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New balance, finding money

June 3rd, 2015 at 08:19 pm

My last loan payment took the full three business days to process, but did show up today:

Payment: 505.00
Interest: 13.19
Principal: 491.81
New balance: 12,091.07

At the current interest rate of 7.65%, I'll save 37.83 per year in interest on the amount of principal paid off so far.

While thinking of ways to speed up the repayment process (I'm not eligible to do more extra shifts for cash for a couple of months), I remembered an old, neglected bank account with some money in it from college. When I went away to school they didn't have any branches of my bank in the area, so I opened an account with a local bank for day to day spending and depositing paychecks from my part time job. When I moved again for grad school I went back to using my original bank and left the college account alone as an emergency backup fund. (For a person with an insane amount of debt, I'm actually something of a money hoarder- have always felt better knowing there were funds to tap in an unexpected emergency. This is unfortunately totally irrational, and I obviously should have forked over that money for grad school tuition and borrowed less.) I set up online access to the old college account today and will transfer $1484.02 to the GP loan.

I've been enjoying reading the updates from everyone doing Mrs. Frugalista's Pantry challenge- seeing what other people are cooking motivates me to change dinners up a little here!

In other minor money happenings, coffee at work is definitely one of my most consistent spending areas. I can bring coffee from home in the morning, but during long days I generally get coffee at least once to stay alert and ward off crankiness in the evening. Trying to cut down on this, but sometimes you just need to wake up to concentrate on what you are doing. Since my last travel mug broke, I bought a new one yesterday for $3.99. Not only is this better for the environment, but you get a discount if you use your own mug: $1.29 for a refill vs $1.99 for a regular coffee. Out of curiosity, I'm going to track those savings for a while to see if it adds up to anything significant (or at least how long it takes to pay for the mug!)

So far I've gotten refills yesterday and today, so $1.40 in coffee savings.

5 Responses to “New balance, finding money”

  1. creditcardfree Says:

    Those extra funds will sure make a dent!! That is exciting news.

  2. VS_ozgirl Says:

    Great work in finding some more money & saving money on coffees Smile

  3. bluesfemme Says:

    Excellent thinking on the money hoard! I think coffees/teas/hot drinks are so over priced, but standard ground coffee disappointing, so I keep coffee bags at work. Is that a viable alternative? It works out about 35c/bag and they smell great.

  4. Debt-free by Thir-ty Says:

    That's awesome that you're putting that extra money to good use! I sort of have the same problem. None of my accounts have anywhere near that amount, but I have 5 or 6 different accounts with amounts from .50-$70. I need to sit down and clean those all up...

  5. Greenleaf Says:

    Hi Bluesfemme,
    Bringing my own coffee to make at work probably wouldn't be practical for me logistically, but it's a good idea!

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