So I did the math, I'm averaging about $6 a day in interest on my student loans, that's $180 for the month.
My monthly payment is $319, this is tentative, I haven't received the notice as to what my actual payment would be. If this is true, about $139 will go towards my principal a month. To stay a float and ahead of this thing I have to pay an extra $200, at least a month.
I reworked my budget to pay $180 a month, $90 a pay check, since I'm paid semi-monthly.
I still have my side hustle, so I'm budgeting my monthly payment and extra with my side hustle gig funds.
Things are tight, but I think I can do it.
I saw this article posted in a Facebook group and thought I would share, it sheds the light on student loan debt.
https://www.forbes.com/sites/zackfriedman/2020/02/10/student-loans-balance-increase/
September 10th, 2023 at 08:03 pm 1694376233
I know you can do this.
Don’t be tempted to stop retirement contributions - you need that.
If you are sending extr to your Morgan, and the interest rate Tgere is less than the student loan rate, think about switching strategies to send everything xtra to the student loan - that is the best use of money in the long run!
September 10th, 2023 at 08:57 pm 1694379473
September 11th, 2023 at 07:25 pm 1694460311
Is your Home Depot credit card a 0 interest card?
If not, can you see if you can find a card that is no interest for a year or longer to transfer the balance to? Even better if you can find one with a bonus for opening one. That would give you two snowflakes - the upfront bonus and the ability to either pay less to it each month or be done with it sooner.. There will be a fee for transferring, but should be way less than the interest!
if it is interest free, then you can plan to add that payment to the loan snowball when you pay it off!