The day I thought would never come. Goodbye studentloan!

I feel like a kid on Christmas… actually I have no idea how that feels because I never believed in Santa. Anyway, I’ll keep it short and sweet. Informative and serious articling will resume next week. (maybe)

St Nicholas and Black Pete

I paid my $5,000 creditcard off in August 2010 once and for all but struggled with getting out of the credit habit for a few months. In November of 2010 I picked up Dave Ramsey’s TMM book, devoured it and somehow found renewed inspiration to just keep going. (While I’m still a big fan, I’ve since somewhat abandoned Dave’s 7 baby-step plan and I’m figuring out my own way up and out)

It’s been quite the journey

On September 3, 2009 I owed $15,939.28 and on December 21st, 2011, 15 months later I STILL owed about $15,500… and then it started dropping…

$13,108.94 on February 3, 2011
$9,417.90 on April 3rd, 2011
$7,825.95 on June 3d, 2011…

As of this morning, January 4th 2012 I owed $540.15. I tweeted that I was going to do this tomorrow, but screw it. I went back out into town tonight to move the cash from one bank to another, I wiped my checking out completely to use the money to pay off my studentloan by transferring it online after depositing it at another bank… So I’m broke.

But it’s ok because I can now post this…..


A few extra for emphasys:


In about 12 months and 2 weeks time I paid off my $15,500 student loan, an average repayment of $1,262.96 per month. (interest not included!) That’s almost 10 awesome vacations worth of cash right there.

If you include my regular mortgage, mortgage prepayments and studentloan payments my total debt-repayment for 2011 comprised 62.5% of my NET income. Ouch. Granted I did that myself, I didn’t have to… I could have spread it over the next 10 years but I want freedom, financial freedom.

It’s over now. Because I’M DONE.  My mandatory debtpayments on my housedebt now make up about 16% of my net income, anything beyond that is up to me.

I’m debt-free baby, debt-free except my house.

It’s only up from here! I’ll shut up now because I promised to keep it short, but I really didn’t. I also feel the need to insert bad youtube vids of bad songs because I’m giddy inside.

Sorry, I had to! (Hey at least it doesn’t auto-play) Please feel free to add additional BADness in the comments and join in the celebration. 🙂



PS: IMG source here and here. For more on the story of St Nicholas and Black Pete read this.

Published by Renée

I write about my life, travel and my financial up and downs on my blog, Nickel By Nickel, while contradicting myself daily. ;)

44 thoughts on “The day I thought would never come. Goodbye studentloan!

    1. You are an excellent iertwr even if I have thought your writing seems sad sometimes! I am so glad you are honest! The truth will set you free, is true! I love you and I am so blessed to be your Mom!


  1. I'm Jennie Baird's dad, and she sent me your news. Don't know you, but appreciate the feeling! It is indeed a happy day, and I'm very happy with you.


  2. What a great accomplishment – Congratulations! Kudos for being so determined and disciplined when paying off such a large debt, and I'm sure this post will inspire others to action. My teenagers had me watch the same video you posted, and I admit that it made me laugh:)


  3. Yay! Go you!! I know how good that feels. I paid off my undergrad loan in 5 years (including one year I was unemployed and the loan was in forbearance)… and even though I turned right around and applied for grad school two weeks after making the last payment, I have a plan to pay off all my grad school loans before they start accruing interest 6 months after graduation. I just kept putting the same amount that I'd been paying toward my undergrad loan each month into a savings account for grad school. I'm sure I'll do my own share of Homer-ing when I finally pay that off!


    1. Well, I set up a bunch of goals for the new year that involve prepaying my mortgage, I intend to almost triple my monthly payments there… I've also got a bit of travel planned and it's very exciting that I can now freely do that without feeling 'guilty' because I could have put it on debt… I'm planning for Italy, Netherlands and FINCON12 at the least. 😀 I've also got some savings and investment goals for this year… either way I'll find a way to get the very most out of the money I don'thave to spend on that darn student loan anymore.


      1. Posted on Do you people have a foceboak fan page? I looked for one on twitter but could not discover one, I would really like to become a fan!


      1. I’m so glad I’m not the only one who puts up frames ebofre I have pictures printed for them! I had picture-less frames up in Gigi’s room for at least 6 months ebofre I finally did anything with them! That was my big project last week editing and printing pictures for all the the frames in our house


  4. Pingback: Best of Slacker Team Personal Finance Round Up, Friday Fun |
    1. save save save for the coming few months, I've also started looking at some ways to invest… mainly though the next month or two are going to consist of hoarding cash… probably. LOL. It's been so long I don't know what it feels like to just have money sitting in my bank account… going to savour the moment!


  5. Pingback: RSP? RRSP? Mutual Fund? Bonds? TFSA? A financial freedom plan. | Nickel by Nickel
  6. Pingback: if i had a million dollars | Nickel by Nickel
  7. Pingback: Q1 – Update on 2012 goals | Nickel by Nickel

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