Debt Payoff Progress March 2012

In my last debt payoff update, I told you we had just paid off my wife’s student loan, leaving just one more debt – my student loan.

At the time of that writing, we owed approximately $8340.

After another month of aggressive debt repayment, the balance stands at roughly $6560.

This means we are still on track to be debt free minus the house by the end of July.

Let’s crunch the numbers through our handy free online accelerated debt payoff calculator. I recommend you utilize one of these to see just how much time you have until debt freedom, and how finding extra money to throw at your debt can impact your timeline.

By entering in the total debt, interest rates, payment amounts and additional lump sum payments, you can see that we are now 4 months (actually less) away from paying off my student loan.


debt payoff calculator
Screenshot courtesy of


According to the payoff schedule table, in the fourth and final month of payoff, we will only need to make a payment of $1,312 to completely eliminate the debt. This means we have a buffer of around $400. I don’t plan on using it, but it will come in handy as we take an expensive European vacation at the same time as we are scheduled to be debt free.

Do you think we can do it?

As I’ve said recently, we had a trip scheduled for June. I got some (bad-ish) news that my boss won’t approve my time-off request because of some unexpected work issues. This means we will probably have to go more than a month later than we were planning. While not terrible news, it does make planning this trip almost impossible, and the pessimist in me thinks it will result in higher plane ticket costs.

The good news is that we will have an extra month to save.

Stay tuned as I will be doing an update on our quest to pay off our debt while saving for an expensive vacation.

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47 thoughts on “Debt Payoff Progress March 2012

    • I’m currently considering that, though that is also a “busy” time at work. I like the beating down summer sun, so July/August sounds pretty heavenly to me!

    • I agree – I actually am now seeing it as a good thing. I picked June as I thought it would be the most considerate time, but I’d rather do July or August. Guess I’m getting what I wanted after all!

    • That calculator is great, isn’t it? Thanks so much for sharing this. My main goal is to help people change their lives, and I’m thankful for every new reader.

    • Thanks Rachel – I’ve been in attack mode for so long that I’m a debt warrior at this point. I’m ready to pull out troops and bring them home. Thanks for reading!

  1. Whether you get it paid off exactly when you want or not, it seems clear that within the year for sure, that debt will be gone. And I gotta say, man, I’m REALLY impressed!!! Pretty soon your website name will have to change “Married (Without Debt)” 🙂 Great work!!
    TB recently posted..A Home After ForeclosureMy Profile

    • Thanks TB! I’ve wondered about that, but I will still have my mortgage to give me “credibility.” Wait, that doesn’t sound good.

  2. John, this is so awesome! You should be proud about paying almost $1800 toward your student loan in the last month alone. I have been going through my own journey to become debt free (over at the ReadyForZero blog) and it has been fun to get advice and insights from people. Has anything surprised you about this process? I’ll be following your future progress – keep up the good work.

    • Thanks Benjamin. Let’s see – any surprises??

      The only major surprise, which quickly faded, was how many people in my personal life would say that debt isn’t a big deal, and that I should be focusing my efforts elsewhere.

      When we have an epiphany, it’s sometimes strange that others don’t quickly side with you. I’ve learned it is partly because they know they should be doing better, but the status quo is comfortable or bearable for them – so they don’t change.

      Thanks for your comment!

    • Thanks – I can remember when my snowball payment was $500, then $1000. I’m still surprised that we were able to get it $1650.

      I can’t wait to finally put that chunk to work moving us forward, rather than getting us to zero.

      Thanks for stopping by!

    • Thanks GRP. I’m about to hit my “get rich point,” but only if I decide to keep working in my above-average income job.

  3. Wow! What else, (besides the trip) are you going to do with all that money after you are debt free?

    Beware of traps. Last summer, my wife and I accomplished our debt free (except the house) goal. It only lasted about a month until we stumbled into a deal on a camper that we couldn’t refuse. Not really a “trap,” and we could have refused it, but we didn’t.
    Matt @ RamblingFever Money recently posted..The Masturbating Motorist and DebtMy Profile

    • First, I’ll probably save everything as cash until the end of the year as I am uncertain what I will be doing for employment next year. My next priority is to start a Roth IRA or maybe implement the Permanent Portfolio method.

      Hopefully I’ve beaten all the spending urges out, but who knows. I may throw a party!

  4. Keep up the good work! Paying off debt and seeing the balances shrink and shrink and shrink feels so good. That’s a bummer about having to change around your vacation plans. My manager has declined me on vacation requests before too and it always made me so annoyed. But you’re right on about the positive of having an extra month to save. And even if you don’t get to go to your top choice location due to the timing change, I’m sure you’ll still be able to find a good replacement! -Sydney
    Untemplater recently posted..It’s now 2nd Quarter: Have You Already Given Up On Your 2012 Goals?My Profile

    • Thanks Sydney. I think most things are meant to happen for a reason. This is just my plans telling me they want to be spontaneous!

    • Thanks Annie – That’s what I’m worried the most about, the plane tickets. They may go from expensive to unaffordable. If that’s the case than anything is on the table, I guess.

    • The main reason we were going before official payoff was timing – the window I had from work was (i thought) so small that it would require we go before debt is paid. Now it looks like the trip and payoff will happen at the same time, which I guess will make it that much sweeter. Thanks for stopping by Sam!

    • Thanks – I’m not sure what I’ll say in that post because it will be such a foreign feeling. I’ve got a few months to think about it, though!

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