March 2019 Debt Payoff Update: $3,111.90 Paid

Welcome to my debt payoff update for March 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 March:

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

You’ll note that this update is looking a little light.

We only paid the minimums on our existing debts this month and took on some new debt. I know, I know, but it was worth it. I’ll tell you more in the updates section.

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

• 2017 Debt Payoff Update: How We Paid Off $47,029.45 in One Year
• March 2018 Debt Payoff Update: $16,203.64 Paid
• June, July, and August 2018 Debt Payoff Update: $29,015.09 Paid
• September 2018 Debt Payoff Update: $9,488.99 Paid
• December 2018 Debt Payoff Update: $10,010.69 Paid
• January 2019 Debt Payoff Update: $28,111.90 Paid
• February 2019 Debt Payoff Update: $27,147.36 Paid

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, when Little TMG was an infant, 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.

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

Updates

I mentioned last month that because we now have two kids, Mr. TMG’s coupe had to go. We were originally planning to save up and get an SUV later this summer.

If you’re on my email list, you already know what I’m about to tell you.

If not—surprise! We got a new-to-us SUV at the end of last month instead.

Mr. TMG is a car guy. He had been researching SUVs to replace his beloved Honda Civic SI and found a great deal on a 2016 INFINITI QX60 with all the features he wanted and then some.

It doesn’t have the video system, though. We’re not that fancy.

It has about 38,000 miles on it and cost about what I paid for my Honda Accord brand new. Say whaaa???!!!

Needless to say, since we weren’t planning to buy until the summer, we didn’t pay cash for it.

We used the cash from the sale of the coupe plus a couple thousand as a down payment and took out a 36-month loan for the difference. Because we did such a short loan term, we were able to get the great 1.99% interest rate the dealership offered!

Woot woot!

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.

Even with adding a little more debt this month, we’re still getting closer and closer to living life on our own terms.

Here’s where we stand currently:

Grand Total: $525,952.94 remaining

We’re back over the half million dollar mark, but we’ve come so far and are much more comfortable in the SUV, so I won’t complain.

Plus, because we paid off all the interest on Mr. TMG’s loans last month, a much larger chunk of the minimum payment actually went to pay off the principal this month.

I’m very excited about our traction with our debt. Although we’re still a long way off, the end feels so close.

I can see the light at the end of the tunnel, and I’m already thinking about the next stage of our journey.

Until then, we’ll direct our extra payments to paying this car loan off by the summer and then get back to our regularly scheduled program. Stay tuned!

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