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Archive for February, 2016

Repayment plan confusion

February 21st, 2016 at 02:19 am

After submitting my income-based-repayment renewal application a couple months ago I finally saw my new scheduled monthly payment on the website today...and it's about $60/month less than last year, even though my income went up by about $1000/year?

I'm not quite sure where this number is coming from- they calculated it from accurate recent paystubs I submitted, and I know I didn't pay down enough principle last year to account for the difference. That said, I always seem to talk to a new person each time, so it's possible that last year they calculated a higher amount than strictly necessary by the terms of the program and I just never contested it.

If this IS my new repayment amount I will benefit by taking the difference left in my current budget and applying it to extra principle payments on the higher interest loan in my account. I'm going to wait until the first autopay withdrawal goes through before counting my chickens though-they may adjust it before then. Meanwhile I sent an additional $160 to the high interest loan today that came from picking up extra hours last pay period. Every little bit helps.

On the spending side, I've been working 90-100 hour weeks lately due to a tough assignment at work, so coffee and snacks spending is up because there has been no time to grocery shop. (I only come home to sleep at this point). On the positive side though, entertainment spending is zero and hopefully the heating bill will be down, since I turn it off completely when I'm not there. Even when I'm feeling self-indulgent I tend to stick to the less expensive food and coffee options at work, and I've been using up some old leftover giftcards for the cafeteria. Ony about 2 more weeks left at this pace before I can downshift to a less hectic schedule, so will try to keep the damage to a minimum!

Costly creature comfort

February 3rd, 2016 at 12:28 am

First update in a while, though I do keep up with how everybody else is doing!

On the debt front, I'm waiting for approval on my income-based-repayment renewal. Trying to be patient, but I'd like to get the new monthly payment numbers to update my budget. Today I sent $260 to the high interest loan- $160 from an overtime project at work and $100 from Christmas. (No matter how often I try to gently remind certain relatives I'm an employed adult and they don't need to give me anything, a couple of them always send me money at Christmas. I feel a little guilty about it, but anything other than accepting thankfully would cause offense.)

As far as cost-containment, been doing a fair but not outstanding job limiting coffee and food purchases at work. Taking advantage of free coffee and breakfast at recent morning meetings has really helped in this category : ) I always cook at home at dinner and on weekends unless it's a social occasion with friends.

Currently I'm working on controlling the electricity bill. I love my place, but the building is quite old (historic) and very drafty. A loft setup also creates a lot of unused space to heat. So far I've covered the windows with that plastic wrap to create a layer of air insulation and bought a small space heater. (Got the one recommended by a fireman acquaintance, and never leave it on unattended!). When I do turn on the heat, I keep the thermostat between 55-57 F, dress in layers, and use throw blankets for extra warmth. Even with these measures, winter has caused the utility bill to shoot up to $170 this month. My last apartment was very well insulated with new windows and wasn't on the corner of the building like this, so it retained heat from the building and I almost never had to supplement that, so this is a new issue. There's a local organization that provides emergency funds for utility payments to people with low income, and the recent blizzard motivated me to start donating there this winter.