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.
Let's Do This Together!
We're banding together to pay off some serious debt in 2019! We want you to join in the debt-smashing fun!
When you subscribe, you'll get monthly reminders to report your progress and you'll see how we're doing as a group!
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Are you ready to smash debt with us?!