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.
- Starting Balance: $29,149.64
- End Balance: $28,881.65
- Paid Towards Loans: $361.39
- Interest Paid: $130.27
- Principle Paid: $237.18
- 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.
Check out my About Meghan page for more posts on finances and paying off my student loans.