90 Days to Being Debt Free

90 Days to Being Debt Free

Ok, I admit that the title is a little misleading. I am not going to be totally debt free in 90 days. However, I currently have a plan to pay off my personal loan/2nd mortgage in 90 days. That debt currently stands at $9276. Tomorrow, I will be sending in a payment of $2100, which will take the loan down to just over $7100. Regular payments over the next 90 days brings it down to about $5700. So where do I find the extra money?

I have paid the mortgage ahead for the next three months. Part of my reasoning for paying three months in advance was because of a reduced income for the summer months. While we will still have a reduced income it looks like Mrs. ROB will be able to get a class for the summer and based upon current enrollment I will have a summer course. If we combine that with my base salary and a couple of other side hustles we should be able to pay our bills like a normal family for July and August.

Therefore I can use the next three months of mortgage payments as a way to finish off the debt. So by June 17th I should be personal loan debt free and I will have beat my goal by almost two months! Even better it will free up $500 for our budget. With potential extra expenses on the horizon that $500 will come in handy. I also plan on freeing up another $600 in our budget by the end of the year.

Woo hoo to knocking out this debt! Next target Mrs. ROB’s car!

8 thoughts on “90 Days to Being Debt Free

  1. This is a great plan and I bet it feels fantastic to be crushing such huge chunks of your debt at a time! Way to be an inspiration to others like me who are just starting to pay off their debts.
    Good luck with it all!

    1. Hi Jenna,
      Thanks for stopping by. It does feel good to get rid of this debt, particularly because it will be need in other areas.

    1. It does take the pressure off. And I would encourage anyone who sees there income drop to pay ahead a bit. Yes an emergency fund is also good, but knowing that I don’t have to worry about the mortgage for 90 days is a plus.

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