a happy milestone

I haven’t posted much this year because nothing much seems to be different. We are still doing things frugally. Keith was out of work for six months, so now we are trying to overcome a few thousand in credit card debt (for groceries and gas and other required expenses) acquired in the last month or two of that. We aren’t able to put extra money toward debts right now, as we need to build up our savings account and save for a few extra expenses coming up around the corner, as well as the possibility of seasonal unemployment again this coming winter.

It is disappointing to move slowly on our pursuit to pay off debt, but I have sensed since the beginning of this year that we wouldn’t be able to put extra toward debt in 2011, so I’m at peace with that. I do hope it changes a bit in 2012, but we’ll see.

We did hit one big milestone today, though. We paid off our first student loan! Hurray!

The milestone is a relief, but not as exciting as I’d thought it would be. That it took five years to pay it off, and that we have two more student loans to go, gives me cause for gloominess. We didn’t even get to put one big final payment toward it… it was just a slightly smaller payment than last month, paid automatically just like every month. No big rush of glory. And as much as I am glad to have it paid off, I thought when accruing it in college that it would be paid off in only a year or two after graduation.

On the other hand, we’ve been putting extra toward this loan whenever possible for the last year or two. This one had the highest interest rate of all our debts (a hefty 7.2%) as well as the highest required monthly payment. To have no more debts with interest rates higher than 3.99% is a very nice thing indeed! And if we continue to pay the same amount toward debts every month, the snowball effect will certainly help us pay off these pesky credit card debts and subsequent loans much more quickly.

So I suppose there really is cause for celebration, now that I think about it a little more. We haven’t reached the huge vacation or expensive piece of artwork stage of celebration yet, though we are thinking that giving a few bucks to a poor college student or something of that sort would be a nice little way to celebrate our freedom from this particular shackle. For now, I think I will make some brownies.

Published in: on September 6, 2011 at 5:58 pm  Comments (1)  
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