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!
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!
Reached my bigger June debt goal! Officially debt-free except for mortgage!!!
June 16th, 2015 at 03:23 pm
June 16th, 2015 at 03:25 pm 1434464716
HOOTS AND HOLLARS!! Well-played! Congratulations! Wowee wow-wow!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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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!
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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.
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