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Home > Debt Update - 4/15/16 - PAID OFF MOM LOAN!!

Debt Update - 4/15/16 - PAID OFF MOM LOAN!!

April 16th, 2016 at 06:11 pm

We are home from vacation.....and WE PAID OFF THE MOM LOAN!!!! WHOOO HOOO! We gave my Mom the check to pay her off on Sunday night and then left for vaca Monday evening. She was definitely super surprised when we gave her the check! The trip was a great way to reward ourselves for finishing the loan! It was a $15K loan for 4 years and we paid it off in only 9 months. So proud of us for working hard and being aggressive with paying that off!

Our next goal will be to pay off the Appliances. They are at 0% until June 2017, but it is our littlest debt by $10K, so we just want to get it done and out of the way. We have enough in savings to pay it off now, but we have to buy a riding lawn mower (our new house has a giant front and backyard and would take about 3-4hrs to mow by hand, plus we will be mowing at my parents rental since we are the property managers now) soon, so we are waiting to see what that will run us before we take a big chunk out of savings. We also have a cruise in September that we have to pay for in June so we don't want to drain savings again just yet. In the meantime, I have stopped the $300 auto-payments that we were making on the Mom Loan, and set up a new $300 auto-payment to Best Buy for the Appliances. So the Appliances snowball is now at $350 per month. I also changed the name of our Cap 360 Savings account from Mom Loan Payoff to Appliances Payoff. We will definitely be paying that off before the end of the year.

Celebrations for this update:
-Mom Loan is PAID OFF!!!
-Total debt went down $13,549.23 in the last 2 weeks!
-Total debt paid off passed $135K!!
-My Mortgage went under the next $1000 mark!

Student Loan $0
Payback Savings $0
David's Bridal $0
Scheel's Card $0
Total Rewards $0
LOC - US Bank $0
Ring Iddeal $0
Mom Loan $0
Best Buy $2750.00
Store Loan $12,121.10
HELOC $28,082.02
MO Mortgage $87,540.20
My Mortgage $156,900.00
Our Mortgage $254,312.81
Total = $541,706.13

Down $13,549.23 in the last 2 weeks!!

Starting total was $587,351.27
$45,645.14 paid off since 6/19/15 (including downpayment on house).

We have $105.00 in a savings account to pay off the appliances, so the amount we still owe that is $2645.00.

5 Responses to “Debt Update - 4/15/16 - PAID OFF MOM LOAN!!”

  1. Ima saver Says:


  2. Jenn Says:

    Nice! Congratulations, and keep going. I think family debt is important to prioritize, even when it's interest-free.

  3. Frugalista Says:

    Woot woot! You've worked so hard and it paid off!

  4. Dido Says:

    Congrats on the rapid progress!

  5. Banker Gurl Says:

    Thanks everyone!

    Jenn - Yes I agree, it doesn't feel good to owe family member's even when everyone agrees with the terms (my Mom was happy to be making some interest and she was the one who actually offered us the loan).

    Very happy to be done with it!

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