Copied from my Introduction:
I've been reading the blog itself and everyone's Fiscal Fitness journals for the past few weeks, and I decided I wanted to do one myself for the accountability and encouragement.
I'm 35, married, living with my husband in the DC suburbs. Overall, we're in good shape financially: good jobs, stout emergency fund, saving for retirement, no CC debt. I have about $17k in remaining student loan debt from my master's degree, and I want it GONE.
Right now we use the "Yours, Mine, Ours" system for our finances, which works pretty well. But we're talking about kids in the next year or so, which means we'll go to a one-pot system with allowances for each of us for personal spending. I want to pay off my student loans before that happens. I consider that to be my debt that I brought into the marriage, and I don't want to pay it off with "house" money.
Looking forward to "Zero Day," and excited to have a cheering section along the way!
So to expand a little on my background and goals:
When I graduated in 2008, I had $49,000 in student loan debt with Sallie Mae. I consolidated at an interest rate of 6.5% with a 20 year repayment plan. I wasn't married yet and wasn't making much money. I generally paid the minimum, with the occasional extra $100 toward principal when I had a flush month.
After getting married and starting to make more money, I started getting serious about extra payments. I'd paid it down to $34,000 by early 2013. After my grandfather passed away, my mother generously gifted me and my sister with $10,000 each from his estate, which I immediately put directly toward my balance, bringing it down to $24,000. Around that same time, my husband and I took out a home equity loan on our house and paid off Sallie Mae (so technically, I am paying off an equity loan, but I still think about it and refer to it as my student loan). I've now got an interest rate of 3.5% instead of 6.5% and it's deductible, which the student loan interest was not, since once I got married I was over the income limit.
As of January 1st of this year, the balance was $20,235.11. As of today, April 30th, the balance is $16,639.40.
Goals: Pay $1000 per month in 2014, plus one of my extra paychecks, for a total of at least $13,500 in 2014.