Happy New Year!
To celebrate the new year, I am excited to announce that…
We’re not six figures under anymore!
You’ll have to wait a few days for our official monthly debt repayment progress report for December with all the details of our earning and spending, but I thought the milestone of getting our student loan debt under $100,000 deserved its own celebratory post.
For those who are new around here, this is what our debt repayment timeline looks like:
May 2012— Mr. SixFiguresUnder graduates with a JD and MBA with debt totaling somewhere over $130,000. I don’t know the exact figure because I was afraid to look at the actual number back then.
Nov 2012— We are on an income-based repayment plan so we don’t have any payments due, but we decided to pay off the smallest loan of $4,000 with money from a CD that had just come up for renewal and happened to be about the same amount as the loan. At this point we are still planning to save for a house before paying off student loan debt.
May 2013— We decided to make paying off student loans our financial priority. We proved it by putting over $17,000, all the money we had earmarked for a down payment on a house, toward our loans. In the comments on this post, I explain in more detail where all of that money came from.
Jun 2013— We paid nearly $8,000 toward our loans after gathering together all the money we had sitting in different accounts.
July 2013— We paid $2,500 on the loans.
Aug 2013— We paid of another $1,000 toward the loans.
Sept 2013— I started Six Figures Under to document our debt repayment progress. We set a big, fat goal and decide to be totally transparent with our finances on the blog. During September we paid $2,800. At the end of September our “debt paid” total is $35,726 and we have $102,866 of debt remaining. My etsy income hit a record high in September
Oct 2013— During October we put $2,300 toward student loans. At the end of October our total of debt repaid is $38,026 and we have $101,375 remaining.
Nov 2013— In November we paid off $1,200. By the end of November we have paid $39,266 toward debt, leaving $100,644 of debt remaining.
Dec 2013— In December we paid $852 toward debt, which puts our totals at $40,087 paid toward debt and $99,989 remaining. Stay tuned for the complete disclosure of December’s details. After blogging about disclosing debt a few weeks back, I finally told my family and a few friends about SixFiguresUnder.com.
Don’t worry though. Even though our debt is officially under six figures we’ll still continue blogging right here at SixFiguresUnder.com.