This is where I will be tracking my continued effort to pay off my student loan. My 2012 goal is to pay off another $5,000. To see the previous loan repayment progress, see the Spending Fast Progress.
January 2012Starting Principle: $18,890.94 Total Payment: $352
I have to admit, January was a little disappointing. For the last year I’ve paid $1,000+ per month toward my loan and watching the balance fall quickly. This month I ended up spending some money on replacing some needed clothing, so there wasn’t as much to put toward the loan. Plus, the wedding fund is trumping the loan payments now.
February 2012Starting Principle: $18,622.24 Total Payment: $462
I still feel like I could have done better this month than I did. This month I had to replace basically all of my undergarments. Apparently I haven’t been wearing the correct sizes for a while!
March 2012Starting Principle: $18,251.26 Total Payment: $600
This is the best month yet for the ol’ student loan. I was torn on the last payment – I could have put $300 more toward my wedding savings, but I decided I need to show my loan some love. I’m just glad it’ll finally be below $18,000 after this payment.
April 2012Starting Principle: $17,769.72 Total Payment: $537
May 2012Starting Principle: $17,316.96 Total Payment: $375
This month was a tricky one for savings. The Mister and I have a trip planned in July and had to pay for the associated costs (hotel, etc), I made a trip to my hometown for a bridal shower, we celebrated my birthday and one of my besties also had a birthday. Oh yeah, and we can’t forget Mother’s Day. But, even with all that going on, I was able to get a bit of money off to the ol’ loan company, so I’m feeling good about that!
June 2012Starting Principle: $17,024.29 Total Payment: $332
Ugh, June. Again, not the best. I decided to keep as much of my money as possible in preparation for the trip in July to New Orleans. I hate the thought of throwing a bunch of money toward my debt only to go into a different kind of debt for my upcoming trip. Plus, I’m so ahead on my payments that technically I could not pay my student loan until 2017 and I’d be fine
July 2012Starting Principle: $16,725.68 Total Payment: $500
With all things considered (mainly the big unfrugal trip to New Orleans), this month was okay. We actually got a bonus at work (I love the company I work for!), so I squirreled that away for the loan. My poor student loan hasn’t been getting much love this year. I’m actually looking forward to after the wedding so I can start tackling this monster again in a serious way.
August 2012Starting Principle: $16,332.72 Total Payment: $0
Yep, a BIG FAT ZERO. GOOSE EGG. NADA. ZILCH. Didn’t even bother this month. Don’t worry folks, my next payment isn’t due until 2017, so I’m okay in skipping a month. With the wedding in a month and a half, I want to keep all the moola for that. Since August was a 3 paycheck month, I will probably make a payment in September, but I want to make sure everything is squared away.
It felt really weird not sending them any money. Oh well.
September 2012Starting Principle: $16,332.72 Total Payment: $0 Dear Student Loan Company, How are you these days? I hope all is well. I know I’ve lost touch with you over the last few months and for that, I apologize. As you know, I have a wedding that is fast approaching and unfortunately I’ve given it all my money. Please don’t think I have forgotten you; this is not the case. In fact, I miss the satisfaction of making those payments and watching my principle amount drop every month. I promise, starting in November you’re going to be hearing a lot more from me. Please accept my sincere apologies.
October 2012Starting Principle: $16,332.72 Total Payment: $0
November 2012Starting Principle: $16,332.72 Total Payment: $800
I’m baaaaaaaaack! Finally I feel like I’m getting back on track here! With 3 straight months of no payments, I was worried that the loan company would start worrying about me. Not because they thought something had actually happened to me, but because they wanted some more money. I started tightening my belt this month and it felt oddly good. The last few months I’ve been spending money like crazy, although goal oriented, it felt a little weird.
What I’ve started doing to tighten up again: Limit the amount of non-needs purchases, being mindful of what I’m buying, decreased the amount I’ve gone out and the amount I’m driving. It’s kind of like riding a bike!
I was a little worried when my first payment went through ($600). $310.59 of the payment went toward interest and only $289.41 went toward the principle. It was kind of like the old days before the principle applied became higher than the interest payment. Everything is back on track now though, as the 2nd payment of this month ($200), only $32.86 went toward interest. I can’t wait until I get full-blown frugal in 2013…Right now I’m easing into it, like getting into a cold swimming pool