Debt Payoff Report – October 2017

Debt Payoff Report – October 2017

I’ve been looking forward to October for a few months, because some major funds were coming my way. I got a raise last year which was finally added to my salary so I had about a year of retroactive pay on my paycheque. Even after taxes, it was a nice chunk of change!

Although I didn’t pay allย of this lump sum toward my debt, I was thrilled with the 85% I did pay. With the remainder, I bought a new cell phone. My old one wouldn’t turn on unless it was plugged into an outlet (even battery packs didn’t work), and I’m not about that landline life. As an experiment, I delayed purchasing a new phone for a week after mine became unusable. The word miserable comes to mind. I’ve always accepted my reliance on technology, but I didn’t realize the extent to which I depended on it to keep my spirits up. A week without on demand access to music, podcasts, the Instagram #debtfreecommunity, and my long distance friends was a major downer. It was an interesting experiment, but not one I’m eager to repeat! I plan to keep this phone for 3 years minimum, so I’ll be debt free with my six month emergency fund before I need another one.

Including interest, I’ve paid $5,120.30 to my debt this month!

October Milestones

This was a big month for me, being able to throw over $5,000 at my student debt. It was amazing to jump from under $100,000 to under $95,000 so quickly. I still have a long way to go, but it’s finally starting to feel real!


What’s up in November?

I’ll be under $60,000 on my student line of credit, and over $25,000 principal paid in 2017! I’ve also just purchased a laptop because I picked up a side hustle and I wanted to be able to work from home. I’ll be paying minimums on my debt ($1,100 in principal) in early November while I replenish my savings, but I should be back on track (and then some!) by the end of the month.

11 thoughts on “Debt Payoff Report – October 2017”

    • Thank you! I’m committed to being debt free by the end of 2019! My timeline (and the amount of interest I’m paying every month) keeps me on track.

  • Hey bravo on saving so much of your raise! And yeah, I would have dropped the money on a new phone, too. I know some people can go phoneless but it’s rapidly becoming more of a need these days if you want to stay connected to others.

    Congratulations on paying down your student loans!!!! ๐Ÿ™‚

  • It’s becoming clear that although you have a huge student debt you chose a career that justifies the loans. $5K in a month toward debt in addition to keeping a roof over your head and food on the table is remarkable.sll. A lot of people leave school making half that to pay for all their expenses.

    • This month was a bit of an anomaly because of my raise and a year’s worth of back pay! My regular salary is around $4,000/month and this month would have been $2,300 to debt from that – $2,800 is from the lump sum back pay.

      That being said, I am so grateful to have a job that allows me to pay back these loans in a reasonable time instead of 10-20 years as I know many students do. I’m extremely fortunate!

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