Debt Archives

Paying off our debt is our main financial goal and documenting that journey is a key focus of this site. The journey is not always easy and rarely fun, but we are excited to one day reach a point where we're living in the green.

Key topics: the debt-free journey, student loans, debt repayment strategies, tips for paying back debt

Repaying the student loan: an update

November 25, 2021

Paying off the student loan has been our top financial priority over the last few years. But lately, we have slowed our progress. This is why.

Repaying the student loan has been our top financial priority for the last few years.

Like many others, we started our adult lives in the red. Our $65K-ish starting debt wasn’t entirely student loans. We had a couple small credit cards, a car loan and a credit line balance from a previous vehicle, too.

But the majority of that $65K — close to $48K — came in the form of student loans.

While I can’t deny student loans made it possible to finance an education that has opened a lot of doors for us, I also won’t pretend they are not the actual bane of my existence.

I want these loans gone. And we’ve put a lot of work (and money) into making that happen.

Until recently.

Lately, we’re less focused on the student loan. In fact, for the better part of 2021, we’ve only made minimum payments. This has slowed down our progress significantly.

But it’s OK. And today, I want to talk about why.

Why we’re slowing down our student loan repayment

January 14, 2021

We’re slowing down our student loan repayment in 2021.

After a year that saw us shave close to $10K off the principal balance of the student loan, we set a goal for 2021 that will see the balance shrink by less than half that amount — about $3.5K.

Considering how paying back the student loan has been a key focus for us over the last two years, this represents a big shift.

But there are a few factors that make me feel good about the decision.

Four things I won’t do to get debt-free faster

May 12, 2020

There are a lot of things I’m willing to do to get out of debt.

From setting aggressive repayment targets, to choosing to rent instead of buy, to trying my hand at a shopping ban, I’m open to trying different things to achieve my goal of reaching debt-free status.

But by the same token, there are things I’m not willing to do to get out of debt.

And some of those things might be a little controversial.

Why we stopped making payments on our student loan

May 7, 2020

Why we stopped making payments during the Canada Student Loan suspension

The last time we made a regular payment on our Canada Student Loan was March 6, 2020.

That day, we sent $150 toward the loan. It was the second of four planned payments for the month.

Eleven days later, the government announced an interest-free suspension of Canada Student Loan payments until September in response to COVID-19.

And even though we have the option (and ability) to continue making payments, we decided against it.

I’ve mentioned it a couple times since, but today, I wanted to share a little more about the thought process.

So…here we go.

To the person feeling burnt out on the debt-free journey

March 5, 2020

An open letter to the person who is feeling burnt out on the debt-free journey

Paying back debt is not fun.

Depending on what you owe, it can be a long, frustrating and exhausting process.

I know this, because these are feelings I’ve experienced at different points while we work to pay down $65K of debt.

So if you’re feeling burnt out and tired on the debt-free journey, this post is for you.