Thursday, January 3, 2008

My Progress Bars

It only took me months and months of failed attempts and technological ingratitude, but finally I put up some progress bars. I've been thinking about my progress bars for a while now, eyeing them on other blogs like a parked E-Class in the driveway next door. Not that I live in a place with driveways, but neveryoumind. I got my progress bars (thank you ms. m&p!)- and just in the nick of time, because I'm going to pay off my student loan this month!

Nine months ago I stashed M and my emergency fund in a CD. Since interest rates were going to drop even further I locked in the high rate. For a while, interest rates have remained higher than my student loan interest, so I chose to save over pay off the loan. Plus, student loan debt is "good" debt that was boosting my credit score, and my unemployed self was feeling a little clingy to the savings account. But now the CD is maturing (after having earned $235.73!) and the new interest rate is below that of my student loan. Basically I'll be earning less interest than paying out in interest on my loan, so when the CD matures I will pay off the balance of my student loan with most of our small emergency fund. However, I will continue to "pay" the same amount as my student loan payment, but I'll put it back into our e-fund and replace the money I took out.

Juggling debt and saving is something of a long haul, and I have to say that I will be relieved when the last of my big debt is gonzo. It's a nice way to start the year :)

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