Debt Payoff: February Update

I’m back today to hit y’all with my February goal progress. How much did I pay off? How much do I have left? CAN YOU DEAL WITH THE SUSPENSE?

Ok, let’s tone it down for a second. Before I get into the facts and figures I want to say something I’ve been coming to realize: focusing on my debt payoff has given my life a wonderfully hopeful feeling.




That’s the best way I can describe it. A year ago I was working very part-time as a caterer and felt nothing but anxiety when it came to my loans. No plan, no money, certainly no action to take. Today I am closer than ever before to paying them off and fulfilling my plan each day. It feels amazing! I feel clearheaded and lighter than I ever have before. Watching the balance go down each month is it’s own reward. What’s really put me in this good place is learning about money in general.

I didn’t grow up with a lot of money. In fact, there were straight up bad financial times in my youth. My family persevered and with some help, got through it all. That didn’t lead to a whole lot of money and financial education though. I learned saving was important but I was never taught about investing or about the stock market, never taught to think about and plan for retirement. Never told how to handle sums of money. It was simply assumed that I would go to college one day and college would be my ticket to everything else, all the life knowledge I would need. After college I would get a job, that job would set me up with a 401K and I would contribute some amount until I turned 65, when I would retire. Even this though, was never a conversation I had with any adult in my life growing up.

When I graduated college with debt, I had no real understanding of it. I didn’t know the best way to pay it back or how it could negatively affect my life. I also had no idea how to earn more money, ask for raises, where to put money besides a savings account, what investing was….the list goes on. I had no concept of money beyond that it was important and I wanted more of it.

Paying off my debt these last five months has led me to a whole new money world. I know so much more about EVERYTHING. Debt, credit cards, credit scores, investing, IRA’s, early retirement…I know so much more about them! I still have a lot to learn, don’t get me wrong, and I have a lot to do on the investing front, but at least it’s a conversation I can have now. It’s like I’ve learned a new language. A year ago I wasn’t even aware people spoke like this. Now I can get by in a conversation with some hand signals and a basic grasp of it. I feel empowered and excited about growing my money in the future and I feel secure in knowing I’ll be debt-free this year. It’s beautiful. It’s powerful. It’s freeing.

So, without further ado, let me share with y’all the steps I’ve taken this month towards that freedom:

Total Paid in February- $1,224

I’ve been concentrating all extra payments on my Stafford 2 loan:

Stafford 2

February starting balance: $2,567.90      Interest Rate: 5.35%

February payments: $1,059

New balance: $1,515

Where does that leave me overall? I’ll tell you! My total debt left is $10,290. 

I was able to do a little less this month simply because of how my paycheck timing has worked out. I will be receiving a check this Friday for catering and my first coaching check won’t come until the first week of March. So while I’ve been putting in a lot of efforts on those two fronts, due to billing cycles, I haven’t seen returns yet on them. I know this means that next month I’ll be able to do more though. I’m hoping to clear that Stafford 2 loan completely in March!

It’s also so exciting to be so close to being under 10K! In just a few weeks I will be in single digits! (Sort of. You know what I’m saying.) I can tell it’ll feel so much more doable when I only have $9,000 or $7,000 left. It will still take me months to pay off, but I’ve already won the mind game. I already feel capable of crushing this debt. And that’s exactly what I’m doing, month by month.

One resource that a ton of people have found helpful is Dave Ramsey’s The Total Money Makeover. Not everyone is a fan of Ramsey – a lot of people think he moralizes too much – but he is astoundingly popular and his views getting of out debt using “snowball” approach (e.g. paying off your highest interest debts first) have helped hundreds of thousands of people, so if you’re serious about getting financially healthy the book is worth reading.  You can get it on Amazon for under 20 bucks, or at your local library or bookstore.

(Visited 422 times, 1 visits today)

10 Replies to “Debt Payoff: February Update”

  1. This is awesome! I’m jealous of how much of your payments are going to principal…which I guess really means I’m jealous how close you are to four figures!

    1. Thanks! It’s really wonderful seeing the balance drop in big ways. Know that it has been a long time coming though- you’ll get there too!

  2. I loved this post! I know exactly how you feel. Paying off debt can be exhilarating! I’ve been at it for a little over a year now and the closer I get to having it paid off, the more determined I feel. I think I’ll be down to four digits in May and I seriously cannot wait. I’m starting to see the light at the end of the tunnel and man does it feel great. We can do it!

    1. Yes we can! Once you start to really see the progress it becomes almost addicting to see how much more you can go. Good work and keep it up!

  3. […] year. That’s certainly seeming to be the case thus far this year, with big payoffs in the first couple months. And as the balance drops my determination to be debt free only grows higher. It’s a […]

  4. […] even more and smaller debt payments each month. It’s just a bummer because of the roll I have been on so far this […]

  5. […] In January I paid off $1,525 (a big part of that was my Christmas money, to be fair). In February, $1,224. In March $2,986. I’m on track to have April be another month somewhere in the $2,000 range […]

  6. […] in my life. I built everything else around them. And it paid off. January started off with a bang. Then February continued to be a strong showing. It was March though, that set the train in motion that has brought me to today. With April as my […]

  7. […] maybe this trip will change my life. Or maybe this trip will change me, the same way that paying off my debt did. Or maybe this trip will be the best thing I’ve ever […]

  8. […] Paying off my debt gave me this wonderful sense of control over my life. I felt infinitely more capable. I felt stronger. Those feelings are now a part of how I identify. I know I can do amazing things. I love myself and I’m excited for my future in lots of ways. I’ve carved this life out for myself through a lot of hard work and I’m proud of it. […]

Leave a Reply