This is my monthly progress report. I’m keeping track of the total principle of my biggest student loan, as well as the payments and some highlights of the month. Check back around the first of each month for the updated progress.
January
Starting Principle $33,123.70
Total loan payment this month:$720
- This month I switched insurance companies. By doing so, I’ll be saving about $400 per year or about $32 per month.
- I consolidated my 3 loans with Wells Fargo (there were 3 separate loans through Wells Fargo). By doing so, my interest rate went down .75%.
- My company gave everyone a 3% raise. That translates to about $30 more per paycheck.
- I did not have to pay Xcel energy this month, due to a large credit. My normal $63 payment went toward the loan.
February
Starting Principle: $32,891.78
Total loan payment this month: $1198
- I sold a book on half.com this month for $9
- I did a focus group that paid me $130
- Saved $20 on cigarettes with some coupons
- I found out that Verizon Wireless offers an 18% discount to employees that work at my company! Consider me signed up!
- I still have a credit with Xcel Energy. $63 extra toward the loan.
- I got my tax refund back. I opted to save it for my friend’s visit to Denver in March, my trip back to Illinois for my friend’s wedding and my bridesmaid’s dress.
- I got about $100 back from my old insurance company for a refund.
March
Starting Principle: $31,742.49
Total loan payment this month: $1030
- I still have a credit with Xcel Energy. $63 extra toward the loan. I think this is the last one though
BUT, I think my averaged monthly bill total should go down since I had such a ridiculous credit. Fingers Crossed! - My Verizon Wireless discount kicked in this month. Saved me $20 off my bill. I will be paying only $5 more per month with the fancy smart phone (Compared to regular phone with no internet).
- I sent in my old phone for a rebate from Verizon. They gave me $12 for it, which is more than it was making sitting in a drawer. It came in the form of a gift card which will be used on next month’s bill.
- I’ve cut down on my smoking, which is making my cartons stretch longer. I’m about to ban smoking in my apartment to further this effort.
- I had friends in town this month and some how spent $300 (eek!), but I had money already saved for this, so it didn’t affect my monthly budgeting!
- I earned $20 on my discover rewards card. This isn’t money in my pocket yet, but that’s still pretty awesome!
April
Starting Principle: $30,892.35
Total loan payment this month: $2025
- I applied the $12 Verizon gift card, but we went over on text messages this month so this only turned out to be a $5 savings.
- Somehow I had $50 left over from last month’s checks.
- My averaged monthly billing for Excel Energy was finally changed. I hadn’t changed my budget yet, so I had $30 left over from my energy category.
- This was a 3 paycheck month, so most of the extra paycheck went toward the loan.
- I got $10 from ehow.com. I wrote a few articles years ago and I still get paid by them! This is usually only $20 per year though.
- For the last paycheck of the month we didn’t have to pay insurance premiums and I got a bit of contract work, so I had $40 extra for the loan.
- I earned $34 in Discover Rewards this period.
May
Starting Principle: $29,034.11
Total loan payment this month: $1167
- I was able to throw an extra $175 toward it from some different contract work I did this month.
- This month was pretty crappy actually. I spent way more that I should have. Some was for a wedding I’m in next month; Some was to get my summer clothing up to date (size wise) and some was just poor impulse control. I also got another parking ticket this month…Lesson learned, I swear! I had to get my license renewed. I ended up dipping into my savings to pay for all of this stuff, because I wanted to make sure that I still paid a good amount toward my loan. Next month there won’t be this lack of impulse!
- I earned $17 in Discover Rewards this period.
June
Starting Principle:$27,984.87
Total loan payment this month:$1107
- There really wasn’t much to note this month. I was able to pay a little extra toward my loan since I didn’t need to pay for as much gas and groceries (due to traveling at the end of the month.)
- I got $180 worth of gas gift cards (Shell) from Chase and Discover rewards points.
- I traveled to my hometown at the end of June for a wedding. I spent extra money on the wedding and travel expenses this month, but I did have money saved for this.
- I relapsed on cigarettes this month
( I smoked for about 1.5 weeks of the month and bought a few packs of cigs in that time. - I accrued $13 in Discover rewards.
July
Starting Principle:$27,022.94
Total loan payment this month: $1927
- We got a fiscal year-end bonus this month at work, which really helped out my total payment.
- I saved $60 on gas because of the gas coupons I got from my discover card.
- Because I’m air drying my clothing I saved $10 this month on laundry.
- I was $3 under budget on my grocery shopping in the first 2 week period. Not a lot, but eh, every bit counts, right?
- I earned $8 in Discover rewards.
August
Starting Principle:$25,213.23
Total loan payment this month: $712
- As I’ve already mentioned, this month was a bust. If I had realized how much extra money I needed to spend this month, I wouldn’t have sent as much money toward my loan as I did. Apparently I lack forethought.
- I had to pay $730 for new tires and to fix the very audible squeak coming from my car.
- I had to pay the State of Colorado $143 for license renewal.
- $500 for insurance came due this month too.
- I’ve also spent $95 to deal with this thing on my back.
- I earned $22 in Discover rewards.
September
Starting Principle:$24,559.26
Total loan payment this month: $2412
- September was good to me! September marked the $10,000 milestone.
- This was the first full month of having my 2nd job/contract position. All the money earned went to the loan
- September was a 3 paycheck month. The majority of the 3rd paycheck went to the loan.
- I did the Fresh City Life Presentation.
- I earned $13.29 in Discover rewards. I’ve got $75 worth of rewards saved up so far. This will be saved until next year and then I’ll use it for airline tickets for my wedding
October
Starting Principle:$22,367.12
Total loan payment this month: $1332
- Still working a 2nd contract job. All the earnings are going toward the loan
- Got mileage reimbursement, which I just put toward the loan.
- I started menu planning again, which has resulted in better budgeting for groceries. I’ve also been spending about $10 less per week on groceries because of this.
- Discover rewards: $7.36 (total is now up to $82.84).
November
Starting Principle: $21,135.47
Total loan payment this month: $1282
I don’t have a lot to say about November. Probably because I ended up shopping, a lot. It was sort of an off month. I bought new clothes, new boots and I gave into a taco bar that ended up costing me $4. Luckily I had money I’ve squirreled away money to pay for the clothes I bought. This month sort of feels like a bust, but I was still able to make a sizable payment toward my loan. I wish I had some awesomeness to report, but unfortunately I just don’t. On an up note, I earned $18.28 in Discover rewards which brings my total over $100
December
Starting Principle: $19,947.95 Total loan payment this month: $1150This was another not so great month. I’m really bad about finishing strong. I still made a good payment and I am proud of the amount of money I’ve paid off over the last year. I was hoping to finish stronger. I bought extra, special, food for Christmas Dinner. I also ended up throwing in some money for gifts at work (bosses, collaborators, etc). I couldn’t be that girl who doesn’t help out. I also bought a trip to Vegas for January, for my mother and I so we could do some wedding planning. Then, I changed my mind. I now have an airline credit with Southwest. Ugh. I earned $21.62 in Discover rewards, so I’m up to $122. I’m going to continue saving this to help with wedding costs.
Stay tuned for the next chapter of my adventure!
