Home > Category: Debt

Viewing the 'Debt' Category

Student Loan vs New Car

April 23rd, 2024 at 06:50 pm

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!

January 4th, 2024 at 06:10 am

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. 

Mid Month Check In

December 15th, 2023 at 11:34 am

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. πŸ˜€


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 πŸ™„πŸ˜©. 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. 


December 7th, 2023 at 02:50 am

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?

Student Loans and the Need to Get Back on Track

November 30th, 2023 at 11:41 am

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. 

Student Loan Payment

November 17th, 2023 at 09:22 am

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. 

Goodbye Home Depot

November 14th, 2023 at 11:34 pm

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 

Conquering Student Loan Debt: A $1,000 Milestone and November's $30k Challenge

October 31st, 2023 at 08:57 pm

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.

Student Loan Payment

October 30th, 2023 at 07:00 pm

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. 

Crushing Student Loan Debt - A Decade Long Battle

October 29th, 2023 at 12:16 pm

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. πŸ˜€πŸ’Έ

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. 

Ex πŸ™„

October 27th, 2023 at 01:47 am

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.

Quick Update

October 21st, 2023 at 04:55 pm

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




Help! Student Loan

October 20th, 2023 at 10:00 am

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?

Fingers Crossed

October 14th, 2023 at 02:00 am

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!

Happy Friday!

October 13th, 2023 at 11:31 pm

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.

Exciting News on Pay Day! πŸš€

October 12th, 2023 at 02:43 am

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! πŸ’°πŸ’ƒ


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. πŸŽ‰ It's all part of my plan to achieve my goal of paying $1,000 a month! πŸ˜„

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! πŸ€‘ 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! πŸŒŸπŸ’«

The Joy of Paying Extra on My Mortgage: A Personal Finance Journey

October 7th, 2023 at 04:13 am


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.

Student Loan Payment Posted

October 2nd, 2023 at 08:10 pm

Exciting news! My student loan payment has finally posted, and guess what? My new balance is a thrilling $31,441! πŸŽ‰ 


Since my payment on 9/29, the interest accrued is  $17.75, which means my loan is now accumulating under $6 a day in interest. πŸ’° 


There's more good news! I received an unexpected check for $200. I immediately put $100 towards my student loan, $25 into my emergency fund, treated myself to $20, and the rest went towards paying down my credit card debt. 


Next Friday is payday and I’m trying to see how I can trim the budget to get $300 to pay towards my student loan. 


It feels fantastic to make progress on my financial goals! πŸ’ͺπŸΎπŸ’Έ

Student Loan Payment

September 29th, 2023 at 11:49 am

Today’s student loan balance is $31,941.17 of that $84.17 is interest. 


I paid $500.17 today, therefore $84.17 should go towards the interest leaving a balance of $415.83 to be applied to the principal. 


With the payment made today the balance  should be $31,441.00. Given that it takes 2-3 days to post any payments, I’m thinking by Monday my actual balance should be about $31,459, this includes the $6 a day accrual of interest. SMH 


Next pay date is October 13th, I’ll only be able to add about $200 to the student loan. That’s about 13 days, at $6 a day the interest would be about $178. So just over $100 will go towards the principal. SMH. 


I’m going to keep chipping away that this. 


I also paid an extra $25 on the Home Depot card. The interest is set to zero until 2024. 

Student Loan Update

September 28th, 2023 at 11:54 am

Tomorrow is pay day and I’m so looking forward to paying on my student loan. Who would have thought, one would be so excited to pay on a student loan, smh. 


Today’s balance  is $31,935.17, interest accrued as of today is $78.17. My goal is to have this thing paid off by the end of 2024. πŸ™πŸΎ


Other news I finally got my fence finished, cost $3800, who’d think that a fence would be so expensive, but these are times. I’m just thankful that I was able to pay cash. 

I can't wait to be debt free, I know it's doable; however it's been a chore. 

Student Loan Update

September 26th, 2023 at 01:48 am

Today’s student loan balance is $31,917.19 and the interest accrued since 9/18 is $60.19. In one week I’ve accrued over $60 bucks in interest, by the end of this week this amount will double. Shameful 


Friday is pay day and I plan on paying about $300, the issue with this is the payment won’t post until the following week, that means I’d be accruing interest on an unpaid balance. Not that it makes a whole lot of sense difference it just bothers me. I’m really trying to get this thing down. 


I’ll say it a 1000x,  I am so thankful that I continued to pay on it during the pause. I think if I hadn’t my payments would be through the roof. 


Different news, I went out and purchased items I didn’t need, so now I have buyers remorse. I’ll be returning these items this weekend. I really have to figure out what my triggers are. 

Student Loan Update

September 15th, 2023 at 11:19 am

Today’s student loan  balance is $32,111.59, of that $24.16 is interest accumulated since 9/11.


Today I’m paying $254.59, $24.16 will go towards the interest as of today; however,  I added an extra $12.04 which should cover the next few days of interest.


 Hopefully the new balance  will be $31,857 by time the payment post, which I'm anticipating MondayπŸ™πŸΎπŸ™πŸΎπŸ™πŸΎ

While paying today I noticed a box that read "don't push my payment forward though I have no payment due."  I've never seen that before, when I clicked on the link, nothing appeared. I'm assuming that when you make extra payments your original due date is pushed forward. This could be why my payment is showing due in November vs October, however there is no statement for October, strange. 


Well I know I’m going to drive myself nuts trying to keep up with the interest. So I’ve decided that every pay period, which is twice a month, I’ll just pay the interest, about $90, and when my payment is due, I'll just pay that. 


At the end of the month my side gig pays me, I’m unsure if this gig will continue, either way I’ll have an extra $500 to throw at the loan 


I really wished the pause would have continued however I understand that things needed to end. I also wish Congress would do something about this reverse amortization, interest is killing us. 

I am always amazed at the folks who are against student loan forgiveness, it's ridiculous that you make regular payments for 10+ years, based on income in many cases and your loan balloon's out of control, these very people have no problem with congress men and women having their PPP loans forgiven, or auto and airline industries being bailed out.

It’s shameful that these loans do not have the same standard consumer protections as other loans


Either way we have a right to our feelings. 


Unexpected Check

September 10th, 2023 at 09:06 pm

I received an unexpected check in the mail for $66, through it at my student loans. Every little bit helps. 

Student Loans - Rework My Budget

September 9th, 2023 at 03:33 pm

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.

Every Little Bit Helps

September 7th, 2023 at 06:40 pm

Paid another $29.25 towards my student loans because I hate odd numbers. Next week I'll pay an extra $41. 

I wish I could drop more on this loan but for now I'll pay extra no matter how small, when I can. 

Student Loan Anxiety

September 6th, 2023 at 07:37 pm

I’m so anxious about my student loans, why I don’t know. In the three year period when loans were on pause, I continued to pay, never missing a month and paid off two. 


Now that interest has resumed I’m freaking out. I have checked my balance, the interest rates daily and it’s given me pure anxiety. I pray I don’t end up with another inflated loan. 


It really sucks because once interest starts accruing it’s difficult to pay down the principal. I’m thankful that I was able to get my balance down, but I’m nervous it’s going to balloon out of control with the interest. 

Student Loan Payment

September 6th, 2023 at 02:44 am

I'm participating in a savings challenge, rather than saving the money I'm throwing it at my student loan, $41 was paid towards my loans today. 

It's just a little over the anticipated weekly interest incurred. November is my first official payment, I honestly thought it was October, either way I'll keep chipping away at it. 


Student Loan Interest

September 5th, 2023 at 04:08 am

Between September 1st and the 4th my student loan interest has accumulated $18.15 in interest. That’s about $4.53 a day, or about $135.00 month. I’m not sure if this is right since Monday was a holiday. It’s  ridiculous how the interest works on these loans, but here we are. 


I’m thankful for the three year freeze, and am thankful that I was able to pay off two loans, I can’t imagine much my loan would grow had I not done this. Not many people were able to take advantage of the freeze and pay towards their loan. 


I pray that I can get things under control. My goal is to pay the interest accrued at the end of each week, in attempt to make things manageable. I can’t think of any other way. 


Let me know if you have any ideas. 


Other non financial news, after three years I contracted COVID from an infected colleague who traveled while feeling not well. I feel much better but I'm still a little down. SMH

Student Loan Payment

August 15th, 2023 at 10:27 am

I had a few things come up so I couldn't make my semi-monthly payment of $160, towards the student loan. I paid only $100. 

This is one thing that freaks me out, what if I can't make the payment when things kick back up again. I pray all goes well. 

I am making a little less, but I like the new job. Sometimes it's not about the money but our peace. 

Inflation is definitely here, my grocery bill has skyrocketed. I use to budget $200 a month, now it's about $80 more s month. Thankfully me not driving into work helps, what I save in gas goes towards my food bill.

That's it for now.  

Am I the Only One Preparing for Student Loans

August 12th, 2023 at 12:23 pm

I’ve been sharing with others that the interest on student loans, and repayments are scheduled to start back up with interest accruing first in September, followed by the  first payment due in October. 


Though I can only worry about myself ( I haven’t stopped paying), I’m still anxious about this happening. I’m scared, anxious and  nervous and I don’t know why. Maybe because no one is talking about it. I’m in different financial groups, follow financial gurus and nothing.  It’s almost as if no one is expecting this to start, strange. 


 I recently paid $96 dollars to round things to an even number, I hate odd numbers on any of my debts, don’t  ask me why. 


In preparation for repayment , I signed up for auto pay which saves me a very small amount on interest. I have to remember not to make any payments next month (September).  The reason why is that my first payment of $318.68 is scheduled to hit on October 15th. Since I get paid bi-monthly, (for a while I would pay $160 a pay date for a total of $320 for the month), I want to make sure the funds are available when payments starts. 


 If I skip the September monthly payment that I normally make, the funds are surely to be available on the 15th of October. 


I can surely make extra payments, and I want to, I just need to figure out how much and when. I’ll be reviewing my budget. 

<< Newer EntriesOlder Entries >>