January 2019 Debt Payoff Update: $28,111.90 Paid

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Welcome to my debt payoff update for January 2019! In these updates, I detail our progress on our debt payments for the month and highlight any updates in our financial situation.

I started this site to hold Mr. TMG and me accountable in our debt payoff journey. I also want to inspire and encourage others who are in debt (especially if you owe six figures like we do) by showing everyone that debt doesn’t have to be forever.

Whatever your numbers, I hope you find some inspiration in our story.

Let’s get to it!

Debt Payments

Here is a breakdown of our loan payments in January:

Mortgage: $1,120.05
FedLoan: $26,991.85

Oooooooooooooohhhhhh wwwweeeeeeeeee…


Check out some of our previous debt payoff updates below to see our journey:

I mentioned here that we’re generally following the debt snowball method, which has been working out really well for us. Mr. TMG also got a second job for a while, which sucked but helped accelerate our debt snowball early on.

Related: 21 Side Hustles You Can Start Today

We put any other extra or out-of-the-ordinary money, such as tax refunds, directly on our loans. (Check out the updates from February and March 2018, where we got thousands of dollars back on our tax refund.)

All of these steps have helped us get to where we are today!


This month’s income was really nice because I got a bonus from last year’s annual review that was paid in one of my January checks. Woot woot!

After the partner who did my review told me my bonus amount, she said, “Go ahead and pay something else off. I know that’s what you’re going to do.”

I’m not too surprised she said that because I’m pretty open with our journey, but it was still funny to me. 🙂

I also mentioned last month that we would be buying furniture and other items for Baby TMG.


We created an Amazon registry so that we could get the completion discount and got all of his furniture and baby gear last month.

It’s so weird. He’s coming in 3 weeks.

Last but not least, it’s tax time. We’ll be getting a refund again this year, so expect another chunky payment in the near future.

I. Can’t. Wait.

Have you done your taxes yet?

Remaining Balances

When we set out to pay off our debt and realized we had over $670,000, I felt like I couldn’t breathe.

I’m super proud of the progress we’ve made so far. With each payment, I feel like we’re getting closer and closer to living life on our own terms.

Here’s where we stand currently:

Grand Total: $524,113.65 remaining

We have FINALLY gotten Mr. TMG’s med school loan to below where it was when we started our journey.

We paid the minimum amount on this loan while we focused on my law school loans. The minimum wasn’t even enough to cover the interest, which allowed the interest to accrue.

Because we accrued well over $30,000 in interest, the majority of our payments right now are going to the outstanding interest. (Still a worthy tradeoff considering how much we were able to pay off last year, though.)

Regardless, we’ll continue to chip away at it month by month.

We’re almost to the half million dollar mark! Wouldn’t it be great if it were a half million dollars in the bank, rather than a half million in debt?

One day…

How did you do with your financial goals last month? Did you make the kind of progress you wanted to?

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Riley @ Young and the Invested

$500,000 is near! I’ve never had the experience of student loans but can only imagine the satisfaction you see from having the monthly total balance due come down. I can relate in the sense I find simple joy checking my monthly mortgage statement to see how each payment whittles the balance down more and more. But that’s on an asset appreciating in value, so it doesn’t bother me to carry the debt. Though for student loans, I suppose you can make a similar argument. Neither of you would be able to perform your high-income jobs without having incurred the debt. Presumably, you stand to earn more as you progress in your careers. This makes both of you appreciating assets as well. Front-loaded sacrifice for long-term life improvement.

Thanks, Riley! It is extremely satisfying to see the balance ticking down each month, and I can’t wait to get to $500,000 (and below). I love your argument about us appreciating in value because of our earning potential haha.

Looking forward to getting to your level one day. 🙂

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