My Debt-Free Journey: Part 5

October had a lot of activity…

My student loans are PAID OFF! Many of you following me on Instagram know that in January, I originally set a goal of paying the $8K balance on my federal student loan by the end of this year. Well, then ‘rona happened, and I was able to pay that loan off in June and the private one this month. I’ve signed into my American Education Services account several times, and it still says, “Zero”. LOL. I like seeing that number.

Zero interest rate…

Zero balance…

Now, I only have my Thrift Savings Plan loan balance left. That will be under $5,000 once the check clears. Yes, a check. The TSP only lets you pay off a loan with a personal check or money order sent via snail mail. Ugh. It’s about a two-week process from when it’s dropped in the mail to when the payment is processed. I have the option of re-amortizing the loan, but that will take two pay periods, and there are only four paychecks left in the calendar year. So, I’ll just wait for them to process the…snail…mail…

In other news, I met October’s goal—developing a six-year financial plan. The plan consists of annual goals and projections, monthly objectives, specific savings accounts and sinking funds, and additional income ideas. This was a good exercise because it forced me to map out things that are important to me. The plan will most likely change and become more complex…because life. Having a financial plan is one way you can make sure that you’re moving with purpose and towards your life’s vision. Finances touch almost everything in our lives, and, many times, dreams take hard work and money to come true.

November’s goal is to review and adjust all of my insurance as needed since Open Season is around the corner. Why is this important? Because insurance can help protect you, your family, and your money. I want to make sure that my coverage is keeping up with my financial wins.

Looking forward to November!