Part 2!

23 Apr

For the second Monday post this week, I offer an update on my loan progress.

First off, I beat Amanda in March at the Amazing Loan Race.  For those of you who don’t know what that is, click the link above, or just know that I’m trying to beat my friend in a student loan payoff contest.  I paid $948 on my loans in March.  Amanda paid $100.  In her defense, she had a feline-related emergency.  The adorable animal in question is doing much better, and Amanda has vowed to destroy me this month, loan-wise.

That’s unlikely to happen. You see, as soon as my long-overdue paycheck arrives (accio paycheck*), I will be paying $1,296 on my loans this month.  For those of you keeping track at home, that’s just $39 under my ideal monthly payment of $1,335.

You guys, this is the closest I’ve come to hitting my ideal monthly payment yet! (cue: cheers and wild applause).  And it only took me four months to do it (cue: slow clap).  A third of the year gone by, and I’m finally almost on track.


Second, I mentioned last week (and the week before that) that I needed to get my work priorities back in order.  I’m pleased to say that I’m definitely on the right track.  I’ve talked with my bosses at two of my part-time jobs and made arrangements to remove some of my responsibilities at those jobs.  At one job, I won’t have to work before 2 pm on weekdays, making my schedule much more predictable each week.  At another job, we’re looking for someone to help take some of the workload each week so that things stop falling through the cracks.

It took a lot of courage for me to finally cry uncle, since I had it in my head that to do so was the same as failing.  I knew that I couldn’t do it all, but I felt like I should be able to anyway.  When I finally realized that it was OK to ask for help or for changes to be made, it was a huge relief.  The conversations with my bosses went much easier than I expected, and I came out of both meetings feeling much less stressed (and a bit more like a real adult.)  I also learned that people may be willing to help you, but you have to be the one to ask for it (or conversely: help will always be given to those who ask for it**).


Third, I’m thinking of trying out a new feature here: Rerun Saturdays.  I follow a lot of blogs on here (something like 40 at the moment), and I keep seeing great posts each week.  So, I’m planning on reposting my favorite entry from someone else’s blog each week on Saturday.  These entries won’t always be about loans and finances, and there really won’t be a theme to them.  It’ll just be whatever struck my funny bone, or made me go “hmm,” or otherwise captivated me during the week.  If you find something that you think I’ll like, please drop me an email (or an owl***) and let me know.


Finally, for those of you who like this sort of thing, my End of April tally.

End of April

$10,074.99 (End of March balance)

+ $46.83 (April interest)

– $1,296 (April payment)


$8,825.82 (End of April balance)

My goal for April was to end up under $9,000.  I made it by $175 (cue: wild cheers and applause again).  My goal for May is to end up under $7,800.  That means a minimum loan payment of $1,025.  Hopefully my new work priorities will start paying off (literally) and I’ll see a rise in my monthly income.  Perhaps I’ll even get to Harry Potter World this year****.



*That’s one.  (Note- I’m taunting someone with Harry Potter references.  This is what happens when you talk smack about my blog or my mini golf skills.)

**That’s two.

***That’s three.

****That’s four.


4 Responses to “Part 2!”

  1. Jeyna Grace April 24, 2012 at 4:39 am #

    Haha! Its good to have a friendly competition, especially when it is paying off loans. It definitely helps in getting rid of current debts.

  2. hartsoffice April 25, 2012 at 3:01 pm #

    What do you do for work, what would you suggest for a guy like me? I am in computers but every job I get pays just enough to live on, I was cranking away at my student loan and my wife’s student but it has been stagnant on progress since 2011.

    • Losing My Cents April 25, 2012 at 4:23 pm #

      I would suggest taking a hard look at your living expenses. Is there anywhere that you can trim $10 or $20 from the budget? That’s always the hardest thing, but it can really be worth it in the long run.

      I would also suggest looking into Income-Based Repayment plans. Essentially, the student loan company will look at your income, and determine what your monthly payment should be. In some cases, this can put your minimum monthly payment at $0. While it won’t keep interest from accruing, it will keep you from being hit with late payment charges each month. My graduate school loans are on an IBR plan, and it’s been very helpful for me.

      • hartsoffice April 27, 2012 at 11:23 am #

        Great, thank you!

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