We Paid Off $17k of Debt in 2022!

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This photo with “dream big” written on it felt like the perfect picture for this post because we really had to dream big for this goal!

Our official debt payoff number for 2022 is $17,268.88!!!

This was quite an amazing feat with Bret in school and only working 6 weeks out of the year.

We wanted to pay off all our non-consumer debt, and we didn’t quite make it but we came VERY close. We had to dream big for that goal and I am so glad we set our sights high.

I want to go into the nitty-gritty of the debt numbers, how we did it, and what’s next for us!

The exact numbers

I am pulling our original numbers from my July 2022 Debt Update post.

Previous numbers: Total — $277,721.41 (not including our mortgage)

• Student loans: $260,390.25
• Fence: $10,676.24
• Credit card: $5,430.76
• Furniture: $449
• Peloton bike: $775.16

Current numbers: Total — $260,452.53

• Student loans: $260,111.85 (had to make 3 payments this year reducing the principal by $278.40, with help from my mom — thanks, mom!)
• Fence: $0
• Credit card: $0
• Furniture: $0
• Peloton bike: $340.68

With a total of $17,268.88 of debt paid off. Woo hoo!

With our Peloton bike loan being at 0% interest through Affirm, we decided not to aggressively pay that off because that money right now would be better served in our bank accounts.

Aaand since we aren’t losing any money with the 0% interest, we decided to leave it alone. We are about 5 months out from paying that off, so not too far anyway!

How did we pay off this much debt?

Here’s a list of the things that helped us pay off this debt this year!

1. I have two side hustles
2. Bret got a summer job while he was taking a break from school
3. We started renting out a room in our home, aka house hacking
4. Our budgeting method is working for us
5. We are setting small debt payoff goals

I go into more detail about each of these in a blog post I wrote earlier this year, check it out below.

Related Post: Actions That Are Helping Us Pay Down Our Debt

What’s next?

What is next… that is a good question.

We have been taking it easy for the holidays and focusing less on our financial goals and just spending time with family/eachother.

We have also been dealing with Bret’s car having a slew of issues… so thats been heavy on the mind, too.

It’s not exactly the best time to buy a car, so that may get dicey if we have to go that route.

I am also excited to share that I have been awarded an amazing student loan relief package from the state I live in due to being a behavioral health worker. Over the next two years, I will be awarded with $88,580.24 to put toward my student loans.

EIGHTY EIGHTY THOUSAND DOLLARS!!!

I am over the moon about this relief and feel so so grateful to be a recipient of this award. This money will be life changing and will absolutley make a serious dent in our student loans!

Final thoughts

It’s been an amazing financial year for us and I have learned a TON about money that I will use for the rest of my life.

Implementing all that I have learned this year has been so empowering and I am excited to continue to apply what I have learned and share with you all.

Happy New Year and thanks for reading!