Hello Halfway

It’s summer and we’re all out busy camping, swimming, taking boat rides on the lake, BBQing, and in the midst of all this sun and fun… I’m whipping my student loan debt’s butt!

19 Month Progress

• Starting Debt: $41,868.53 (Nov  ’12)
• Debt Today: $20,769.63
• Total Debt Paid Off: $21,098.90

I’ve officially paid off more debt than I started with!  Hello halfway.  It’s only downhill from here!!!! This past month I knocked it out of the park, sending in an extra $1500…

June Review

• Starting Balance: $22,556.63
• End Balance: $20,769.63
• Paid Towards Loans: $1,879.24
• Interest Paid: $89.08
• Principle Paid: $1,790.63

My scrimping and saving is paying off. At this rate, I’ll reach my goal of paying off all my loans before my 30th birthday next year…

I’m actually ahead of the curve now and gaining momentum.  At this rate, and anticipating $ back at tax time next spring, I will pay off all my loans by May of next year – WAY before my birthday!!!  I’ve been chipping away at Loan 1-02 for months now, and it’s really dwindling down.  That’s the idea though – the highest interest first method… pay off the higher interest loans first and then move onto the next one, in turn putting a little more $ into the next one each month because I have less loans and interest to pay each time I knock off a loan.

Loan Pay Off Plan

I’ll pay off Loan 1-02 in August, and start paying extra on Loan 1-01.  This is another big one, so it’ll take 4-5 months for me to close out on that one… but little by little… and soon they will all be gone!!!

Monthly Budget

I haven’t been keeping a budget… it’s too much work right now.  I do look at my finances every day or two and take a peak at where my money is going.

Ignore that big yellow slice – it was pulled from my savings to pay for the last of the divorce bills.

I have so much extra every month now that I don’t have to worry about having enough $ in the bank when I buy something.  However, the less I spend, the more I put towards loans.  So I’m just going thru every day with the attitude that if I need it, I buy it, If it don’t NEED it, I don’t buy it.  I do treat myself and Avery here and there but nothing extravagant.  It’s working… so we’ll leave that be for now.

So, all’s well and good now, right?  Totally on track to do this… unless there’s a curve ball… there’s always a curve ball.  Just when things get comfy, and are working smoothly, something changes.  Well, as I’m busily working to save this money and pay off these loans, I’m also looking into something I want to buy… and that something else has come along so I might have to switch gears where my money is going for a bit… more on that later 😉  While you scratch your head wondering what it is… we’ll be giving you a sneaky smile…

❤ Meghan

Check out my About Meghan page for more posts on finances and paying off my student loans.

Money Monday

April showers brought May flowers… and money trees!  I’m excited to report that I’m getting back on track, and was able to put lots of $ towards student loans this month.

18 Month Progress

• Debt Nov 2012: $41,868.53
• Debt May 2014: $22,556.63
• Total Debt Paid Off: $19,311.90

I’ve paid off almost $20K in a year and a half.  That’s an accomplishment!!!  I’ve almost paid off half my student loan debt – Yay!

May Review

• Starting Balance: $23,853.83
• End Balance: $22,556.63
• Paid Towards Loans: $1,560.08
• Interest Paid: $89.66
• Principle Paid: $1,470.92

I made some extra payments this month, putting a total of $1500+ towards loans, but if you look at the chart, it didn’t seem to make much of a dent 😦  I was so excited when I sent those extra payments out this month too!

And if that’s not discouraging enough, I just had to make my final payment for the divorce.  So, my savings account is wiped clean, and building up the extra $ for student loans is going to take a few weeks… boo.  I’m not as confident in paying this next loan off by August 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): $4,072.07  <– This is next!!!
• SM 1-01 @ 6.55% (Jan ’15): $6,923.05
• VSAC C @ 4.77% (Mar ’15): $1,974.88
• VSAC A @ 3.17% (Mar ’15): $4,437.26
• VSAC B @ 3.17% (Apr ’15): $2,205.96
• SM 1-03 @ 2.1% (May ’15): $1,261.51
• SM 1-04 @ 2.1% (May ’15): $1,681.90

So, pretty much, I need to pull together an extra $1350/mo for the next three months to get that paid off.. wish me luck! (I think I can.. I think I can…)

Monthly Budget

So, no more annoying excel charts for budgeting… I finally took a little time and setup my expense analysis via my bank account and it gives me a cute dashboard look of my expenses for the month.

I’m working on setting up my budget in this this too, so it’s all done for me… less time logging stuff, yay!  I’ve been more lenient with my ‘budget’ lately.  I only buy things that I NEED and treat myself and/or Avery sometimes… like I just bought him a bike seat and helmet, but it will get lots of use this summer!  There have been lots of reasons to buy gifts this past month, like my sister going to grad school, parents anniversary, mother’s day, and a few birthdays.  There are a bunch more coming in June, so I have to be creative to keep saving $!

Where did the weekend go?!!?  Feels like the weekend flew by!  We had pizza during a rainstorm Friday night.  Saturday we hit up two birthday parties.  Sunday we went shopping for food and supplies for the yard, and Joey and I went on an afternoon date.  A fun and busy weekend leaves me in a good mood at the start of the week….How can I not be happy when our weekend was full of shenanigans like this…

Happy Monday!

❤ Meghan

Check out my About Meghan page for more posts on finances and paying off my student loans.

Bye Bye $25K

Not much to report on the $ front for February.  I had to wait until my tax return to make any strides with student loans – so I waited until I had my numbers for march to share my progress.

Student loans… oh how I loath you, but man does it feel good when I pay one of them off!

16 Month Progress

• Debt Nov 2012: $41,868.53
• Debt Mar 2014: $24,578.49
• Total Debt Paid Off: $17,290.04

It’s official. I am under $25K in student loan debt!!!!  I whisked by $25k and I hope to see $20k in a couple months!!! February was bleak, just paid the minimums, knowing my tax return was coming and I could pay much more in March with my tax return and raise I got at work.

February Review

• Starting Balance: $29,149.64
• End Balance: $28,881.65
• Paid Towards Loans: $361.39
• Interest Paid: $130.27
• Principle Paid: $237.18

March Review

• Starting Balance: $28,881.65
• End Balance: $24,578.49
• Paid Towards Loans: $4,329.27
• Interest Paid: $100.51
• Principle Paid: $4,240.72

Yeah, I seriously put over FOUR THOUSAND DOLLARS into loans this month, woohoo! I paid off a loan, and put another $750 towards the next loan on my list to pay off.

I’m getting closer to that goal (red line).  I should be able to put more $ towards paying off the next loan every month because my minimums are going down by $65/month, so that money I can roll into the next loan I’m chipping away at.

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% (Sept ’14): $5,582.77  <– This is next!!!
• SM 1-01 @ 6.55% (2015): $7,111.72
• VSAC C @ 4.77% (2015): $2,031.45
• VSAC A @ 3.17% (2015): $4,548.58
• VSAC B @ 3.17% (2015): $2,265.07
• SM 1-03 @ 2.1% (2015): $1,303.50
• SM 1-04 @ 2.1% (2015): $1,737.86

I’m still paying off the higher interest loans first.  It’s really going to save me money in the long term.  For example, the loan I just paid off was $3,274.  If I continued to pay the minimums on it, in 2022 (EIGHT years from now!), it would finally be paid off, but in the end, with all the interest, I would have paid this much:

By paying off the loan ahead of time, I saved $3,000!!!! Yay!  That’s more money in my pocket down the road, to save for a a house for Avery and I.

I’ve been good with our monthly budget too – still logging every penny I earn and spend.  I’ve made more than I spent every month, so it’s all working out.  Having to log it really does put $ into perspective and keep me on my toes about what I spend.  I know on a daily basis if I need to pinch pennies or if I can splurge and buy something unneccessary, like buying Avery a Mater and Lighting McQueen car set for his Easter basket – I’m stocking up to make him one – filled with toys, not candy!  We still have so much candy leftover from Valentines Day!

As exciting as this month was paying off another loan, I know I have some financial struggles up ahead.  I have a decent savings from selling the house last fall, but most of that is going to lawyer fees for the divorce.  Sad that it’s just being washed away, but I know it’s being put to good use.  It’s all going to fighting for what’s best for Avery.  It’s very difficult seeing that hard earned $ slip away.  That was so many weekends of home improvement projects with family and friends that make our fixer upper into such a lovely home.  It bugs me that I have to start all over saving for a home for Avery and I, and I won’t have any $ leftover after the lawyer bills, but I will know that I fought for Avery to have the best life possible for him, and for that, it’s worth every penny.  And with these student loans paid off soon, I can start saving again to buy a home for Avery and I – somewhere he and I can live for a LONG time.  No bouncing around from apartment to apartment – he will have a stable home for forever.

❤ Meghan

Check out my About Meghan page for more posts on finances and paying off my student loans.