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!