Rethinking Finance: Take that student loans!

We are on the cusp of something great.  My student loans have been a monkey on my back for 15 years.  I went through various periods of grief.  Denial.  Anger.  Indifference.  But that balance remained

My student loans have been a monkey on my back for 15 years.  I went through various periods of grief:  denial that they existed,  anger at their reluctance to forgive themselves,   indifference as we had bigger fish to fry.  But that balance remained, lurking in the back of mind.  Knowing I could not truly be free from debt until it was gone.

And now we are about to take serious aim at it.

Ch-ch-ch-changes

I won’t belabor how we have gone through a financial transformation the past year.  You can read all about it in some of my other posts.  In short, we have paid off credit cards, and other smaller outstanding debts.   We now own both cars, for better or worse.   We have failed at our first attempt at an emergency fund, and now have a much smarter emergency fund set up.   We have cut as much cost as we can to allow for as little overhead as possible in which to throw the largest amount as we can possibly muster at debt.  It’s been exhilarating and exhausting.  We have learned how to be frugal.  How to be satisfied with what we have, and how to be more creative.  By and large, it has been a very good change for us.

So here we go.  The final part of our debt blaster- to aim at those student loans and fire until they are obliterated.

“I love it when a plan comes together.”

– John ‘Hannible’ Smith (The A Team)

The plan is to put as much of our expendable income as possible toward my student loans.  With our cost-cutting measures above, this is a much larger amount than I even anticipated when I started praying about it last year.  A realistic goal is a payoff in about 17 months.  A very big stretch goal, if all goes right, is 13 months.  My biggest prayer is to somehow get a raise in the next few months, and be able to tackle this in 12 months, let’s calls that our “divine intervention plan.”  Nevertheless, we are now in a position to be ready, take aim, and begin firing.

And I could not be more excited!

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