I've decided to start documenting my debt repayment journey. I think sharing real numbers will be helpful for those who are also paying down debt. I also believe that the more open we are about our personal finances, the more we're motivated to discuss issues like the wage gap. With that being said, let's start!
Interest Rate: 3.70%
Monthly Payments: $1,200 - $1,550 + windfall amounts
Two major events in October affected how much I regularly contribute to my debt repayment: my girlfriend & I's 2 year anniversary (which I don't regret) and the upcoming surgery of my rabbit (which I also don't regret). Because of these two things, I ended up holding back around $500-600. Life happens, and I'm not particularly mad about it.
For those of you who don't know, I began seriously throwing money at my student loans approximately 1 year and 10 months ago. Although it hasn't been a super long time, it still feels like an eternity. I also estimate that I've since paid at least $5,000 in interest (I also had a government student loan with a much higher interest rate). My debt has become that random friend-of-a-friend that overstays his welcome after everyone else leaves the party.
But I just have to keep reminding myself that repaying debt is a marathon, not a sprint. And I have a few miles left to go. The upside though is that barring some unforeseen tragedy, I should be done one year from now - another year older, but still with plenty of time left on my side.
Well, here are the numbers, online in all their glory. Hopefully, this shows solidarity with those of you who are also in the midst of paying down debt. Let's throw a party when we're all done, yeah?