Hi everyone! I apologize for being MIA. When I got back from my flight on Sunday, I just wanted to relax. I had a crazy day at work and I’m sure I’ll be catching up for a few days. I had a great time with my parents; I will be making a post on how my vacation went later this week. I am happy to report I’m pretty sure I spent less than $100 the whole week I was there, and got a lot of decorating done!
Student Loan Debt: Update #4
Here is my monthly student loan debt update. This is where all the amounts stand after my last payment in August. I already made a small payment toward loan one for this month!
Subsidized: $2,921.87 @ 5.35% (-$113.49)
Unsubsidized: $1,478.98 @ 6.55% (-$108.85)
Total: $4,400.85 (-$222.34)
Subsidized: $4,843.73 @ 4.25% (-$38.36)
Unsubsidized: $5,982.55 @ 6.55% (-$47.49)
Total: $10,826.28 (-$85.85)
Grand Total: $15,227.13 (-$308.19)
In my last update, I mentioned how I wanted to place an emphasis on loan one because it has a higher interest rate. I made my usual big once a month scheduled payment along with a few smaller payments scattered throughout the month (usually at the end of every week). It really made a difference!
The downside is that now I’m paying the minimum toward loan two, and it’s showing. $51 went toward interest, and $85 went toward the principal. Ouch! I know I will be able to tackle it soon, but it’s depressing watching it go up and barely making a dent in it. I don’t necessarily want all the progress I made this year erased on it. When/if I get a raise, I might bump up the amount I pay slightly to make sure that doesn’t happen.
How the rest of the year will look
Unfortunately, I am slated to have a fairly expensive fall. My dad and cousin’s birthdays are on the 21st, and my dad would like a Kindle Fire HD. This is the first time he has ever asked for anything significant, so my mom and I are going to split this in half. My cousin is celebrating her 30th with a party at Dave and Buster’s, and it’s about an hour and a half away. I plan on spending $40 on a gift card + whatever food is there. We are hoping to carpool with my other relatives to keep gas usage down.
Then, R’s birthday is in October along with our two year anniversary, and we are trying to plan a little getaway. I’ve also been trying to see if there are any possible cheap flights to my parents for a quick weekend visit, but sadly I’m thinking it’s not quite worth it. The airport I have to fly out of is an hour away, and the latest flights on Friday’s are 6:30pm, which I doubt we would be able to make. I might just have to wait until Christmas when they plan on coming up to visit everyone. My other cousin’s are having a baby soon, and have invited us up there to visit. November seems to be a decent month for this, to space out some of the expenses. It’s usually about $80 in gas to travel to them, but at least we get a free room.
The holidays are an obvious expense coming up, and I want to start planning for that. Or at least discuss what R and I will do. We don’t have as much to go around as in years past due to rent being a huge expense, so it’s possible we’ll just do something for our two year anniversary and leave it at that. Sadly, most of the Christmas traditions are out the door without my parents. Our apartment is way too small to house a nice tree anyway, so I think we may all sleep over my grandma’s so we can have Christmas morning together. I’m not really sure what anyone wants yet, either, and I don’t have any good ideas, so it’s a little hard to budget for now.
I still want to make sure I am keeping up with my payments in the meantime. I don’t want to have any expenses that will take away from that. It’s important to me to finish out the year well. I hope to be around $3,500.00 for loan one by December, maybe a little less depending on things that happen.
How have you been doing on your debt repayment? Do you have a goal for where you’d like your debt to stand at the end of the year?