The holidays have been kicking my butt from a “share of mind” perspective, but we did well with our debt payoff in November. I maybe left our checking account a bit slim at the end of the month which I didn’t love, so I need to re-evaluate what feels like a comfortable cushion. A trip to the emergency room for our daughter a few weeks back reminded me that having extra money on hand when you have children is probably a good idea…
The most exciting aspect of November was that we dipped below the $150K mark! It felt really good to cross that threshold.
Without further ado, here’s what we’re looking at:
- Starting balance: $150,363
- Regular November payments (includes interest): $1,909
- November extra payments: $3,365
- New balance: $145,433
December will be tough on the budget with holiday gifting and some other end of year expenses, but I’m hopeful we can keep the momentum. As we settle into this accelerated payment schedule we’ve set a goal of paying $1K over the minimum every month. If we can maintain this minimum extra payment we will be done with our loans in May 2022 which is 3 years ahead of schedule. Of course, we have aspirations to accelerate even faster – but that feels exciting nonetheless!