Our Financial Goals: Paying Off Debt (May 2012)

This week we have much to celebrate!  If you look at the numbers below, you will notice one large number is absent.  Brad and I paid off the second mortgage on our “Rental Property” in Maryland!  Our tax refunds arrived, and we promptly paid off our debt to Citimortgage.  Now we only have one student loan and the primary mortgage on our “Rental Property” remaining.  Currently we owe:

  1. $26,456.26 to Sallie Mae (4.5 Interest Rate)
  2. $107,017.41 to Wells Fargo Home Mortgage (6.25 Interest Rate)

(According to Zestimate, our former home in Maryland is only worth $93,800 right now.  It is one of those homes that lost a third of its purchase price when the housing bubble burst.)

Grand Total: $133,474.27

If you do the math, we’ve paid off $9291.81 in the last 2 months since my last financial update!

Brad and I are following Dave Ramsey’s Debt Snowball, and we are so excited to finally cross another debt off of our list!  In the past two years we have paid off our truck, two student loans, and now our second mortgage!

Our goals for our financial future include:

  1. Paying off Sallie Mae in the next 12 months.
  2. Saving a 3-6 month Emergency Fund.
  3. Financing our Retirement.
  4. Creating College Funds for our kids.
  5. Paying off Wells Fargo.

We can’t wait until the day when we can do our “Debt-Free Scream”!

What are your financial goals, and how are you accomplishing them?

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5 Responses to “Our Financial Goals: Paying Off Debt (May 2012)”

  1. [...] you read last week’s Financial Update, you probably noted my excitement in announcing that we finally paid off our debt to [...]

  2. Jess R. says:

    Good for you! You guys are doing great. We just went through Dave Ramsey’s Financial Peace University in the spring. We worked out our budget and I am currently using envelopes for groceries/personal care, etc. I have been spending much less this way, and we are saving to replace my car (with 220,000 miles on it). It will feel really nice to pay cash for a car, and then start saving for our next one.

    • Jessica says:

      Thanks! That’s great that you guys went through it together. I’ve read two of Dave’s books and I check his website periodically, but we’ve never done the classes. I’d love to do with Brad some time! We’re trying envelopes for groceries and gas right now. Maybe we’ll eventually branch out to other envelopes. :) My parents are saving to pay cash (for the first time) for a new car in the next few years too! I introduced them to Dave Ramsey, so it’s fun to see using his methods too.

  3. [...] wish every financial update were as exciting as our May update!  Our Debt Snowball has reached its slowest point yet.  We are down to our two largest debts: our [...]

  4. [...] So we have paid off $10,406.53 since May 2012! [...]

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