[originally posted Wednesday, July 25, 2007 10:26 AM]
So, I’ve taken the first step at being super-aggressive with paying off my student loans. Before, I was upping my my monthly loan payments on the higher interest student loan by $500 while lowering the amount I was putting into my ING account by $500, so I still have about the same amount of money to budget (if I was actually budgeting…that’s another story altogether). But I just transferred $5000 out of my ING to my student loans…I realized paying 8.25% on my loans when I’m only earning 4.5% on my ING, it seems pretty logical in the long run to owe less on the high interest instead of earning more with the lower interest. Plus, I’ll be getting taxed on my savings interest, but the interest paid on student loans is tax deductible.
So, I’m proud of myself. This seems like something personal finance bloggers do, that is, post about their accomplishments in reducing debt/increasing net worth, etc.
I’ll be posting soon about the ridiculously awesome rafting/camping trip I went on this weekend!