Welcome to my debt payoff update for May 2019! In these updates, I detail our progress on our debt payments for the month and highlight any updates in our financial situation.
I started this site to hold Mr. TMG and me accountable in our debt payoff journey. I also want to inspire and encourage others who are in debt (especially if you owe six figures like we do) by showing everyone that debt doesn’t have to be forever.
Whatever your numbers, I hope you find some inspiration in our story.
Let’s get to it!
Debt Payments
Here is a breakdown of our loan payments in May:
Mortgage: $1,120.05
INFINITI: $8,059.16
FedLoan: $1,991.85
Check out some of our previous debt payoff updates below to see our journey:
- 2017 Debt Payoff Update: How We Paid Off $47,029.45 in One Year
- March 2018 Debt Payoff Update: $16,203.64 Paid
- June, July, and August 2018 Debt Payoff Update: $29,015.09 Paid
- September 2018 Debt Payoff Update: $9,488.99 Paid
- December 2018 Debt Payoff Update: $10,010.69 Paid
- January 2019 Debt Payoff Update: $28,111.90 Paid
- February 2019 Debt Payoff Update: $27,147.36 Paid
- March 2019 Debt Payoff Update: $3,111.90 Paid
- April 2019 Debt Payoff Update: $8,814.27 Paid
I mentioned here that we’re generally following the debt snowball method. Early on, Mr. TMG got a second job for a while, which sucked but helped accelerate our debt snowball when we were first starting.
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We also put any other extra or out-of-the-ordinary money, such as tax refunds, directly on our loans.
Updates
This was another fairly uneventful month for our finances, which I’m certainly not complaining about. At this point, we’ve developed our plan, and we’re just following it.
We received another bill from Baby TMG’s birth last month, as I figured we would. This one was pretty small, especially compared to the ones we got in April, so it didn’t impact our extra loan payment too much. Hopefully any remaining ones will also be small. *fingers crossed*
We’re steadily knocking down the balance on the SUV. If everything goes according to plan, we should be able to pay it off by the end of next month.
Once that’s paid off, we’ll get back to Mr. TMG’s med school loan, which is the biggest enemy in my eyes.
Remaining Balances
When we set out to pay off our debt, we had over $670,000.
Here’s where we stand currently:
Grand Total: $509,584.96 remaining
We’re slowly but surely inching (back) toward the $500,000 mark.
I can’t wait to go to work on Mr. TMG’s med school loan, especially since we paid off all that interest. At its highest, the loan got up to $370,000 because the minimum payment was going straight to interest. Now our payments will actually go toward reducing the principal balance.
Paying off our debt feels within reach now because of the significant progress we’ve made so far. We’re still a long way off, but seeing that balance decrease month after month gives me hope.
We’re on our way!
How did you do with your financial goals last month? Did you make the kind of progress you wanted to?
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Our Debt Payoff Plan: Paying Off Over $670,000 of Debt
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Ready to get out of debt?
Hi, I’m Rho! I’m a wife, mom, and Biglaw associate who believes that true wealth is having control of your time. I help busy lawyers like you take back control of your time by teaching you how to achieve lifestyle freedom through mindset shifts and financial independence. Read a little more about me here.
