Back on New Years Day, I articulated this goal besides a few others in 2010;
Pay Down Outstanding Debt. This is so no-one has any outstanding claims on my work or my time. I find that in many ways, debt is slavery in another guise, so it is time to throw off the shackles as quickly as possible before Peak Oil hits hard. We have planned to pay down the rest of the loan I took out for the Solar PV by the end of April (approx A$7500), and then start whacking over 60% of my wage into the mortgage with a view of paying it off in 5 years. This is certainly achievable and Kim and I have calculated it down the dollar.
It is now mid May, and guess what? Today we have just paid off the last of the $30,000 personal loan that we took out over 5 years, in just 3! We saved swags of interest by paying it down early, and now will be putting the amount we had allocated in our budget for the personal loan straight on to our Mortgage. With only $2000 on our credit card due to my medical expenses, we also expect to have that paid off in a few of months. Once that is at zero, every single spare (within reason) cent will be going into our home loan. No more debt in 6ish years = a free and very happy man!
Oh, BTW. I now own this, which makes the air clean, with no electricity bill to worry about ever again. Even more savings to pay down debt!
I am so proud that Kim and I have achieved this goal, roughly on time. Paying down debt quickly is a very tangible benefit of a frugal and sustainable lifestyle.