Wednesday, August 31, 2011

Big News!

We have some great news, and we are super excited about it!  Last week, our final student loan payment went through!!  That's right, folks, we are now

DEBT FREE!!!

We are pretty excited about it.  It's been a rather interesting road to get our loans paid off, which is the only debt we've had.  We were able to pay off my graduate student loans while Daddy was still in school, thanks to a great tax return or two.  And finished my undergraduate loans last Christmas time.  That took quite a leap of faith, since Daddy didn't have a job at the time and we were living off our savings.  We sent the last $600 that month, thinking that it would be better to have it paid off than to have to keep paying a monthly payment.

And thanks to his great job right now, we were able to completely finish his loans last week.  Which means that we paid them off only 16 months after he graduated!

I don't have the figures in front of me, but I think we started out with about $24 thousand total - which really isn't too bad, considering we have 11 years of school, 2 bachelor's degrees, and one master's degree between the two of us.  

We followed the advice of the wonderful Dave Ramsey.  Thanks to him, we are sitting pretty on a budget that doesn't include any loan payments. 

WOOHOOOOOO!!!

7 comments:

Melissa said...

This is fantastic news.
I'm so happy for you guys.
Well done.
I went to his website and couldn't find specific things.
Can you give me more of a link to what to do?

Roxy said...

There is a great article in the July Ensign about reducing your debt and getting it paid off quick, I thought it was a good article (from an accounting person) and made a lot of sense. I am excited for you guys and now you can move on and make those fun BIG purchases with out any worries :)

Super Angie said...

Congratulations!!! Super exciting for you guys.

Rob and Becca Bingham said...

What great news! I want to hear more about this job James got!

Adam & Rachel said...

WOW! This IS BIG news! Congratulations guys. Life is so free when you're debt free.

Janneke said...

YAY!!!! Love it. Michael and I listen to Dave Ramsey sometimes too. It's great huh? :)

Melissa said...

Hey Missy.
I was wondering if I could ask you a favour and to take us off of your side bar list?
We just wanna be more private without going private.
Thanks.