Amber's Personal Finance Blog

When I started my debt repayment journey, again 🙄🤦🏾‍♀️, my biggest hurdle was my student loans.

I paid off student loans one and two during the pandemic, and consolidated three and four. Honestly, I couldn't see the light then,actually until now, I just couldn't imagine paying these loans off. 

After paying a $200 payment and seeing it finally hit my account three days later, yep three days it took while incurring $4.71 a day in interest, it finally hit me that I may get this thing paid off. 

My new balance is $25,024.24. I probably could have had this thing paid off sooner; however, I needed breaks. Mentally it's draining and depressing.

I've been saving for a car because my current car is 22 years old with almost 300k miles, I've also taken a few trips. Could I have forgone without the trips? Yes. Did my mental state require a break?  Yes, therefore I took a trip. 

Though I've come a long way, I still have a way to go. I'm just thankful that I realize, it is doable. 

Holiday Party Drama

For the past decade, I've been the primary host of our annual holiday party. While my ex and I have shared hosting duties, I've always borne the brunt of the financial burden. I've covered food, prizes, and other expenses, while he's contributed minimally. 

This year, I've finally had enough. I've made it clear that he needs to foot the bill if he wants to continue the tradition. Unsurprisingly, he's remained silent.

I’ve shared with friends that they’ll be no party, maybe next year but this year I have things to do. 

Student Loan Struggle

My student loan debt continues to be a heavy burden. Despite making significant payments, the interest rate has made it difficult to make substantial progress. I've had to reduce my monthly payments to save for a new car and roof.

Car and Roof Concerns

My aging car, with over 290,000 miles, is nearing the end of its lifespan, it's a Toyota. Given the exorbitant prices of new and used cars, I've been saving diligently. The goal is to buy used cash. 

The recent hurricanes in Florida have also caused insurance companies to force homeowners to replace my roofs. I've set aside some funds for this project, which right now will cost about $14,000. Smh. 

Work Progress

While my current job still isn't my dream career, I've grown more comfortable in my role over the past two years. It offers a decent salary and benefits, which is a positive.

That’s it this far. 

Lately, I've been focused on paying down my student loan, putting any extra money towards that debt. 

However,  I completely neglected to save for a new car. Recently, I had to fork out $2,000 for car repairs, which was a frustrating realization because I haven’t been saving at all for a car—just saving to cover my insurance.

Now, my car is running smoothly again, but it has nearly 300,000 miles on it. I'm faced with a decision: should I pause the extra payments on my student loan to start saving for a new car, or should I continue as is and try to minimize my student loan debt? 

Currently, I’m accruing $5.40 per day in interest on my student loan, and my monthly payment has been around $800, this includes about $500 extra a month. I'm considering reducing this to $360, which is actually my monthly payment and putting the rest towards a down payment for a new car.

A few months ago I had the new car itch, finally got through that only to be in the dumbs due to a breakdown. 

I feel like I’m never going to get ahead of this debt, feeling down. 

Happy New Year, SA member! 

I am praying that this is a good year for all of us. 

I've been in need of a new laptop for a while now – mine is sluggish and lacks the necessary space. Thankfully, my employer offered a chance to win one for $150, and I was fortunate enough to secure it. It's a used, three-year-old model, but our company provides high-quality laptops. Excited to receive it, and the payment will be deducted from my payroll.

Other news, my HOA did not increase, I saved the cash and am able to pay 10 months in advance. 

I also paid another $300 on my student loan. 

Great news! 

With today’s payment of $300.27 ($85.27 applied to interest) towards my student loan, I am finally able to get this loan under $30,000. My new balance is $29,985.00. Of course within a few days it will creep back up to $30,000, it just feels good to see it under my goal amount, even if it’s just for a few days. 😀

I made my first mortgage payment for 2024, adding an extra $60, the new loan balance is $106,083.00. My escrow balance is $676.65, given that I have a positive balance, I’m going to assume that there won’t be an increase in payments but a slight, and I do mean slight decrease in my total mortgage for 2024 after my escrow analysis. I’ll continue to make the same payments even if the decrease occurs. 

I managed to increase my credit card balance, the good news is there is no interest. I’m planning my 50th birthday, which has become costly, I didn’t realize how quickly things could add up. I also did some things around the house, such new curtains, rug, tv, throw pillows, iRobot 🙄😩. I really have to sit down and determine what my triggers are. 

I also bought things when I was having trouble with my arm, new desk chair, keyboard, ergonomic mouse etc. This arm was killing me, I had to see my doctor. I think I figured it out, it’s my desk. I purchased this desk back in March and then boom here comes the pain, six months later. It was so excruciating, that my hand became numb. I added a pull out keyboard tray and it appears to have worked. I still have pain but not like it was. The chair is uncomfortable so I’m returning it. 

Christmas is all cash, my nephews are older now, so no toys. I have extra in my Christmas fund account so I’ll be throwing the remainder of that money at my CC, to cover all the home stuff purchased. 

I don’t know if I shared or not but I paid off the Home Depot card. This card was used to take care of the kitchen last year, I had zero interest until January, and since January is right at my back door, I used my bonus to knock it out. 

Lastly, I received a notice that my HOA will be increasing to $353 a month,  a few months ago, ridiculous if you ask me but here we are. 

I’m so glad, after receiving the notice, that I bumped my bi-monthly savings by the $10 increase. By creating a sinking fund I was able to save my HOA fees for the entire upcoming year, 2024. 

I would not have been able to do this in the past. Though I have periodic set backs, I’m still able to save. I normally pay the HOA every quarter, but for 2024, I’m going to pay the entire year. I’ll keep contributing to my sinking fund though. 

Oops I almost forgot, I have decided to use the first month pay increase to throw at my debt then after that the remainder will go towards my 401(k). I’ll be 50 next year and I really need to get aggressive with saving for my retirement. 

That’s all I have for now as it relates to my finances. 

In the midst of financial activity, my AC set me back $250, and grout cleaning estimates ranged from $330 to $680. Opting for a DIY approach, I spent $21 on cleaner and a brush. It's time-consuming but rewarding.

On a positive note, I got a 2.55% raise. While grateful, I'm torn—should I boost my lagging 401(k) or tackle my student loan with the increase?

Today's payment for my student loan was $386.10, falling just $201 short of dipping below the $30k balance mark. It's alright – I'm determined to keep pushing forward.

Admittedly, I've veered off the financial path lately and need to regain control before things get messy. While I can't pinpoint my triggers precisely, exhaustion seems to play a role, and wants take over.

Considering this, I'm contemplating incorporating a monthly budgeted splurge to prevent such lapses in the future. 

Happy Thanksgiving everyone! 

I have so much to be thankful for, thank you gif, for all you have done.

 I pray that your holiday was full of joy, laughter and love. 

My goal for November is to pay at least $500 towards my student loan principal.

Wednesday I made a payment of $300, of that about $92 went towards the interest.  As of yesterday my new balance is $30,501.74, of that, $5.74 is interest. 

I'm estimating by the time I make my next payment, of about $500 on the 30th, the interest accumulated would be about $86.10. With every payment I do see a slight decrease in interest. It's just frustrating, because I will come in just under my goal amount but oh well 

I have to admit, I'm thankful for the ability to pay, so many aren't able to. 

I'd used my Home Depot card to pay for a few items when I redid the kitchen. The zero interest was scheduled to expire on 1/6, so I paid it off today with my bonus. Yeah I had a few months to but I'd rather pay it off while I have the money. 

I also used my travel card to pay for my birthday celebration. This is zero interest until the end of the year in 2024, so I'll take my time with this. Tomorrow I'll be throwing $300 on the student loans 

It's been a positive week on the financial front. I treated myself to a rare indulgence today, enjoying a delicious pizza for $6.15.

Additionally, I successfully made my last mortgage payment for this year, which is the December payment, providing some peace of mind until January rolls around.

A recent visit to the dentist resulted in a credit applied to my account, which was a pleasant surprise.

In a gesture of goodwill, I found a lost wallet, managed to locate its owner, and returned it. It was a small act, but it brought a sense of happiness/joy my way..

Tomorrow, I have a funeral to attend for a beloved relative of my ex, someone I held in high regard. After the service, I'll be diving into the numbers for October and sharing. Fingers crossed that it's not as bad as I think  

That's all for now, and I look forward to what the future holds.

I'm thrilled to announce that I've successfully made a $1,000 payment towards my student loan, bringing my new balance to $30,709.63, with just $5.78 in interest. I am so thankful 

Looking ahead to November, my goal is to reduce the balance to under $30,000. To achieve this, I'm planning to make a payment of $709, in addition to the expected interest of about $174. I'm keeping my fingers crossed and hoping to meet this target.

Between yesterday and today I was able to make $500 in student loan payments. I've met my goal of $1000 toward this debt for the month. For November I have to cut my monthly goal payment to $500. Which means I'd only pay about $300 on the principal. $200 would go to interest. 

I'm turning 50 next year and am planning a birthday dinner with friends and I want to pay cash for it. 

I can't help but think student loan providers are acting like loan sharks. This daily compounding nonsense is beyond infuriating!

I set out to knock off $1,000 from this loan in October, and I achieved that milestone today with my $200 payment. When it eventually updates, my new balance, excluding the absurd estimated interest of $17, will stand at approximately $30,988.00. It's taken me a whopping 10 years of relentless payments, even during COVID, to finally dip below my original borrowed amount. SMH!

Tuesday can't come soon enough – it's payday, and I'm ready to hurl another $300 at this never-ending debt. My mission: squeeze out $1,000 a month to get rid of it. 😤💸

Side note, my ex figured out how to pay for his home repair, he never asked to borrow the money, I guess with me telling him up front I had no money he got the hint. 

My ex recently called, but he didn't muster the courage  to request a loan. Instead, he went on about needing $300-$400 for a home repair. If he ever decides to ask, my answer is a firm "no."

Since our breakup, it's clear that he hasn't been able to improve his financial situation, and I'm skeptical he ever will. It's unfortunate because he's a genuinely kind and caring man, but it seems he's unwilling to pull things together.

On a different note, I participated in an interview discussing the challenges of repaying student loans. I'm eager to read the article about it.

I've been diligently tracking my student loan, and while the way interest accumulates can be frustrating, I'm making progress.

With an upcoming bonus, I've decided to prioritize paying off my Home Depot debt since the 0% interest period is set to conclude in January 2024. I'll continue allocating any extra funds towards reducing my student loan balance.

On the business front, I've identified two potential new clients. I've already sent a questionnaire to one and an introductory email to the other. I'm hopeful that these opportunities will be new business ventures. Fingers crossed for a positive outcome!

As you all know I had the new car itch, it comes and goes. 

A family member recently bought a new car, a Lexus, and I’ll admit I was a tad bit envious, and even considered a new car as well. Long story short, i didn’t buy a new car, and got the sense that this person wasn’t happy with the purchase, they’d make little remarks. Well, finally yesterday the person mentioned that it was the worst thing they could have done. 

I said to this person, that I felt like they weren’t happy with the purchase. $600 a month car note, and I’m not even sure how much the car insurance is. Wow, crazy. 

I’m thankful that when I get the urge, I manage to talk myself out of it. 

Regarding  the student loan, it appears as though the interest corrected itself(?) today, either way I’m glad it’s the $5.80 vs the $11+ a day amount. Can’t wait for pay day so I can make another payment. I’m estimating the interest will be about $98 when the payment is made. 

Other news I’m turning 50 next year, I’m planning a nice dinner with a few close friends. It’s been a significant year for me, so much has happened in my life. There was a time that I attempted suicide, twice, but now the thought doesn’t even cross my mind. 

Do I get down sometimes, and still make bad financial decisions, yes. I just pick myself up by the bootstrap and keep going. It’s only by the grace of God, that I’m still here. 

Lastly I'm just sitting on my porch enjoying the R&B 90s music station and this beautiful south Florida weather

I spent a hour on hold with my student loan provider and still no luck. 

This is absolutely ridiculous. I was told that this is common practice. Meanwhile my student loan is accumulating $11+ a day in interest. 

I diligently monitor my student loan balance, interest, and payments on a daily basis.

On average, my daily interest rate used to be approximately $5.80, but it has now surged to $11.70, nearly doubling.

This increase is perplexing, especially since my loan balance has decreased. I plan to reach out to the service provider for clarification. Does anyone have information on where I can report this matter?

I just came across a post where a mom shared that her mortgage is three months overdue, and she's seeking a remote job. She lost her previous job in January 2022. When someone suggested looking for an office job, she explained that her daughter uses the car for school, cheer practice, and basketball.

I've made my share of financial missteps, but if I were in her shoes with a three-month overdue mortgage, I'd consider finding a way for my kid to get to school for example the school bus if possible, carpool with a friend or I'd drop her off while I search for a job.

I  remember 2008 during the Great Recession when I took a job that paid just a little over $10 an hour to cover my rent, after being laid off, even though it was much less than what I used to earn.

I genuinely hope this woman finds a solution. I'm not judging her choices; we all do what we believe is right. 🙏

The weekend always seems to slip away so quickly; I blinked, and it was already Sunday night.

This weekend was rather packed. I had to travel an hour away for a funeral on Saturday, so I ended up spending most of my day away from home. 

On Sunday, I enjoyed a  half-day of sleep, I guess I was exhausted from the day before. I dedicated some time to inputting receipts into my financial tracking software, prepared a few meals to last the coming days, and finally got my fall decorations in place. I love fall.

 I also looked at a few budgeting items that I want to incorporate for 2024. 

While I'm not particularly eager to head back to work, I am certainly grateful for the opportunity.

Here's to a new week, everyone!

I have 18 days left until my next student loan payment. With daily interest at $5.85, that adds up to $105.30 in total interest. To bring my balance below $31k, I'll need to make a payment of at least $300. It's a bit challenging but definitely achievable.

I've already adjusted my budget, so I should be on track. Fingers crossed for a successful outcome!

Today was payday, and here's how it all unfolded:

I managed to save $1,147.50, which accounts for approximately 41% of my take-home income. It's worth noting that roughly half of this amount is earmarked for future expenses through sinking funds, but I'm still quite content.

Another chunk of $516.13 was allocated towards debt repayment, accounting for about 19% of my take-home pay.

I also set aside $490 for my everyday spending fund, which I manage using cash envelopes. This amounts to around 18% of my income.

An additional $240.52 was directed towards various bills, such as internet and phone, making up less than 1% of my take-home pay.

I allocated 10% towards tithes as part of my financial plan.

To top it off, my payment posted, and I'm thrilled to report that my student loan balance has now dipped to $31,106.85, with only $5.85 of that being attributed to interest. I'm incredibly close to breaking the $31,000 mark this month, which is a source of great excitement.

All in all, it was a  successful day on the financial front.

It's that time of the week – payday Friday! And guess what? I was so pumped to have the funds I budgeted for this week's student loan payment, that I couldn't resist paying it early. No more agonizing weekend waits for the funds to post! 💰💃

Drumroll, please... According to my calculations, my new balance on Friday should stand at $31,148.22 for the principal, $17.70 in interest, totaling a jaw-dropping $31,165.92. 🎉 It's all part of my plan to achieve my goal of paying $1,000 a month! 😄

But wait, there's more thrilling news! The client I was anxious about possibly losing has thrown a game-changer my way.

They want me full time, and if everything falls into place, I'm ready to hire an assistant to help manage the workload.

This means the potential for an additional six-figure income this year, and even after paying the assistant, I'm looking at around $75k! 🤑 of course I'll have to set aside for taxes  

If the blessings keep flowing, my student loan could be a thing of the past by June next year.

My excitement is off the charts! 🌟💫

In the world of personal finance, making decisions about where to allocate your money can be a bit of a puzzle. One might argue that I should have applied this extra cash towards my student loans, but there's something about paying extra on my mortgage that I just can't resist. I've been doing it consistently for over a year now, and today was no exception.

Earlier today, I made an additional payment of $60.35 towards the principal of my mortgage. It might seem odd, but I've always had this habit of rounding up to the nearest hundred. So, instead of the paying  $57.35, which would have been $300 to wards the principal, I opted for $60.35

To some, it may sound like a financial quirk or even an addiction. But for me, it's a source of comfort. I don't feel quite right when I don't do it. Each time I make an extra payment, I see that principal amount decrease, even if it's just by a little bit. Though the actual amount should have been $57.35, but that extra $2.65 makes a difference in my mind.

In a world where financial decisions can be stressful and complex, paying extra on my mortgage has become my peace. It's a small, simple act that brings me a sense of satisfaction and control over my financial journey.

Checked my student loan balance and today it’s $31,381.61, of that interest is $23.61, on average the daily interest is about $5.90 a day. By Friday next week, the interest accumulated would be about $76.70, smh. I’m thankful that I can make payments, about $600 a month, but I tell you this sucks. Goal is to have this loan paid off by the end of next year. 

Changing gears, this was supposed to be a no spend month and it’s costing me. 

A while back I asked a friend to install a screen door, well the friend finally showed up. I’m thinking no more than a hundred bucks, well the friend initially quoted me $130, not bad. This friend had to leave and come back because something was needed, my new cost $200. That’s right $200. This was not a necessity but a want. I’d asked about it months ago and since the friend showed up I said okay. WTH. It’s my fault for not asking upfront the cost. I’ve learned some very hard lessons this month. One ask up front the cost before any work is done, even if it is a friend. 

I didn’t count yesterday as spend day wind today I’ll be paying for the screen. 

Edited to add that the screen looks good. 

I don’t know where I got mixed up but my software didn’t match the balances of my account and what appeared online. In many cases I had less. It all started when my account was hacked and I had to create a new account using my software and I wasn’t balancing but checking my accounts online. Either way I’m back on track. 

I also started declutterring all the paper I have accumulated over the last couple of years. I’ve scanned and shredded so many items, that I can’t believe I allowed this to get do bad. I decided to do a little at a time so that I’m not overwhelmed.  

I’m just glad to be back on track with things 

My student loan payment of $109.75 hit today so my new balance is $31,369.81. I’m hoping to get the balance below $31k by the end of the month. 

I also read that the Biden-Harris administration just approved another round of student loan forgiveness.  It includes forgiveness for 51,000 borrowers enrolled in income-driven repayment plans; I am enrolled in this program,  fingers crossed that I get the forgiveness, if not I’m still happy for those who do and I’ll keep paying. 

Other financial news today was a no-spend day so I added $4 to my challenge fund. 

The exterminator came out and didn’t charge me. He was here last week and it was $25 but I saw roaches again so he came out and re-sprayed. I offered $20 for gas and he declined. Now I’m wondering if I should add this to my challenge fund. 

Today was a great day at work, I’m so thankful that things are falling into place. 

Today marked a day of a lesson learned on finances,  I had to call the plumber to fix my garbage disposal, which resulted in a $40 bill for simply pressing the reset button. It turns out, my initial suspicion might have been right, but with an electrical issue and a disposal problem, I felt it was best to call for help. I am still counting today as a no spend day  Lesson learned!

Shifting gears, I managed to squeeze in a workout session, successfully checked off all the tasks on my to-do list, and I'm gradually growing more confident in my role. It's all about balance and progress. 💪🏾💼 

Day 2 and I didn't spend a thing, I'm so happy. I was really tempted to buy a few items but remembered that I had committed to not spending on things I didn't need. 

I went to Aldi to get grapes, their grapes are always seeet and a lot less. Any way I  was heading to Walmart to pick up a few other grocery items when I decided to purchase the bacon from Aldi. It was $3 less than what I would have paid at Walmart and $4 less than Publix. I hope it's good. 

Headed to Walmart and picked only what I needed. 

Cheers to another day of not spending.