Well, I’m not going to have many more of these updates, only one more to be exact.
I logged in to my student loan processor’s website today and saw a balance of $1,322. I have now reached the point where my last payment is smaller than my normal monthly debt payment of $1,771. I have an extra $450 that will probably just go to car repairs, but it’s nice to have.
Last month we started at $3,079 in debt, and ended at $1,322.
I should probably wait to make the final payment once I get back from vacation and sort out what I ultimately spend, but I really want it gone and to ride that feeling while relaxing.
This month is going to be tricky because I have so many balls in the air. I am taking on a 2-week project on contract right now, which is going to make my paychecks arrive erratically at the end of the month, when I’ll be out of the country anyway. I will have to pay all my bills the morning we leave for Croatia, some in advance, before I escape them for 12 days.
Figuring out the money situation is perhaps the most complicated and annoying part of traveling. Do I take a wad of cash, a prepaid chip and pin card with a shitty exchange rate, or just my credit card and a small amount of backup cash?
All of these sound like viable options, but I don’t want to go overboard. I have a credit card with no foreign transaction fees, the Chase Sapphire Preferred card, and will try to use that wherever possible. Vacation is basically a stream of small transactions that aren’t even worth pulling out the card and signing in exchange for a 2% cash reward, so I will convert some US cash to Croatian kuna and handle it that way.
Readers: How is your debt payoff progress coming? What payment methods do you prefer when travelling?
Congrats on walloping that debt! and safe travels…
One 3/4 payment left! Nice work John! I’d be so tempted to make that final payment before going on vacation too. It would really start the vacation off on the right foot knowing that you’re finally in the clear.
For vacation spending I tend to get some foreign currency from my bank and then try to use my credit card as much as possible. I never manage to take enough cash, but at the same time I wouldn’t want to carry too much cash in an unfamiliar place.
Ccongrats on being so close to done. You will have to let us know how it feels when you make that last payment. Do you have any plans on what you will do with the debt payment money once you aren’t paying off debt any more?
Congrats on one last payment! Our debt payments have been going good but we just had to replace tires on one of our vehicles which took us for $670, then our hot water heater went to crap so that was another $700. I think I can make up for it though with some overtime and get back on track for the month. Hope you have fun in Croatia.
Awesome job on the debt reduction. I am super jealous about your trip. I have been dying to head back to Europe.
Congrats! I’m slowly making my debt payments and making some headway.
Congratulations! Not sure if you have written about this yet or if you are willing to share but what are your plans for the extra money not going to debt any longer?
congrats john!!.. great job on the debt progress.. you should be very proud.
That’s amazing John!!! So happy for you guys….cannot WAIT until that happens to me =)
Nice job! I wish my students loans were that low…
Well done guys! I bet it’s been a long wait!
Congrats on being so close! Looking forward to hearing that you’re officially debt free.
Congrats! That must feel amazing!!!!
Good job! I’m curious why Croatia?
Good job! We are busy saving for our wedding in Jamaica. As Firefighters, both my fiancee and I have been hit hard with local fires (Colorado) - and since we’re volunteers with the department, we often have to leave our regular jobs — with out pay — to help in our district. So that has taken away earnings that would have had us further along on the wedding fund. Sometimes you have to weigh earning money over helping out the community.
Kudos to you for the progress you’ve made — it is always great to read how people work - and succeed - at conquering their debt.
If you ever have a problem with all the extra cash that isn’t going toward debt you can always send it my way. No questions asked (I promise)!
You are almost done with your payoff? Good for you!! Having too much money is always a good problem to have We are about halfway with our mortgage payoff, just about one more year to go
Nice blog you have here.
-Nurse Frugal
I like cash for traveling. It’s amazing what a U.S. dollar can do overseas. Split it up on different persons and keep some in safe if you’re worried about theft.
Yay! You’re nearly there. And you even have some few bucks left. Good job!
Yay, you’re almost done! Must feel great!
Right on, John! What a feeling it is. Enjoy being student debt free!
You are doing a good job reducing your debt as soon as possible. By the way, keep us updated about your trip to Europe, preferably with some pics