It’s now been more than a month since I went public about my student loan payoff project, and I thought it would be good to give a little update. Not sure I’ll do this every month, but I like the idea of having a record of notable things that happened every few weeks.
- I paid off and stopped using my Discover credit card as of the end of July. The final balance was only a few hundred dollars (more than I generally charge to it in any given month), but stashing it at home instead of my wallet discourages me from impulse purchases.
- I went on vacation to Utah (it was already planned and paid for, so after considering backing out, I went and had a fantastic time—no regrets at all) and did the whole trip under budget, which helped tremendously because…
- …an extra visit to the eye doctor wasn’t covered by my insurance, so there was an unexpected bill that needed paid.
- I stuck to my new budget, and I already feel more secure and understand more of how I’ve gone off track in the past. I definitely need to continue tweaking it, but so far, I like having everything planned out on the computer where I can reference it, both now and in future months.
- After taking a closer look at some loan balances, I realized I was about $3,000 over in my figures … what?? I’m not going to go into details, but let’s just say that the day I figured that out, I walked around in a daze of awe.
- At the beginning of August, I made two mini goals: get my loans under $16,000 and stay under budget for Utah, both of which were successful, the first automatically after I found out the total loan actual amount.
Since the middle of July, there were quite a few small steps to get my ducks in a row. Some small things—getting my credit card put to rest, taking care of unexpected doctor’s bill—put dents in the original plan, but I still made significant progress in the past six weeks. I really couldn’t be happier with how Project Student Loans Suck is going so far.
Mini Goals for September:
- Line up at least one additional freelance job than I currently have confirmed.
- Help a friend sell some equipment on Ebay for a share of the profit – I’m not sure how long this will take, so this might carry into October or even November before I can apply it toward my loans.
- Get total student loan balance under $12,000.
Student Loans as of August 30: $12,766