His Hers Money

After reading about the Debt Snowflaking process over on I’ve Paid for This Twice Already I decided to give it a try. If you look on my ABOUT page you will see a simple break down of my current debts. I basically have some student load debt and my car loan. My car loan is manageable with a payment of $455 and a balance of about $8100 currently. My student loans, while manageable, are really just getting on my nerves!

I really had every intention of getting them paid off within ten years of graduating. That ten years is pretty much up now, and they’re not paid off. One of them is my portion of my grad school. My company paid the difference ( I still have to finish my thesis and pay $3300 upon it’s submittal, but I have that money in savings) which really helped out.

I still have about $5500 left in undergraduate loan debt. I basically want this debt gone NOW! Even though my graduate school loan has the highest interest at 11% and I’ve paid it down from $9000 to $5700 it just wasn’t giving me the emotional satisfaction I really need in my debt repayment process.

I’ve really never made any huge effort to pay extra on my student loans before now so I have a little catching up to do. I attacked the two smallest ones which we both just under $1000 each. In the past few months I’ve been making extra payments on both of them and now I only owe $310 on one of them and $385 on the other. I see no reason why both of these can’t be paid off next month since my regular payment would be around $100 each anyways. I know it will be a great feeling to just finish both of them up.

So, what is my personal recommendation? Pay your lowest debt off first to get the feeling of accomplishment and then re-evaluate from there. I think I will work on my highest interest one once these two small ones are done to reduce my interest.

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