In paying off a debt, there comes a point where the interest owed is just about nothing, and then you know you’ve nearly paid the whole thing off. We’ve come to that point:
This is my husband’s remaining student loan debt. There’s $6.89 of interest on this sucker. Thanks to September being a five paycheck month for us with five Fridays, this thing is going to be all gone on September 30.
I have enjoyed making payments every week on this debt instead of just one monthly lump payment. It does help my motivation more to login to Mint.com and see it dropping week by week instead of just month by month. This takes some closer attention to the budgeting, but I think it’s worth it to see this:
Probably the exact same amount of money gets paid toward interest doing it this way, but it feels more like hacking your way through a dense jungle using a machete, each chop of the blade satisfying a need to make it through vs. using a bulldozer and just running everything down with one little crank of an ignition switch. Or maybe that’s just me.