My Debt-Free Journey: Part 4

Ah….September came and went! My goal for the month was to sell three things that I don’t need. Originally, I intended to refinance my private student loan this month, but I changed that goal since the loan will be down to ZERO soon. I had no plans of paying that off this year, but things happen!

I didn’t meet my new goal of selling three items, but I did sell two things on Facebook Marketplace—a tea set and a record player (I took the recommendation of one of my IG follower…Thanks!). This was my first time using it, but it went pretty well and was really easy to navigate. I’ll probably keep using it when I feel like I want to sell something, and I would definitely recommend to people who are first-time/infrequent online sellers. 

Selling items demonstrated that I really can continue to improve my finances if I stay serious about this. With each sale, I gained confidence because it proved that people will buy from me, and it’s another way for me to help pay off my debt. 

This month, I put $3,307.41 towards my debt. October is a triple pay month, so that is great! I’ll try not to go crazy because in November, I’ll be getting paid later in the month. My mortgage is already paid for October, so that means that a lot of the money from the first two paychecks will be able to go toward my private student loan. I think I’m on track to have it paid off in the next few weeks! 

Then on to the next and last debt…

If you’re following me on IG, you probably know that I borrowed from my Thrift Savings Plan (TSP) for closing costs on my house years ago. I personally would not recommend taking from your retirement, but I’m not a financial advisor. The interest rate on this loan is at 2%, and I have been paying around $55 per paycheck back to my TSP for almost six years. Again, I personally wouldn’t recommend. If you take money out early, you can never get the time back that will help your money grow if you don’t touch it.

Compound….interest…

I have under $6,000 left on this loan, so that will be attacked after the private student loan is paid back in full. 

Paying off my debts is freeing up my income. I’ll have an average of $350 extra a month after my debt is paid off this year. I’m giving myself a raise and getting my finances together so that I can have options. :)

Imagine only having to work if you feel like it. Imagine being able to write your grandchildren $50,000 checks for their homes. Imagine being able to buy your parents a home in cash. 

It’s possible! It really is.