Let’s Throw Some Money at Our Problems: November 2013 Check-In

The Thanksgiving holiday passed us by and we forgot to do a November check-in. So here it is!

It’s time to check in on our debt payments and savings goals again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

OK! Let’s throw some money at our problems.

Logan’s paying off a Barclay Card, which currently has an APR of 22.24 percent, and a minimum monthly payment of $47.
September 2013 Balance: $385.19
October 2013 Balance: PAID OFF

Hooray! Go Logan! It’s the second card Logan has paid off since we started doing this.

The next card Logan is paying off is a Citi Card, which currently has an APR of 19.99 percent, and a minimum monthly payment of $83.11. The balance on the card is $3,135.75.

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
October 2013 Balance: $378.69
November 2013 Balance: $270.24

September 2013 Vacation Savings: $150.00
October 2013 Vacation Savings: $0 (Spent on a ticket home for the holidays). I’ll restart in January!

Remember, if you pay off one of your debts, email me your address and I’ll mail you a note to congratulate you.

 

See previous months here.

---
---
---
---

77 Comments / Post A Comment

amyfrances (#1,522)

I don’t normally participate in the monthly check-in, but I have to share a fantastic debt elimination technique.

Basically, my boyfriend gave me the money to pay off a credit card, and I paid him back in cash, in installments. I was making $20 minimum monthly payments on the card, so the balance went from over $1,000 to just under $800, but that took forever. The introductory offer on the card ended, meaning my interest rate would be super high. So, my boyfriend wrote me a check, I paid off the card, and I give him $100 in cash whenever I get paid (every two weeks). I struggled to make an abstract monthly payment a priority before, but now that I owe him money, I’m motivated to pay him back ASAP. Otherwise, it’s too awkward if he sees me buy new clothes or something when I owe him money.

It’s weird, but it totally works. I’ve only got one more $100 payment and that debt is gone. Worth noting that he makes more money than I do, is debt-free (no student loans), and spends less. He has a lot of savings, so the loan wasn’t a burden for him.

Anyway, it worked for me! Goodbye old debt. Alas, plane ticket home for Christmas….hello new debt.

katienerd (#4,965)

@amyfrances I know EXACTLY what you mean… I borrowed a large sum ($4,000) from my mom to pay off all of my credit card debt to lower my credit score in anticipation of buying a car. It was too much in the abstract before, but now that I know that I owe MY MOM that much money it becomes all too real. It’s kind of hard to feel the guilt, but ultimately I think the guilt helps that much more.

amyfrances (#1,522)

@amyfrances Another fantastic way to get rid of debt is to receive a sizable holiday bonus that exactly matches a credit card balance. My boss just informed me said bonus is coming my way. Once I get that check, I’m DONE with credit card debt. Totally done. Hopefully it lasts this time. Then it’s just student loan debt, which is much less shameful. YES YES YES!

Part of me is sad – I kind of want to buy a big fancy thin (new coat, new phone) with part of the bonus, but I think I just need to put it all towards the credit cards. Hooray!!!!!!!!!!

@amyfrances This is an AWESOME idea if you can do it! I similarly borrowed money from a couple of friends for moving expenses in October (thank you, friends!) and HOT DAMN did I pay that back quick. Owing money to an actual human being feels so different then owing money to some amorphous credit card company concept. And I felt the same way about worrying that those people would judge any frivolous money I spent so, as an added bonus, I was more budget-conscious than I would normally be. The other great thing about owing money to people is that it’s not a credit card that I can just rack back up again – I pay them back and it’s done!

allreb (#502)

Student loans. Same old same old.

End of October balance: $9,044.61
Current balance: $8,861.99

readyornot (#816)

Yaaaaaaay Logan! Bust that debt up.

Yaaaaaaay Mike! Glad you get to go home for the holidays. That is a very sensible ticket. For my husband and me to visit both sets of parents in a three-city itinerary was $2300.

Allison (#4,509)

Student Loans slow and steady: October 2013 $10,819.49, November 2013 $10,673.42

Credit Card: October $895.24, November $785.55.

Savings October $4,604.51, November $4,756.05
Leaving this alone as much as possible so I have more padding in case I get furloughed again!

Side savings (vacations, etc) October $181.22, November $331.45. Will probably throw this at my December credit card bill once all the damage is done. Yay Christmas!

Caitlin with a C (#3,578)

Haven’t checked in since August!
-I paid off one of my 5 student loans last month, but it was the tiniest one ($2000 originally; also with a high interest rate, though!).
-My student loans total $42.6k now, down from $43.1k last month.
-My vacation fund/emergency savings is tracking with my goals and went from $1000 last month to $1200 this month. A few months ago it was zero! …but I may decimate it later tonight on plane tickets because of a surprise family thing on the other side of the country that I can’t miss. I guess that’s why it’s an emergency fund?

travlinggirl (#4,335)

@Caitlin with a C Congrats on paying your loan! Definitely celebrate with your family.

Stina (#686)

@Caitlin with a C But eliminating one is still great. Go you.

kentuckygal (#4,294)

I did okay in November, despite Christmas shopping, but I worry December might mean less saving and paying off debt than usual.

I am paying off 1 of 6 students loans (grad and undergrad) and also building up a savings to apply to moving costs next year/eventual house downpayment.

Moving in a Less Than a Year Fund/Eventual Home Fund:
October – $1,172
November – $1,474

Student loan ($0 minimum because I’m in grad school still):
October – $4,645
November – $4,241

2for1cheesecake (#3,591)

I just made a loan payment 10 mins ago. I must have sensed that this check-in was coming! The grace period for one of my loans just finished this week, so now I have 2 loans to pay off. Oof.
Loan 1:
October – $10,038
November – $9,542
Loan 2:
November – $13,189
December (as of today) – $12,989

travlinggirl (#4,335)

November was a quiet month. I was jetlagged for most of it and catching up with work. Finished booking a few things for our upcoming trips. My credit card is a bit high due to Christmas gifts, but it should be gone by the end of the month (hopefully). I’m excited to finally have a real emergency fund! So close to my goal. I’m ALSO pretty excited to set some money goals for next year. I know, I’m freaking myself out too. I owe it all to this monthly post.

Emergency fund ($1500 by December)
October 2013 $856
November 2013 $916

Travel fund
October 2013 $0 (haha)
November 2013 $200

Credit Card
October 2013 $0!
November 2013 $390

P.S. Congrats Logan!

Tatiana (#194)

I’m feeling really good about this month’s check-in:

Credit Card w/ an interest rate of 7.25%:

April: $4018.92
May: $3805.25
June: $3641.28
July: $3257.76
August: $2867.96
September: $2788.23
October: $2778.51
November: $2362.60

It’s nice to see how much it has shrunk in the last 7 months. It’s going to feel great when I get it under 2k.

Drea (#325)

I posted a few months ago about being afraid to post mine since they seem so much higher than everyone else’s, but I’m going to try, and maybe it will help someone else.

ECSI (Student Loan) (4.75%)
October Balance: $55,662.18
Current Balance: $55,128.37

Sallie Mae (6%)
October Balance: $3626.36
Current Balance: $3,531.68

Nelnet (6.8%)
October Balance: $3,779.51
Current Balance: $3,685.38

American Express (14.4%)
October Balance: $4,082.53
Current Balance: $4,045.67

GE CareCredit (14.9%)
October Balance: $2,068.64
Current Balance: $1,354.32

I’m in the midst of an avalance style attack, so my CareCredit will be paid off by the end of February, which is a huge weight off my shoulders. Next up is the AmEx, which won’t be paid off until 2015, but I’ve got a great spreadsheet that let’s me compare where I started to where I am now, and I feel infinitely better about my debt now, whereas I used to just feel panicked all the time.

Caitlin with a C (#3,578)

@Drea Totally with you in the 5-digits range. Mine are in the $40k range because a) I picked a mathy field and b) I’ve been working at them for a few yeras. No worries! Good luck with the credit cards!

therealjaygatsby (#4,053)

@Drea I’m with you, so don’t worry too much! And I totally agree: it feels so much better to finally track my debt (even if it is big and scary) and to have some kind of plan of attack to bring it down. Unfortunately, there is no silver bullet for debt, but having a monthly/yearly plan gives me a sense of control that I so desperately need sometimes. Just keep chipping away, and I’ll be right here with you, chisel in hand!

Marissa (#467)

WOOT LOGAN!

Travel Fund:
October 2013 – $6022.55
November 2013 – $7030.42

Dancercise (#94)

Car loan
August: $10,124
September: $9,935
October: $9,778
November: $9,605

Savings
August: $6462
September: $6530
October: $7332
November: $8823

AND CONGRATS TO LOGAN!!!

antheridia (#2,995)

2013 Financial Goal: Net Worth of $130,000
October 2013 Net Worth: $127,395.63
November 2013 Net Worth: $133,302.84

YEAH!!! I did it!! Still a month to go, and I anticipate a big bonus at work, so I might be able to do even better!

readyornot (#816)

@antheridia congratulations!

travlinggirl (#4,335)

@antheridia amazing! congrats!

nnlsbin (#5,447)

First time doing this but here goes

mortgage: orignal amount (Jan 2012) $305000
Current amount owing $273475.06 this has an interest rate of 5.13%

Credit cards paid off but I havent started Christmas shopping yet

I have 3 savings accounts as it so

holiday fund $4250
Emergency fund $1185
incase I lose my job fund $15312

the rat lady (#785)

I do not and have never participated in the monthly check in (because I am in graduate school and therefore making debt rather than paying it off) but I had a tiny panic attack this afternoon when I noticed there was no November installment. Yay Logan! Yay everybody! I love rooting for you guys.

DebtOrAlive (#5,233)

So.

Debt: Credit Card
APR: 24.99% (I just… I mean… I LITERALLY CANNOT.)
October 2013: 5,072.93
November 2013: 3,709.74

Besides, Citibank will put every other paycheck to better use than I would’ve anyways. Yup. I actually make the payment the morning my it hits my checking account. The less time it’s there, the easier I can pretend it never existed. Just… allow me my delusions.

Allison (#4,509)

@DebtOrAlive that’s exactly how I do it. I have like a million auto debits for bills/savings set up for the day paychecks hit.

Tatiana (#194)

@DebtOrAlive ouchie! that’s a steep APR. are there any credit unions in your area that you can join? credit unions tend to have credit cards with lower annual percentage rates. they exist to help! i recommend looking into a balance transfer if you haven’t already. that’s how i tackled (and am still tackling) my cc debt. :)

CubeRootOfPi (#1,098)

Congrats Logan!

I’m not going to make my target remaining student loan amount goal for this year, alas (it was a bit over ambitious). But I changed the way I organized my money/spending and made my budget for next year and budgeted to put in extra payments above the minimum each month.

House fund is at $250.

highjump (#39)

@CubeRootOfPi
If it makes you feel better, I hoped to have my student loans under $50k by the end of the year and they’ll be at ~$51k. I decided it wasn’t worth me raiding my savings to meet an arbitrary goal. Changing your process, as you have, is more important and will lead to more success down the line.

ifwecantaloupe (#2,654)

Congrats Logan!!!!

High-interest student loan (11.49% fixed rate):
October 2013: $3,517.36
November 2013: $3,181.58

Savings
October 2013: $3,367.13
November 2013: $3,558.07

Taylor (#1,339)

The student loan I’m currently paying down has a 7.5% interest rate and monthly minimum of $56.

October statement: $5,338.35
November statement: $4,911.73

Savings account (for emergency fund, etc- once it gets a little bigger specific funds will be earmarked for emergencies & long-term stuff):

October: $1,450.22
November: $1,655.26

acid burn (#113)

I didn’t throw any money at anything but I did finally sign up for online access to my brand new student loans, which have already accrued $36 in interest so far this semester. Wheee! I don’t think I actually have to pay it until I graduate, though, so that’s… good?

msworst (#2,640)

Yay, Logan!!!

I too paid one of my debts off. I’ve been paying my last credit card off and working on my student loans.

Credit Card:
October Balance: $5720.10
November Balance: $3998.77

Student Loan 1 (of 3):
Original Loan Amount: $8,500.00
October Balance:$702.72
November Balance: $0

ZERO! Woo!

Next up, I’ll continue to focus on that credit card debt and start to work on student loan number 2 more seriously. Yay!

Stina (#686)

@msworst Yaaaaaaaay you! Congrats on the student loan.

msworst (#2,640)

@Stina Thanks!! I have a long way to go to finish them all but I’m pretty excited that the first one is gone forever. :)

RiffRandell (#4,774)

Thankfully November was a 3 pay period month for me. I had to move $3 of spending to my Dec budget to get my exact goal of $1000 saved this month, but I feel like this is a totally reasonable cheat. I will work some OT in December, so my $5,000 goal seems likely! Saddle fund is still sitting at $0, ahh well.

Opening an IRA account:
Oct 2013: $3384
Nov 2013: $4384

jennknee (#3,899)

i guess i didn’t check in october….

Capital One (0% intro APR, used to finance my taking the CPA exams, and also buy a tablet to ‘study’):
Sep 30: $1288.38
Dec 3: 813.38

Finally, making some progress.

Li'l Sebastian (#3,297)

I don’t usually do the check-ins, but I wanted to let you know that reading the Billfold pushed me to start an emergency fund that is TOTALLY saving my ass right now as I have to move and do a bunch of repairs on my car and replace the half of my stuff my ex is keeping. Thank you.

lemur_niemer (#3,125)

@Li’l Sebastian Yay for the savings! Boo for the circumstances for using them. Internet hugs!

Apollo Banks (#2,521)

I love the check-ins. It makes me feel both relieved and panicked at the same time.
November went wildly out of control but I am only a couple of payments off clearing my student loan! Everything else = horror.

highjump (#39)

@Apollo Banks I totally feel you on relieved and panicked at the same time.

halloliebchen (#5,373)

I’m paying off 3 credit cards and 3 student loans. I’m focusing on paying off the biggest one which also has a terrifyingly high APR.

Credit cards –

1. Scary Mastercard:
Oct 2013: 4943.87
Nov 2013: 4685.37

2. Less scary Visa:
Oct 2013: 635.22
Nov 2012: 600.25

3. Way less scary Mastercard:
Oct 2013: 273.10
Nov 2013: 232.61

Student loans –

1. Discover:
Oct 2013: 10,825.64
Nov 2013: 10,806.96

2. Citi:
Oct 2013: 2,231.19
Nov 2013: 2,218.23

3. Consolidated:
Oct 2013: 31,716.57
Nov 2013: 31,395.73

Slow but steady I guess :(

Stina (#686)

@halloliebchen It’s going in the right direction! Yay you!

halloliebchen (#5,373)

@Stina Thank you!

snackcarts (#3,300)

Last month I paid off my student loans and then earlier this month I made another big financial decision…

Car loan (6.99%):

October: $4,668.32
November: $0!

I had money earning little interest in my savings account and found out I was paying 80 cents a day in car loan interest, so I paid the sucker off on impulse one Tuesday morning! My title came in the mail yesterday and I cried because I’m a weirdo. Paid off in 35 months though!

Savings:

October: $12,600
November: $10,000

Hoping to build this up in the new year now that I’m COMPLETELY DEBT FREE (except for normal monthly bills, etc.)

travlinggirl (#4,335)

@snackcarts It feels great, right? CONGRATS!

sherlock (#3,599)

@snackcarts Congratulations! That is seriously awesome!

fivetoolmike (#5,164)

November: 4 Stafford Loans – $20,166.59 (started at ~$29K, 6.55% interest for a never-finished MA)

October: $20,383.72

After interest, I’m knocking off over $200/mo, which means I’ll be under $20,000 by my next payment. Just another 6 years or so and I’ll be free of it!

AitchBee (#3,001)

Emergency/moving/quitting my job like a moron? fund (savings goal of $10,000):

October: $7,800
November: $8,350

This just took a large hit (whyyyy), but I’m hoping to siphon some money from my weekly budgets (whyyy) to make up the difference before next month’s check-in.

thegirlieshow (#5,285)

Go Logan!

SallieMae private student loan w/interest rate 9.25%
October balance:$7,231.09
November balance:$7,181.53 (attempted to make $100 extra payment toward principal, of which only $49.56 was applied because of course)

Citi card
October balance: $510.61
November balance: $425.61

Sloane (#675)

I made goal a month early!

Emergency fund – Goal $15,000
October: $13,614
November: $15,025

In September and October, I deferred three charitable contributions and put them in the e-fund. My plan was to take them out of the e-fund at the end of the year if I couldn’t make them up out of my Christmas bonus. Bonuses haven’t been paid yet, and in fact, I wasn’t sure that we would get any. But I helped bring in a pretty big payment due, so I’m optimistic that we will get at least a little something.

So if e-fund is funded, what next? I like the advice that I got from a financial planner to save 30% of gross income, so that won’t change. While I was building the e-fund, I contributed 10% to retirement, 5% to my sinking funds (annual or big expenses like car insurance), and the rest to the efund. I’ll boost my retirement contribution to 15%. I think it’s wise to keep saving at least some case, so I’m going to keep putting 2% into the e-fund. That leaves 8% – I could save for a house, I guess, although I’m not really interested in buying. I could open a taxable investment account, but I’m not sure I’m ready for taxable risk! Hm. May be time to make another appointment with the financial planner…

Katze (#5,053)

Total debt (student loans for two people, one car loan, and a mortgage):
Oct 2013 $289,440.38
Nov 2013 $288,210.01

Savings: $0 after some unexpected travel for a funeral. That’s what saving accounts are for, but it still sucked to lose some ground. I don’t anticipate any progress in December, since we’ll buy Christmas presents instead. But we won’t take on debt to buy gifts, either, so that’s good.

ECW (#2,765)

@Katze You are making me feel like I could almost post here. We are also mortgage, student loans(law) and car loan kind of people, and we are working to pay them down quickly, but the “end goals” feel really distant and different than a lot of what this is geared towards. This is an amazing project though! I love reading it, its inspiring!

Taylor (#1,339)

@ECW I hope you don’t feel weird about posting here! I am also a Person of Many Student Loans, and I only track the one I’m currently paying on here- which maybe misrepresents the situation, but it helps me to see progress to just have one loan that is the current goal. But yeah, my loan listed above that has like $5k left on it is the smallest of four that are going to be following me around for a while.

Katze (#5,053)

@ECW I actually started posting to this thread this way because someone else commented that they felt weird posting about their very large debt. I do kind of feel overwhelmed by the size of it, but I also like seeing how hard everyone is working on their goals and it IS really inspiring! I want to say “Yay, everyone!” whenever I read this thread.

I’m too timid to join this but a big group hug to everyone!! Solidarity! Maybe next time I’ll be brave …

halloliebchen (#5,373)

@EleanorHiggsByson You can do it!

therealjaygatsby (#4,053)

Student Loans:

Private:
October 2013 balance: $18,590.68
November 2013 balance: $18,531.43

Dept. of Education:
October 2013 balance: $63,433.81
November 2013 balance: $63,017.24

TOTAL STUDENT LOAN DEBT:
October 2013: $82,024.49
November 2013: $81,548.67

My secret goal was to get under 82k before the start of 2014, so I’m simultaneously happy/in awe that I need to keep doing this for the next 17 years (at the current payoff rate, at least). Will the Billfold still be around in 17 years?

* * * *

Savings (my goal is $3,500.00):
October 2013: $800
November 2013: $900

ThatJenn (#916)

Yay, Logan! That’s so awesome!

I’m rejoining. I stopped for a while, I guess because my financial landscape suddenly changed. I honestly haven’t been doing that great. Part is the change to supporting another person, part was that I paid for a wedding in September (“only” about $4-5k, but still a big expense in a one-income household), part is that we’ve been traveling a lot, and part is that I got Invisalign and paid that off over the last few months (about $2700 in all, mostly financed on a credit card).

CareCredit for Invisalign, just for posterity:
High balance in July, at 0% APR until Jan 2014: $2437
Current balance: $0! Just finished paying that off.

Main card:
7/30 balance: $54
12/4 balance at 8.99% APR: $1137 (just bought plane tickets home… sigh)

Joint card:
Didn’t exist in July yet
12/4 balance at 8.99% APR: $208

Citi card, which I totally left at the bar last night and need to go get later, ugh:
7/30 balance: $0
12/4 balance at 0% APR until Feb 2015: $2,500

Car loan:
7/30 balance: $17,150.50
12/4 balance: $15,483.66 (I’ve paid down $6,507.88 plus interest since June 2012, and am on track to pay it off October 2017, a little earlier than the December 2017 date originally planned.)

Savings goal:
7/30 balance: $2,607.59
12/4 balance: $3,512.33 and adding $350/pay period. If I can keep from touching it until next September I still might hit my $10k in savings by age 30 goal, but I’m not especially optimistic given my credit card balances. This was easier when my husband was paying me rent and I deposited it into savings each month. :)

ThatJenn (#916)

@ThatJenn My dude has also discussed getting a part-time job in the spring and summer, which would ease things a bit, for sure (for instance, he might be able to contribute towards utilities or his phone bill or something temporarily, until he transfers to the university in the fall). I mean, he does technically have enough savings that he could give me money now, but we’ve talked about it and agreed it makes more sense for him to hang on to his savings so he won’t have to take out student loans at all. It will mean breathing more easily after he’s done with school (probably December 2015, maybe a little later) and has a job.

travlinggirl (#4,335)

@ThatJenn I’m glad things are a bit more stable for you! Related: What’s your review of Invisalign? I’ve been thinking about it but not sure if it’s worth going into debt for.

aetataureate (#1,310)

My savings account has had the $5.00 minimum for a year or something. I’m going to change that, however gradually! I put in $50.00 to start and set up a $20.00 transfer each Friday (to coincide with my biweekly paydays — for maximum not-noticing-the-money-missing).

11/1 balance: $5.00
12/1 balance: $125.00

Allison (#4,509)

@aetataureate way to go!

highjump (#39)

At my job we have 18 months of probation, after which we are no longer at-will employees. My probation will be up in July. I really want to pay down my student loans but I’d like to keep that money liquid in case I don’t pass probation. I think I will pass, but you never know. Thus I would like to save $6,000 to be used in case I lose my job OR to pay off a small student loan and take a short vacation if I still have a job. Is this a crazy scheme?

If I Lose My Job Fund
Goal: $6,000 by August 1
12/4: 0

The other goal I have been working on is an Emergency Fund
Goal: $2500 by Jan 1
12:4: $2200

andnowlights (#2,902)

My goal was to have our miscellaneous fund at $1000 by the end of the year, but it actually needs to be more like $1700 because the husband will need a blazer in the spring/summer.

It’s currently at $1339.9 despite buying ALL the things in October and November and it should be at $2330 by the end of December.

Edited to add that in January we’re starting to work on a $17,000 student loan, which we plan on paying off Dave Ramsey style (except I still put 5% of my salary in a 403b with a full match by my employer), so any and all available monies (other than my 403b) will go toward that. We plan on paying it off in 1.5 years at the latest, before my husband graduates.

saretonin (#4,351)

Logan! Yay!

Student loan 1 6.8%
October: $4,059.22
November: $3,982.84
Yay under 4K! small victories.

Student Loan 2 5.75%
October: 9,983.01
November:$9,939.37

DreamChaser (#5,453)

I’ve read this every month for about 4 months now. This is my first time actually posting a comment!I graduated undergrad in May 2012 and have been trying to pay that off before I decide if I want to pursue grad school.

Student Loan (undergrad)
January 2013: 7,200
December 2013:4,588.63

ROTH IRA Contributions:
Started in January 2013: $100
December: 1,150.07

Discover Card:
November balance:$2,837.52
December balance: $2,659.54

Savings: like $4 dollars. HA… Rent in Chicago is expensive!

laurelr16 (#4,844)

I was getting ready to post my obnoxiously large student loans for the first time and I discovered that my loans have been “transferred” once again! And my information is limbo and I have no clue how to make a December payment. Why can’t they just stay put? This is the second time this year. So, now my goal is to not skip this month’s payment and to check in with some numbers in January.

sherlock (#3,599)

@laurelr16 That sounds . . .incredibly stressful and frustrating. Good luck!

honey cowl (#1,510)

I don’t post specific #s in these because details of my bank account on the internet is not my thing, but I am so happy for everyone here! I’m making very very slow progress … losing my job in August, compounded with a million (three) funerals I had to travel to, has made it hard to knock out the last of my cc debt. But, I am finally into 4 figures, and cobbling together part time/freelance stuff, so hopefully I can continue. My goal was debt-free by September, then the end of the year … I could do it with savings but that doesn’t seem the smartest. I don’t know, y’all, WORKING ON IT.

honey cowl (#1,510)

@honey cowl By 4 figures I meant THREE figures!!! Under $700 at this point. #cantcount

DarlingMagpie (#1,695)

I’m SO CLOSE! In 6-8 months I will be debt-free and that is actually slightly more terrifying than I thought it would be. What do I do now? How do I save? What is “the stock market”?

Post-grad loan + (tiny) credit card balance
November 1, 2013 – $5,190.46
December 1, 2013 – $4,678.05

sherlock (#3,599)

@DarlingMagpie I went through this when I finished paying off all my loans about 6 months ago – it’s oddly unsettling. I had a plan for how I was going to start investing (more than happy to talk about that when the time comes if you’re interested!), but it was still a bit jarring in ways that I can’t quite articulate.

@DarlingMagpie I have a theory that this is actually part of why I (subconsciously) stay in debt. I think the idea of having that much money lying around – and that much freedom – is kind of scary to me. OFF TO THERAPY, BRB.

Bates (#1,327)

Good News! I am getting a big raise at work! I have vowed to put all of my new wages into paying off my credit card debt (should take 11 months total), and then saving to buy a new car.

Card 1: $4375 – 20.99%
Card 2: $973 – 8.99%
Card 3: $214 – 13.99%

selenana (#673)

Have been steadily paying my Sallie Mae 3%, but only the minimum payment since I went freelance.

Oct. $4751.14
Nov. $4650.39

Post a Comment