Here’s what I’ve been up to this week.
I received an unexpected bonus so I was able to throw a little extra at my student loan, once the payment hit, I would be below $25k owed and meeting my goal of paying at least $5k this year towards it. This interest is killing me though.
I also paid an extra $60 towards my mortgage. I know Dave says not to do this, but it makes me feel good and keeps me motivated.
Lastly I paid another $500 on the travel card. The interest is set to start in February, the goal is to have it paid off before then.
I would have been able to pay a little more; however, I have to travel for a funeral of a good friend.
November 15th, 2024 at 06:35 pm 1731695724
November 15th, 2024 at 07:56 pm 1731700560
November 16th, 2024 at 03:38 am 1731728329
Anyways, it's always nice to have a little extra to pay stuff down, so congrats!
November 17th, 2024 at 02:21 pm 1731853281
November 24th, 2024 at 08:14 pm 1732479295
What's the interest rate on your mortgage and how does that compare to the rate on your student debt? If the interest rate on the student loan is more, I would throw more money there rather than at the mortgage.
If you feel you have to pay more towards the mortgage, you can pay a little less and just round to the nearest $10. That's what I do now. I used to add an extra payment each month to round the balance due on the mortgage down to the nearest $100. But in 2022 when interest rates spiked, I started rounding the mortgage payment down to the nearest $10 rather than $100. I still get the psychological satisfaction of paying the balance down faster and I can always tell you to the nearest penny how much I owe on the house, but I'm putting more money towards my non-mortgage debt, which currently tops out at a rate of 7.98%, so that makes more economic sense.
Congrats on the bonus and happy Thanksgiving!