Amber's Personal Finance Blog

In preparation of me reaching financial freedom, I signed up for a stock stimulator, so that I can learn the market. 

Though I anticipate paying off student loan number 3 in June, and number 4 next year, I want to get a better understanding so when I meet with a professional, I have some kind of a clue. I’ll continue to contribute to my IRA account and then next year I’ll dabble in the markets. 

I took inventory to identify the brands that I believe in and consistently try. So far it’s been great following and learning 

Any book, podcast etc you all recommend for me to get better acquainted, I’d appreciate it. 

Wow, I just wanted to cry or scream when I saw my student loan balance, my student loans are finally below $40,000. My $2k payment hit yesterday and my total balance is now $39,011.66. It took almost two years but I did it. Before COVID, the balance was close to 90k. 

I'll admit, sometimes I get so discouraged but seeing this balance gave me hope. I still can't believe that I'm finally below $40k 

Just so that it's an even number, I'm going to pay $11.66. Next week I will be able to drop another $300 on it. 😀

I did it!

I reworked my budget so that I will max out my IRA for 2022 and meet my savings goals. 

Yes, I'm still paying off debt but for me paying debt and saving simultaneously gives me peace of mind and keeps me motivated. I've learned that everyone’s journey is different and I have to do what best fits my needs and most importantly keep me motivated. Who knows this may change again, but for now here's what happened today. 

$500 added to EF

$773 paid on mortgage principal 

$2000 paid towards student loan number 3

$500 towards IRA 

$205 saved for HOA

$100 for house fund, next few years I'm going to need a roof 

Next week I get another $800 and I’m going to throw it towards my student loan 

One of my clients offered me a full time position, I countered, and if all goes well I will be making $16k a month. Please pray for me. 
If this happens, I can be done with my student loans, and start on my mortgage, this year. 

I am asking that you all send positives vibes and prayers. 

side note, I paid $200 extra on the student loan (#3) 

Though what's happening in Ukraine doesn't impact me directly at this moment, I'm a nervous wreck. 

I am not sure if I should focus on savings or continue paying down my student loans, given this war. I currently have about 8 months worth of expenses saved but my car is old, very old. If I was driving to work I'd probably be looking for a new vehicle right now. 

I guess I'm nervous, things are good but whose to say if my consulting gigs will continue and then I'd have to go back into the office. 
I just don't know. What are you all doing? 

Paid another $200 towards my student loan (#3) and the new balance  is now $12,600. I'm so thankful that I'm finally seeing a dent. 

I went ahead and updated my sidebar to show the new balance. 

Edited to add, I did not meet my goal of $2500, I only paid $2200, feeling a little down 

Paid another $2,000 on my student loan(#3) today. The new total is $12,800, I will have to update my sidebar later. 

I'll be earning another $800 from my side hustle, and will add a little more to the student loans and my IRA. Early March I should be able go pay another $2k, fingers crossed. 

This has been a journey and I'm thankful for the opportunity, to pay these items off. 

Today is my SA Blog Anniversary, I can't believe I've been at it since 2006. Time flies when you're having fun. 

Though over the years this site has been a bit of a challenge, I'm still glad it's here. This has been an amazing journey. I've been able to follow you all, some of some new, and I've learned so much along the way. 

Some I miss dearly such as Ima Saver, way too many to name. 

Love you all! 

I don't know why I struggled today but I did. I did not want to send/pay anything towards the student loan, but I pushed through and paid $422.23 bringing my new balance just below $15k. 

I haven't struggled with this decision before and I'm not sure why I did today. I was like just hit the send button already. Weird 

I also contributed $25 to the IRA, not much and I'm not worried, I should be ble to contribute  the max amount in July. 

That's it for me 

After looking at the mortgage 🏡 I realized I have not made any traction in the four years that I've had this loan. This was my ah-ha moment. 

In December I decided to make one extra mortgage payment 💰  a year. Today I decided that every month, I'm going to round down my mortgage, so today I paid $75 towards the principal and my new balance is $114,600. 

I'm 48 and I've set an aggressive goal to have this loan paid off by my 55th birthday 🎉. 

I know Dave says you can't save and pay down debt, well time is not on my side so I chose not to listen to him. I add to my IRA since I'm self-employed, working on my student loans and mortgage at the same time, I'm just more aggressive with the student loan. I also save money for a rainy day. Yes, I'm making good money 💵  right now; however, either one of my clients can say, hey we're done. Makes no sense to only have $1k saved. With my total savings, I can pay one year's worth of expenses. 

I just realized that I'm back to blogging. I hope this site stays up and running 

I'm so excited, I thought budgeting monthly was going to be hard. When I started working for myself I completely stopped, didn't even try. I continued to knock out my student loans and save a nice chunk but I also spent a little more in a few areas. 

Well, I decided to get back at it, I started back using the cash envelopes and when I tell you I killed it, I killed it. I pay myself about the 20th of each month, monthly, this is also new. Anyway, I came in well under budget, this budget period and had a ton to roll over in my cash envelopes. I usually roll over twice before throwing at debt. 

I also do these money-saving challenges (e.g. 52 weeks) ad love them.  every year that I do these challenges I say I'm getting a new bedroom set, well the money always goes towards my student loans. Last year June, I took half and threw it at my student loan. Then in December I took a little, even though I have a Christmas fund, and used it towards Christmas gifts. Well, I have $955 left of that money and that will pay for my ten days in Greece (housing). My plane ticket was paid in cash last year. I'm so excited. 

For 2022,  I started the savings challenges again and I have $365 saved. This money will be my spending money while in Greece. I'm thinking by the time we go, I’d saved about $1200. Everyone on this trip is just as frugal as I am and I love it. I'm certain I'll probably come home with a ton 

I'm so excited about my journey. Never in my life would I have saved to pay cash for a trip, under any other circumstances this would have been on a credit card. I've never been able to afford COBRA and here I am seven months in and haven't missed a payment. I've never had more than a few thousand dollars saved and here I am close to 30k saved. I just can't believe this  

According to my 2020 student loan statement I owed $72,431.53, for some reason I thought this number was much higher. So I took a look and according to my numbers, my balance was 83,248.27, strange, I can never figure this thing out. 

Anyway as of today the balance is $44,133.09. Just under two years, I’ve paid a total of $28,298.44, if I go with the $72k balance, just under half is paid.  

I’m going to go back and look at my totals. My records show just over $83k was owed. Last year I know I paid over $15k and the year before I paid off one loan that was just over 8k, bringing my total paid to $22,014.76 plus if I add the interest paid on the third loan, it’s about $7k so my total should be almost $30k paid in student. I’m just estimating here.  This is the issue I have, trying to figure this out either way though the numbers are going down. 

I tell ya, had  COVID not happened I’m certain this loan would be at at least or close to $90k. Student loans are similar to loan sharks. I’m all for paying what you borrowed; however I do believe that there needs to some significant overhaul on how these loans operate. The inability to pay on one’s principal is disgusting, the loan is guaranteed and compounding sucks. 

I know COVID has negatively impacted a ton of people; however for me it was a blessing. The freeze on interest was a game changer, I’m praying someone (or more) who can make a difference has an ah ha moment and not only say but do something about this. 

I’m not eligible for loan forgiveness and I’m happy for those who are and who have received it. I’m not sure why people get pissed off about this, it’s ridiculous. Yes I’m paying my loans, no I’m not eligible and no I’m not mad if loan forgiveness is afforded to others and not me. We forgive so much for so many any not for these kids. I’m just thankful I was able to pay such a significant amount, and not getting myself whined up about someone’s blessings. 

I’m floored, happy, disgusted, sad etc. basically my emotions are all over the place. I want these loans gone so bad, I can scream. In the end, I’ll keep plugging away as much as I can. 

It’s official, I’ve paid off the interest on student loan number three and I can now start tackling the principal. I’m so excited I can scream! 

Principal balance is $15,421.43. Hopefully, when I get my check from my client next week, I can pay the $421.23 to make things an even number. 

I’ll have to see. I have an eye appointment next week so I’m sure I’ll need new glasses. So I may not be able to add anything. 

I’m just so happy to finally see some traction. 

In honor of my birthday and turning the fabulous 48, I decided to pay $48 on my student loan. 

Normally I'm out and about for my birthday but today all I wanted to do was rest. Unfortunately, I worked, well I'm thankful so I shouldn't say unfortunately. I work for myself, and my clients needed attention, and I'm thankful for the opportunity to serve. I am heading to Greece for my birthday later this year, that's my a gift to myself and  I've paid cash for this trip 

In financial news, I've reworked my budget and I should be able to pay the final amount in interest on my student loan, #3, next week, this will allow me to start tackling the principal. With student loans, you must pay the interest before paying the principal. Fingers crossed that I can have this loan paid off before the interest starts back up. 

My brother paid me back, $150. I took this money and threw it at my student loan, and the new balance is $17,500 (student loan #3), I'll update my sidebar later.

Looking at my budget, I may be able to add $2000 at the end of the month, fingers crossed. 

After balancing my final account, I've been waiting on the statement, the numbers are in. Sadly, overall I spent 14% more than the previous year( 2020).

First, my savings accounts increased by $6789.87; liabilities went up by $2400.07. Last month I used the CC for dental work, I'll be paying it off this month, I wanted to use the CC for points, that equal cash. 

I paid off $15,429.81 in student loans; decreased the mortgage by $3455.10, and my net worth increased by$2306.14. 

Where I spent my money the most was student loans, up 269% (payments); entertaining, up 101%, I bought season tickets to football games, dental up by 125% and personal care, up by 86%, I started back going to the salon and I'm now cutting this out, so my personal care line item should decrease. Clothing  was also up, 26% 

I didn't see much decrease but the mortgage decreased by 7%, auto registration was down by 9%, cellular down by 9%; and miscellaneous spending down by 4%  

Looking at these numbers really put things in perspective. I'll admit, I lost focus in June and hadn't started budgeting again until December. 

Some things I'm doing to ensure this is a better year:

• Started the cash envelopes back up
• Started budgeting again 
• Cutting my salon visits 
• Will not buy season tickets to the games this year 

That's it 

Though I am not finished, I crunched a few numbers today and in 2020 I saved over $10k and paid off $20k in debt. I'll complete my year-end round-up later, I just felt great about 2020 and needed to share 

Happy New Year 🍾 🎆

I can't complain this has been a fabulous year. 

Here's a quick recap but ill be spending the weekend reviewing and finalizing things 

• Quit my toxic job
• Paid off a student loan
• Paid down my second student loan 
• Met my goal of one extra mortgage payment 
• Met my savings goals 
• Turned my side hustle into a nice little job 
• Improved my blood pressure, no longer on meds 
• Main bills paid through February 
• Mood improved drastically 
• Closed out the year with extra payment to my student loan and mortgage 

This has been a great year 

I know Dave says X; however, I can't follow his plan completely, for me it is about staying motivated. 

Yesterday I dropped $750 extra on my student loan. I surpassed my monthly goal of $500 for December.  I paid a total of $1250 for the month and next week I'm planning on another $250. 

One goal I had for 2021 was to pay an extra mortgage payment towards my principal. I honestly didn't think I'd meet this goal but after looking at my budget and making some adjustments $444 was paid. I know Dave says not to tackle the mortgage while paying off debt; however, for me this keeps me going. And my thought is who cares as long as the debt is paid. 

I promised myself that I'd make one extra payment a year and once the student loss is gone go full force. I’m glad I paid it, I feel great. 

I also went back to the cash envelope system, something Ramsey recommends. I do spend more when I’m not using cash. 

I’m so looking forward to 2022. It’s going to be a fabulous year. 

I'm thankful that the student loan forbearance on interest has continued. My goal is to have my third loan paid off by February. 

I know some people are against this but it's been a big help. I've gone from about 80k in student loan debt to about $45k in just over a year. No way would I had been able to do so if these were incurring interest. I'm sure I’d pays them off eventually but not at this speed. 

Paid an extra $750 on this loan 

I made another payment of $100 to my student loans. I'm so happy to be making traction.

I know some do not believe that students need help but I'll be the first to say, I would not have been able to pay off  $35,000 in the last two years had it not been for the relief we received. I pray that we get another six months, but I doubt it. I'm okay if we don't, just thankful for something and the opportunity to tackle this debt. 

My goal is to pay off the third loan by June of next year. 

I decided to wait for the escrow analysis and paid the extra $100 that I would have paid towards my student loan. So as of today, I paid  $500 towards my student loan. I’m so excited about this. I honestly think that the way things are going, I’ll have this sucker paid off by February. 

Who would have thought that I would have ever been able to tackle this massive debt 💸. Sadly COVID hurt so many people; however for me it was a blessing. I was able to kick start my business and pay off two student loans, now working on the third. 

I also booked my 2022 trip.  I know I should have used the money towards the debt but hey, I’ve been working extremely hard and am ready for a trip 

I am so thankful and blessed to finally be in a happy place.

My escrow for taxes and insurance was about $200 short. When I make my next payment should I add extra to cover that? Or pay the money on my student loan and wait for my escrow analysis? 

It’s not much however I’m happy. Today, I bumped my IRA contribution to $100 a month, I’m hoping to eventually max this out since I’m not getting any younger. 

I also paid $100 on my student loans. 

Since I’m not great at managing my money without a pay check, I got with my accountant  who will begin paying me a paycheck bi-weekly, withholding taxes starting in January. 

My interview with my third client went well and I’m estimating, approximately $24,000 a month for the next three months if I land that contract. I’m exhausted but the plan is to max out my IRA, pay off my student loan and get my mortgage down. 

I can't help but think that had I not had these student loans I'd be half way to paying my house off 

Well here’s an update. 

Paid $100 on  student loan #2 and I’m now  at $19,600. I’m hoping to throw another $4000 at it by the end of the month. Hopefully I can pay it off by February. 

My lawyer called and the company that ripped me off offered $2,500, he recommended we reject it. The sad thing is the language they’re using implies that I was to be an employee and not a contractor which by the way is worst. They technically violated DOL FLSA rules, SMH.  If they go with the amount requested by my lawyer, I plan on throwing it all at my student loan. 

I also have the possibility of picking up another client at about $8k a month and I submitted a RFP with a partner for $300k on a six month project. Fingers crossed. 

All in all, I’ve made more money in one month that I have working two months at a job that was very toxic. 

Lastly, I see that the site has a new look. I like it but had a hard time on my phone, locating how to create an entry. 

Made my first payment on my third student loan. My goal is to pay something no matter how small each week. This week, I paid $50.63.  I’m hoping to have this loan paid off by December 2022, then on to the next one. 

I’m excited to start this journey. 

My attorney reached out to me yesterday and informed that he hadn’t heard from the client by our ten day deadline. I was annoyed and decided not to respond to him, he wanted to know how to proceed. I wanted to think things over before responding, he didn’t think it was worth fighting for the $10k when you factor in legal fees. 

Well I get a follow up email, the company reached out and offered $500. He rejected it and stated we should go to mediation/arbitration. He thinks that we have a good chance with this so I’m going for it. I’m not concern about the two months being paid but at least pay me for the month I worked. 

This really sucks. 

I’m glad I waited before responding though 

Great news, my payment from my second client came in today, just over $8100. Well, $4900 of that will go to paying off my second student loan. I’m so thankful that I can scream. These last six months has been great, I feel truly blessed. 

Last month when I received their payment, about $8600, I paid all my bills through December. So this month was earmarked for the student loan. 

I also picked up another client today, well we started today, and I will average about $8000 a month with them. I opened a business account and will be paying myself through payroll. Since I paid all the bills through December, my payroll won’t start until January. 

I’m still waiting on the $5-$10,000 from my first client. Prayers that they pay what is owed. 

Praise God, the roof contractor shared the inspection notice for my roof and it indicated my roof had about 5-7 years left. I shared it with the HOA, they accepted it, removed the violation and I do not have to replace my roof. 

This would have cost me almost $10,000. That’s literally almost my entire EF. I’m so thankful. 

Now I’m waiting to hear back from my lawyer regarding payment from a former client. My fingers are crossed and I’m definitely praying for a positive outcome. 

Since June, I have been trying to file an unemployment claim. This nonsense that people are receiving unemployment funds so they do not want to work is just that nonsense. I haven’t received a thing in four months. 

I’ve tried calling the office, only to be disconnected. You’re unable to send an email. I can’t imagine what families are going through who are desperately in need of these funds. It’s absolutely insane. 

So today, I decided to write my state legislator, hopefully I’ll get some answers. I’m owed about $3000 and that money can go towards my bills.