Mile One of the Debt Pay Down Marathon
Mr. Money Mustache says:
Developing a habit of small but frequent action that moves you in the right direction is all it takes to accomplish just about anything, given sufficient time.
Today I began my rapid debt pay down plan. It was as simple as a call to the student loan department at Wells Fargo.
I dialed in the number and after navigating through a few menus was put on hold. I waited a few minutes listening to a piano play a song I have never heard before but have probably heard hundreds of times. I waited a few more minutes, each second I became more hesitant about what I wanted to do. Finally, a man named John picked up the phone. After the obligatory identity verification he asked me what he could do for me. Well, I said, I would like to make an extra payment on my student loan. He asked me which loan, and I told him the high interest one. He asked me how much, and I said $6,500. Next he asked for an account and routing number and I provided that information. Then he asked me if there was anything else he could do for me, I answered no.
Just like that the call was over. Ten minutes on hold and less than sixty seconds talking to John. Eleven minutes, my savings account was $6,500 lighter and my debt pay down marathon had begun. I didn’t have time to hesitate and there is no going back. My first step towards financial freedom had been taken.
It was a relief to actually begin the process. I have been planning this for a few weeks now and I can even go back to August when I found NMHD as the time when I started to really want to do something about my debt. However, I was a little worried that I would not follow through, that I would not even begin my marathon. It would be so easy for me to delete this blog and pretend like I never even thought about making extra student loan payments. My eleven minute call changed all of that.
I have begun to make extreme extra payments and it actually feels good. I thought I would be worried about having less cash on hand but that’s not the case. I am happy to be putting that cash to use, even more than that I am using that cash to improve my situation in life and I’m no longer tempted by it. I could have put a down payment on a new car or I could have went out and bought a bunch of new tech gadgets. I would be lying if I said I haven’t been tempted. I am particularly fond of the Ford Mustang.
There it was, that chunk of change just sitting there waiting for me to go put my signature on another loan. I resisted that temptation and now that money is gone. It has been used and will no longer be staring back at me, asking me to use it each time I log into my bank accounts.
Now I am excited to keep this process going. I can’t wait until the next big payment I will make. Every extra dollar spent on debt repayment makes the day I am debt free closer to reality. I finally get it now. I just need to keep my momentum going and given enough time I will be debt free.
Photo by Joe