February 2014 Debt Update

This was a benchmark month for me. I paid off more debt this past month than any other thus far. It was all made possible via a larger than expected tax refund I received.

When it comes to filing my taxes I’m always johnny on the spot. I have a mental list of the documents I know I will need, and I track them down as quickly as possible. I don’t wait for them to come in the mail, I’ll typically watch their respective website daily until they’re posted so I can get the info loaded into Turbo Tax. Typically each year I get a few hundred back after filing, but this year due to some renovations on the rental house and educational expenses I wrote off, I got a bit more.

My student loans consist of 9 relatively small loans. After this months massive payment, 4 of the 9 are paid off. That means, 4 of those 9 monthly payments will never have to be made again! Every month from now on that extra dough I’ll have in the budget will be thrown at the remaining student loans. The student loans don’t have much longer until they are gone forever.

Plus, with the extra student loan payments gone, my monthly expenses are down, meaning my PF Score has just gone up!

Here are this month’s tally’s:

Student Loans Remaining: $15,333.27 (-$4,750.90)

Rental House Mortgage: $110,122.67 (-$248.99)

Grand Total: $125,455.94 (-$4,999.89) !

Total Debt Paid off this Year: $7,693.66