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Home > Reached my bigger June debt goal! Officially debt-free except for mortgage!!!

Reached my bigger June debt goal! Officially debt-free except for mortgage!!!

June 16th, 2015 at 03:23 pm

Well, it happened!

We got home from our weekend away yesterday and the checks had arrived. We deposited them right away. I couldn't pay everything off because it takes a business day to process deposits, but I had $12K in my account earmarked for future stuff, so I used that to make a $10K payment on my LOC.

This morning the deposit had cleared, so I went into each online account and paid off all our non-mortgage official debts. It took less than 20 minutes. It was amazing to me what a quick, quiet process it was; I half-expected balloons and confetti to drop and music to start playing! Big Grin

Here's what I paid off between yesterday and today:
AS student loan $5,988
NT student loan $3,018
NT student loan $4,465
LOC (taken out to help pay off duplex 2nd mortgage) $14,379
Slate CC (taken out to help cover loss on sale of condo) $10,228
Total: $38,078

So...that's it! Our only non-mortgage debt is the loan from NT's mum, which we have a plan for paying through our UK account over the next five months. It's not on the official debt spreadsheet since it was just a bridge loan and we knew we'd pay it back quickly.

Progress this month: $39,379 of debt paid, exceeding the $39,300 goal!

21 Responses to “Reached my bigger June debt goal! Officially debt-free except for mortgage!!!”

  1. laura/deacon's wife Says:
    1434464716


    HOOTS AND HOLLARS!! Well-played! Congratulations! Wowee wow-wow!


    Smile Smile

    Smile
    Smile
    !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  2. ThriftoRama Says:
    1434464885

    For that amount of payoff, I'll drive to your house and throw confetti and balloons on you!

  3. scottish girl Says:
    1434465563

    Amazing!!! Congratulations!

  4. AnotherReader Says:
    1434466701

    No idea what your siblings did with their shares, but your dad gave you a gift worth far more than the dollars involved. I have read your blog for years and followed your debt pay down. It was a struggle at times and there were setbacks, but you were getting close. This gift wrote the final chapter in your debt saga.

    Now you can post about your monthly savings and investment goals instead of debt reduction goals. Your retirement savings will skyrocket as you ramp up the percentages of salaries invested. You can save for trips to England and other places with no worry or guilt over skimping on the debt payments. You are in control of your money now, not your lenders.

    You have shown that it is possible to be deeply in debt and turn things around with focus and determination. Other people reading this can take inspiration from what you have accomplished. It's not easy, but it is doable.

    Congratulations on your accomplishment! Virtual balloons and confetti heading your way!

  5. snafu Says:
    1434467679

    More virtual balloons sent to congratulate you all on releasing all non mortgage debt! Yahoo!!! What will you do to celebrate this huge accomplishment?

  6. Ima saver Says:
    1434468002

    Congratulations, so proud of you!

  7. creditcardfree Says:
    1434469094

    Congratulations! You made a smart move using a windfall to make your family financial secure...not everyone would be so wise.

  8. My English Castle Says:
    1434469712

    Very excited for you all!!!!

  9. Petunia 100 Says:
    1434470721

    How wonderful! Congrats to you and your family. Smile

  10. ceejay74 Says:
    1434471648

    Thank you, thank you, thank you. I'm SO glad I have people to celebrate with who have cheered me on the whole time! This is the culmination of why I came to this blog community, but of course I've developed so many other goals and priorities since joining that it's just a step along the way.

    I don't really feel like I need to do anything special to celebrate! I'm just getting used to the concept of having no non-home debt, and feeling a weight slowly lift off my chest as it becomes more and more real.

    Next up will be renovating our home and catching up on retirement contributions. Once we're on a pretty good path with both of those, we'll look at saving more aggressively for the kids' futures. And, eventually, paying down the mortgages faster, but for now I'm content just paying the minimums.

  11. CB in the City Says:
    1434472798

    Bells, whistles, the whole nine yards!!!! My debt payoff was similar -- paid it off in a chunk after I sold my house. Felt almost like I was cheating, it was so quick and anti-climactic!

  12. greenleaf Says:
    1434473921

    That's awesome, congratulations!

  13. Joan.of.the.Arch Says:
    1434475809

    Ah, that's super! Y'all (yes, plural) came a long way, and went about your paydown with smartness , determination, responsibility, and cooperation, while meeting new big goals along the way. Smile Smile Smile

  14. Bob B. Says:
    1434480948

    Congratulations!

  15. MonkeyMama Says:
    1434482708

    Congrats!!

  16. mimaki Says:
    1434485525

    That is SO AWESOME! Congrats!! Smile You guys have worked so hard to get to where you are, I'm so happy for you!!

  17. Kiki Says:
    1434497365

    Woohoo!!

  18. FrugalTexan75 Says:
    1434503058

    Woot! Woot! It's your no-debt day, it's your no-debt day! Woo hoo!

  19. Bluebird Says:
    1434558891

    Congratulations!!!

  20. LivingAlmostLarge Says:
    1434564146

    Congratulations! If you were my kid I would be so proud that you used the gift wisely.

  21. Tabs Says:
    1435322349

    Congrats! Glad to hear it.

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