2016).  The next payment is not due until 3/16/2024! I'm so excited to have gotten the balance down into the $3,000s because I wasn't sure that I was going to make it, but I had just enough leftover Christmas money to make it happen.  See the snapshot below: My goal is to have the loan down to $2,500 my mid-January and then pay it off at the end of January.  I will have to make over a $1300 payment in mid-January and hopefully (fingers crossed) I will receive a travel voucher reimbursement before the end of January so that I will only have to pull a small amount of savings to pay this thing off.  Boy, the idea of getting rid of the risk associated with this student loan is making me so happy!...