Goodbye student loan!

As of February 2013, my student loan is 100% paid off!

For the last few months I have been making $1,000 payments towards the loan, so hopefully I will now be able to put this money to good use in other ways.

Goals for using extra money freed up from loan payoff:

1. Increase emergency fund/savings to goal amount (10 – 12k. Need to pick a number.)

2. Pay off mortgage at a faster rate, in order to get rid of PMI ASAP.

3. Buy a bicycle

4. Pay for repairs around the house, namely, gutters and tree maintenance.

After step 1, I’m not sure what order to prioritize everything in. The bicycle I want to be able to use this Spring. The mortgage will save me even more the earlier I start making increased payments. The repairs aren’t urgent, but the longer I leave them, the more small damages get caused by falling branches and excess rainwater leaking into the basement…

Any opinions on which goals to accomplish first?

6 Comments on “Goodbye student loan!

    • If I paid $1,000 extra per month I could get rid of the PMI in about 2 years. Judging from paying off my student loan, it would probably take a bit longer than that since I can’t pay $1,000 extra every single month.

      2-3 years seems like a long time to wait before bike and home maintenance…
      Kellen recently posted..Goodbye student loan!

  1. Wow..congrats. I loved that milestone. I didn’t have a house though when I paid off my loans so I got to bask in the debt freedom for a while. I suggest making an annual maintenance budget. There will always be costs with a home and it’s better to just plan for it.

    My advice on the tree guy and I had this happen a couple of times. It seems that tree people vary their quotes quite a lot depending on how busy they are. The cheap guy last time was the expensive one this time and vice versa. Try to do the tree stuff off season if possible. Spring is a busy time for them as is after big storms.
    First Gen American recently posted..Staying Motivated during Debt Reduction

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