What is Your WHY?

My current debt payoff amount:

Car Loan: $2,303.36

Student Loan: $17,941.09

Total: $20,244.45

Yes, I’m below the $3000 mark on my car loan!  And below the $18,000 mark on my student loan.  If you’ve been following me for the last few months, then you’ll see that I’ve paid off about $4000 on my car since November of 2014.

Now, this progress is a little bittersweet for me.  Unfortunately, I have one of those temperaments where I have little patience and want things done, like, yesterday.  I was hoping to pay my car off by the end of this month, but it’s not going to happen.  I just don’t have any extra room in my budget, unless I completely destroy it.  I’m receiving a bonus tomorrow with my regular paycheck, which I thought would pay off the car loan, but it turns out I calculated the tax rate incorrectly.  I anticipated my regular 17% tax rate on my bonus, but turns out it’s closer to 31%.  Ugh.

It’s not the end of the world.  I’ll just owe $270, which will definitely be paid off in the first paycheck of April.  But it is a little disappointing.  I keep looking at my remaining car and student loans amounts and I can’t help but think “Why won’t you die?!!”

You may think I’m a tad dramatic, but really, I want them dead and gone (total rip-off from the Justin Timberlake and T.I. song).  There are so many things that are contingent on this debt being paid off.  My braces will be pushed back by about 2 weeks, and my starting up in school this summer is now on hold.  I may be able to sneak a class into the second summer session.  We’ll see.

Here, in the debt-free journey land, things aren’t always lollipops and roses.  However, I need to keep the bigger picture in mind.  Tomorrow, I’ll be making a payment on my car loan of $2031!  Which means a significant portion of my debt will be gone in one fell swoop.  That is something to jump up and down about:)

I also need to remember my WHY

My first why is to live a clean and simple life-in all aspects, but especially financially.  When you don’t have debt payments coming out of your ears, the stress factor is zero when it’s time to pay the monthly bills.

My second why is to eliminate all financial risk. When you pay cash for things, there is very little to no risk.  When my car is paid for, I won’t have to worry about a possible job loss and my car getting repossessed because I could no longer make the payments.  When I hold the title, no one can take it from me.  Same goes for credit cards and mortgages.  When you pay cash for things, you immediately own what you buy.

I want to start my life.  Finally.  Debt payments just hold us back.  The borrower is always slave to the lender.  I want to cut those damn chains.  I want to be able to do exactly what I want to do, when I want to do it.  For me, that means getting married to R., paying for our honeymoon, finishing my accounting degree, having kids, travelling and working on the house.  A lot has been put on hold until I get this mess cleaned up.  But I do look forward to staring my marriage debt-free.

Here’s a debt-free scream of a couple with a household income of $50-60k who paid off $25,000 in 1 year.  It can be done, folks! Even on an average income!

Lets hear from you!  What is your why for getting out of debt?  Be sure to comment/like below. 


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