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$40,856.39 PAID!

January 8th, 2011 at 06:20 am

In two years we have paid off $40,856.39 worth of debt. It's amazing what can be accomplished when a plan is made and the eyes are focused on the goal!

We paid off our home equity loan and our van loan, as well as a little principal on our primary mortgage. The van loan will be gone and out of here next week! The debt remaining is the mortgage alone.

I'd like to say that the mortgage will remain our only debt, but there is a truck purchase on the horizon. We hope to pay at least half in cash and take out a two to three year loan on the remainder.

Do you have a plan for your debt payoff? What is your plan? Are you tracking it? Is someone keeping you accountable? This blog helps keep me focused. Why not start a blog with your debt journey? We'll cheer you on.

16 Responses to “$40,856.39 PAID!”

  1. NJDebbie Says:

    Wow, what an amazing job! This blog definitely helps me stay true to my financial goals.

  2. Savings Queen Says:

    Congrats on your great accomplishment!!! That must feel wonderful! Also, very wise idea on your new truck.

  3. ThriftoRama Says:

    That is awesome. I totally agree. Having a plan makes all the difference.

  4. rob62521 Says:

    That is incredible! You certainly have great control over your finances!

  5. PNW Mom Says:

    That is so awesome! Just goes to show what you CAN do with a goal and some focus! Congrats!

  6. Miz Pat Says:

    Wow, this is so wonderful. You have it together.

  7. Ima saver Says:

    Well done!!

  8. beawealthywarrior Says:

    Congrats on a job well done. Is there anyway you can just keep saving in order to buy the truck with cash? You will soon knock out the van loan, just think how great it would be to only have to worry about the mortgage.

  9. creditcardfree Says:

    @beawealthywarrior, the truth is when DH is home we need two vehicles, his car has already been sold to our neice. He drives 30 minutes to work and I transport kids to school and activities. Now I agree...that we don't necessarily have to take out a loan depending on which vehicle we buy.

    However, the promise was to get DH a newer truck once he returns. It will be used and possibly a couple years old, but I suspect these might be the last vehicles we buy for quite awhile. The income will drop once DH returns, too, so any payoff we do on a loan will be much slower, as would any savings than what has been achieved in the last few months.

    DH and I will definitely be having many discussions before the final purchase, so I do appreciate your suggestion.

  10. crazyliblady Says:

    If your husband who is currently deployed does not know of your success, he will be very happy about how well you did while he was away. You definitely have something to be proud of. And a large emergency fund, too! I will have on medical bill paid off in March and another in June, as well as the lawnmower in June. Then, I will start paying more onto the credit card, as well as putting more into savings and house maintenance.

  11. Youngmommyof1 Says:

    Congrats!!!

  12. patientsaver Says:

    outstanding, wow.

  13. creditcardfree Says:

    @crazyliblady, my DH does know and is very proud of us. He would tell you it is all me, which I guess it is. However, his hard work and lack of spending helps, too!

  14. Looking Forward Says:

    That is so AWESOME!!!
    I love reading about all your progress. Inspiration for our debt-less-ness. Smile

  15. scottish girl Says:

    That's amazing!!

  16. Apprentice Bliss Hunter Says:

    Fantastic ! Debt-free apart from the mortgage ! Way to go !

    Would be great if you could buy the truck in cash... but you know this and, of course, DH will have to agree. Good Luck ! :-)

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