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Staying on task

April 22nd, 2017 at 04:50 pm

Loan balance after the last payment hit: $3569

Today I caught up some later-billed budget categories from March and sent in another payment of
$533

160 from extra work hours
25 cell phone savings April
55 IBR savings April
68 parking category savings March
225 other misc categories/snowflakes March

Once the balance gets under $2000 I’ve been considering loaning myself the money from my EF to just pay it off and save on the interest difference. It makes senses mathematically and my savings are honestly probably higher than need be given my debt. On the other hand I’m usually a worst case scenario planner and messing with the EF category doesn’t strike me as a good habit to get into. Still thinking about it.


During school I took less than than the max amount of student loans every semester and worked part time jobs to help supplement living expenses. The financial aid office would send you a summary of the charges for a semester and how much you could get in loans, then you could go in and manually reduce the amount you were requesting before it was submitted. I don’t remember how much I adjusted it down back then, but I’m curious how much my balance would be today with interest if I’d taken the full amount possible.

Posted in Budgeting, Debt, Personal Finance | 3 Comments »

3 Responses to “Staying on task”

  1. rob62521 Says:
    April 22nd, 2017 at 07:48 pm 1492886908
    1492886908

    I think you'd be absolutely gobsmacked if you took the full amount on the loans You were very smart not to. I fortunately did not have to get school loans. I got partial scholarships and worked part time jobs. I didn't do a whole lot extra other than go to school and work, but graduated loan free. My dad kept telling me I didn't want to owe money when I wasn't sure what kind of job I would get and when. I had a friend I went to school with who took the absolute limit each time and I bet he still doesn't have his loans paid off.

  2. snafu Says:
    April 22nd, 2017 at 08:01 pm 1492887707
    1492887707

    Good on you for working through school and limiting borrowing. I admire you for making a plan and sticking to it, adding snowflakes and extra sums directly to loan's principal. It has the added benefit of reducing total sum to be paid in interest while dropping the principal. If your job is stable, you could use some of your EF to clear the balance. I'm confident you'd stick to the plan to replace EF as quickly as practical.

  3. Bluebird Says:
    April 23rd, 2017 at 12:53 am 1492905226
    1492905226

    Great job! You're almost there!

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