April was a crazy month in the financial department. We moved, which raked up some $ for the moving truck, then I had to break my lease – big ouch to the bank, and for some reason, I spent WAY too much on groceries.
Let’s start with the student loans…
17 Month Progress
- Debt Nov 2012: $41,868.53
- Debt April 2014: $23,853.83
- Total Debt Paid Off: $18,014.70
It’s crazy to think I’ve paid off 18 grand in student loans in less than a year and a half. I was looking at my excel file, and noticed that when it was all said and done with my undergrad and masters degrees, I had racked up $65,797 in debt. I started paying it off years before I started this blog and this financial goal in paying them off faster, but man, being down from 65 grand, down to 23… Wow, that’s progress. And wow, school is expensive! (good thing I already have a college fund for Avery)
- Starting Balance: $24,578.49
- End Balance: $23,853.83
- Paid Towards Loans: $799.27
- Interest Paid: $102.60
- Principle Paid: $696.67
Even with the extra expenses this past month, I was able to squeeze an extra $500 towards student loans. I’ll be able to up it to $1000 this month, so although we are off to a slow start, once the backlog of bills from moving and the divorce are behind me, this blue line will really drop!
With moving, comes creating a new budget. Within that budget, I have made room for an extra $1400 per month to student loans. If I stick to my budget, I will absolutely pay these loans off by my 30th birthday. I’ve adjusted my goal dates to pay each loan off, the higher interest ones first, using the new budget…and I will have them ALL PAID OFF ONE YEAR FROM NOW!
Loan Pay Off Plan
SM 1-08 @ 6.55% (February ’13): $0 SM 1-07 @ 6.55% (Nov’13): $688 SM 1-05 @ 6.55% (Nov’14): $3020 SM 1-06 @ 6.55% (Mar ’14): $3274
- SM 1-02 @ 6.55% (Aug ’14): $5,083.37 <– This is next!!!
- SM 1-01 @ 6.55% (Jan ’15): $7,022.66
- VSAC C @ 4.77% (Mar ’15): $2,009.34
- VSAC A @ 3.17% (Mar ’15): $4,504.04
- VSAC B @ 3.17% (Apr ’15): $2,241.31
- SM 1-03 @ 2.1% (May ’15): $1,282.82
- SM 1-04 @ 2.1% (May ’15): $1,710.29
Last month I broke even on the budget. For some reason I spent a ton on groceries, which didn’t make sense because I wasn’t buying much, knowing we would be moving. My cousin Tessa mentioned the same thing happened to their family. Anyone else experience this?
My new budget is much shorter than our old one – less expenses! Living with my parents is going to save us so much money – pretty much what we were paying in rent ($1660/mo) is now going towards paying off my loans. Here’s a screen shot of my budget so far this month. I update it every couple days.. it really keeps me in check.
And did you notice how much cheaper daycare is??? I was paying $320/wk, and now it’s only $192 – that’s $550 less a month!!!!! Living expenses in VT are much cheaper than Boston, yay! But my misc expenses are gonna be high for a little before I close out things like moving expenses.
I’ll check in again next month…and lets hope that my post one year from today is that my student loans are paid off!
Check out my About Meghan page for more posts on finances and paying off my student loans.