#53: Pay Off Trevor's Graduate Program Student Loans

Another one bites the dust! 

We paid off Trevor's Masters' Program student loans this week.  I LOVE that we paid these off even before he graduates this May!  I hated taking out more student loans while we were trying to pay off our debt, but it made sense to do it so we could pay off higher interest rate loans in the meantime.   So it feels good to get them out of the way before he graduates. 

We've decided that we are going to take a little different direction from here on out.  We have a good chunk of student loans still, but they are at such a low interest rate (2.75%) that I would rather start focusing on saving.  With the way the economy has been going, it's been making me a little nervous to not have much money in savings.  Dave Ramsey recommends just having a $1,000 "baby" emergency fund while you attacking your loans.  I was never confident enough to keep that little of amount in savings, but we didn't keep too much more than that.  So I think I'll feel a lot better if we start working on building up a fully-funded emergency fund with at least 3-6 months of expenses.  We also have the goal of saving up enough money to pay cash for a a new car/truck for Trevor when his current truck finally breaks down (#57: Save up to buy Trevor's next car with cash.)  That could be any day now since it is on it's last leg.  We also plan to actually furnish our house with some new furniture (#55: Save up to buy new furniture with cash).  I think it's about time!  We've been in the house for about 2 years now. 

I'm excited to start seeing our savings grow.  They'll grow so much faster without all those old loan payments!