Posted by Victoria | Filed under Victoria
I almost forgot about getting my blog post up for today, which is remarkable not for the reason why — I was distracted by a book I was reading (which happens quite often in my life!) — but because I have been excited about this week’s post all week. More than all week. Ever since I did my taxes, I realised I’d have enough of a refund to pay off the remaining portion of my line of credit, I’ve been looking forward to finally saying: I did it.
This was actually more than I was expecting. I don’t have anything set up in advance on my income tax as Gail recommends, partly because I like the psychological boost of having a lump sum, and mostly, when I worked it out after her post last week, because I don’t actually have very many of the ongoing things I could claim in advance. My large refund cheque this year was due to tuition rebates and similar, and after next year I expect I won’t have much of that left to claim. But I got the cheque, and, as I said when I did my taxes, I have more than enough — enough to play with a little after I paid off the line of credit.
It took me a while to do so, because for various reasons I didn’t get the cheque until last Thursday evening, and then I didn’t want to put to it into the automatic teller because I wanted to be able to move it around my accounts immediately, and it was the Easter long weekend . . . and then on Monday I did it. I went into the bank, deposited the cheque, went home to do my online banking. (I like being able to see what I’m doing.)
I have to say I hesitated a little. Should I move all the money over at once? Or in small chunks? It’s like having a treat: do you eat it all it at once, or savour it slowly? Sometimes if you eat something too slowly you lose the pleasure in it, it goes stale or whatnot. I didn’t want that to happen with the line of credit. I moved over the money in two lumps, just over half the first time, just under half the second time.
And then I sat there, looking at the account: Amount available: $10, 000. Amount owing: $0.00.
I keep looking, just in case, but it’s true. I am, as of this week, debt free. Nothing owing (except a bit on my credit card from the camera I bought with part of the remainder from the tax refund, as I have to move the money from another bank and will do so tomorrow). I’m not sure I can say it’ll be debt free forever — there will hopefully be a mortgage in my not-too-distant future — but oh! it feels great to have it paid down in one fell swoop.
I have been diligently paying it off in small pieces over the last fifteen months, and it was going to take me the rest of the year to get it down . . . but not any more. I am so pleased. I am so glad I found Gail’s show and then website a couple of years ago — sadly it wasn’t earlier, for I might have managed to achieve my goal of graduating without debt — but I came fairly close, as I just graduated in November. I also want to say thank you to my parents, who co-signed the student line of credit for me in trust that I would pay it off — even with a PhD in medieval studies, of all strange and useless subjects to study! I am so grateful for their help.
Good luck to everyone else in their journeys to debt freedom! May your stories be up on the “Success Stories” part of the blog some day soon!