The Best Push Present Ever!

Yes, that was a bit of a bait headline, but I couldn’t help it. And yes, push presents are a thing. And it turns out that I got the best push present ever!

About a year ago, M asked me to marry him and promised to keep our net worth positive. At that time, I was dragging us down with my student loans.

Well, not anymore! M paid them off!

Yup, I no longer have student loans. Happy dance in order:

U.S. Army Happy Dance GIF by US National Archives - Find & Share on GIPHY

And, we are now officially DEBT FREE !!!!!!!!!!!! 

The Case to Wait to Pay Off Debt

I hear people say all the time that you don’t “need” to pay off low interest debt quickly. I see their point and I wasn’t planning on paying off these loans for another 3 years. Right out of residency, I favored maxing out my tax advantaged retirement accounts over making extra payments towards my student loans.

Why No Debt Is the Best Push Present Ever

Despite this argument, having no debt really feels fantastic. And it comes with some really significant perks too.

Being debt free means:

  • No extra monthly payments
  • A lower monthly operating budget
  • Any extra money we get goes to us, not debt

Final Thoughts on Being Debt Free

Existing loans and taking on new ones (mortgage, car loans, etc) give you the illusion that you can afford something you actually can’t.

Like 0% interest car loans – trust me, they aren’t doing that to be nice to you. They know you will buy a more expensive car on credit even if you aren’t paying interest. After all, it’s just another monthly payment, right?

Couples who pay off debt together stay together. Of course, not every couple might have the means or the desire to pay off debt in one fell swoop like this. The most important thing is to make sure that you’re on the same page financially, or at least taking steps to get there. Having solid financial footing before bringing a baby into the world truly feels like the best push present.

10 Comments

  1. Hatton1 on February 19, 2018 at 4:42 pm

    Congrats. See you in Park City



  2. Sheila Ramos Martinez on February 20, 2018 at 11:26 am

    Amazing push gift! Congratulations! That is my goal this year, to finally pay off my student loans!



  3. Dr. MB on February 22, 2018 at 1:56 pm

    I just found your blog. Congrats on your new addition. Enjoy the baby stages. It passes relatively quickly. That was the main reason I cared about reaching FI. It’s been a great journey- medicine & motherhood. Look forward to reading your blog.



    • Miss Bonnie MD on February 23, 2018 at 7:20 am

      Great to “meet” another woman finance blogger :). Agree about the “why” to reach FI as a mom.



  4. Meg on February 26, 2018 at 5:05 pm

    Wow–that is a fantastic gift! We paid the minimum on ours for so long because the interest rate is *so* low, and now I am paying them off more aggressively. It is tempting to just pay some of them off, but I am balancing that urge with maintaining a reasonable emergency fund. Nonetheless, the sooner I pay them off the better!



    • Miss Bonnie MD on February 26, 2018 at 5:12 pm

      It feels so good to get rid of the loan and have one less monthly payment.



  5. Dr. Cory S. Fawcett on March 23, 2018 at 9:30 am

    Miss Bonnie MD

    Congratulation on paying it all off. I struggled with the idea of paying off my last student loan due to it’s interest rate of only 3%. After finally biting the bullet and sending in the final check, I felt a relief. I didn’t know the debt was a weight on my shoulders until it was gone. When we switch from “managing” our debt and start “eliminating” it, a whole new world of peace and tranquility opens up. Welcome to the growing group of Debt Free Doctors.



    • Miss Bonnie MD on March 23, 2018 at 10:00 am

      Thanks! Ha, that is a club isn’t it?



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