AW YISS. I’m paying off my smallest student loan, which has a 7.5% interest rate and a minimum monthly payment of $55ish. January statement: $3,810.61 February statement: $3,193.29 Best thing: In March I'll get a $3,000 check from my alma mater's loan repayment assistance program, and pay off that balance. Onward to the next, much larger loan! Meanwhile, in savings: January statement: $825.30 February statement: $1125 (and change)
@FinancialAidArtist @Marnie That seems like a really logical and workable system. I'm doing the debt+savings thing right now too- the balance I've struck is to try to save enough to manage unpredictable costs as they pop up without going back in to debt, but it's definitely intended more as emergency savings than long-term-goals savings (which I can focus on when the debt's gone.) Right now this means that of the money I have to work with, I put 25% in savings, 75% to debt. At some point I'll probably hit a savings level that I'm comfortable with and focus 100% to debt unless the savings gets dipped into and needs topping off. I would also love to hear how others handle the savings thing! And thank you for sharing your story, Marnie!
I'm paying off the smallest of my student loans, which has a 7.5% interest rate and a minimum monthly payment of $56. December statement: $4,346.32 January statement: $3,810.61 Let's not talk about my savings. It was already low from a veterinarian adventure for my kitty, and then I owed for taxes for the first time ever. Hoping to build it back up over the next few months! December statement: $1,225.30 January statement: $825.30
Hooray for Food Lion! <3 North Carolina.
@EmilyAnomaly Yay, house savings! That is amazing.
@RiffRandell Thanks! She seems better today, so no expensive vet visit yet (and more importantly no sick kitty.) Fingers crossed!
Student loans! I have many, but the one I’m currently paying down has a 7.5% interest rate and monthly minimum of $56. November statement: $4,911.73 December statement: $4,346.32 Savings account (emergencies, long-term stuff, etc): November: $1,655.26 December: $1,225.30 :( My kitty got sick and spent Christmas at the vet. Yes, someday I should have a savings account earmarked for Cat Emergencies, but right now the debt is the priority...but at least I was able to pay for this out of [savings] pocket, not on a credit card. Of course now she's seeming sick again, so January may not be much better.
My big 2014 goals are: -Pay off one student loan and make about $8k of progress on another -End the year with $5,000 in savings Toward that end, in January I want to: -Go through lots of clothes and consignment-sell what I don't wear -See if I can sell my bar review books Because any extra money I bring in can go straight to the above goals!
@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.
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