So I'll be completely honest with you: Closing on my house was very anticlimactic. It wasn't an event loaded with great excitement—certainly no balloons or party horns. And it didn't leave me with a feeling of deep responsibility while a rendition of Chopin's Funeral March  played in the background.

Really, it was kind of "eh." I went, signed/initialed, shook some hands, and headed out a homeowner.

There was only one thing that gave me pause: the Truth in Lending disclosure . It's the document that lays out exactly what your loan entails, basically:

• Here's what you're borrowing.
• Here's what we're charging you.
• Here's what you'll end up paying us when all is said and done.

If you've borrowed a student loan, you likely saw something similar when you entered repayment.

I've told you before that I had calculated what I'd be paying in the long run. But seeing the number on a very official-looking document and initialing that piece of paper to signify my commitment? It was a wee bit intense. And even more intense was seeing the tens of thousands of dollars in debt automatically displayed in my online banking session after I closed on my loan!

Remember when I was first looking at loans? The number was what really scared me. And in the end, it kind of did—at first. Yes, I had to take some deep breaths when faced with the number at closing and online, but now the number doesn't really scare me. It keeps me grounded.

Every time I log in to check my account balances (I check them a lot, but mainly before I go shopping), I'm faced with that number. Thus far, it's helped me stay on the frugal side. You see, as I'm browsing the aisles, I recall not only my checking account balance but also the number two accounts down: my mortgage balance. So I find myself putting back that full-priced item and instead opting for an equally effective clearance or generic item—or sometimes, no item at all.

For the sake of my bottom line, I'm hoping this trend continues!

What does your debt number do for you?

Posted by Barbara at 09:24 AM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Budgeting, Financial education, Housing, Independence Day, Lenders, Moving, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

I am happy to share my big news with you, Student LoanDown readers—I've officially put the label "apartment dweller" behind me!

That's right: I'm a homeowner. And as proof, I'm sharing some pictures of the steps I took to get into my first house.

Step 1: Sign your name about 50 times on several very important documents.

Step 2: Take the obligatory "receiving the key to your new home" photo with your real estate agent.

Step 3: Solicit help from your family (pictured are my oldest sister and my nephew) to move all your worldly belongings (might I add that I picked the hottest day of the year to move—smart).

Step 4: Enjoy the fruit of your new debt.

More on my transition to homeownership to come.

Posted by Barbara at 09:13 AM |  Contact Barbara |  Permalink  |  Comments (3)
Found in Budgeting, Financial education, Housing, Independence Day, Moving, Paying, Post-college, Preparing, Student loans, Wells Fargo Bank

Since July 4th is tomorrow, let's talk about another kind of "Independence Day"—the financial type.

I've always liked feeling financially independent. I had a paper route  as a kid and relished having my own money for movies, candy and Ms. Pac-Man . I worked as a grocery checker  in high school, spending my cash on clothes and other extras I wanted for myself.

In college, I was able to pay my own way through school with a combination of grants , scholarships, student loans, work-study  and regular jobs. And after college, I was soon on my own and paying all my own bills from cable to car insurance.

But I distinctly remember the day I felt truly financially independent. I was 29 years old and had just purchased my first car without consulting my parents in any way, shape or form. Finding that little Mazda  all on my own and securing the financing was a little scary, but it felt great. I'd crossed that final bridge to true financial independence. Light the sparklers!

Got any stories to share about your own Financial Independence Day?

Posted by Caroline at 09:02 AM |  Contact Caroline |  Permalink  |  Comments (6)
Found in Budgeting, Cars, Federal loans, Financial education, Grants, Independence Day, Jobs, Looking back, Parents, Paying, Preparing, Private loans, Remember, Scholarships, Student loans, Wells Fargo Bank, Work-study