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Weekly Debt Update #27- One More Down, Two to Go!

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Hey everybody!

I’m feeling pretty awesome today! The reason? I paid off Sallie Mae 04 this weekend! I paid off the last $1,221 in one swoop. When I graduated college in 2009, the original balance of this loan was $10,350.18. The balance as of mid-May ’15 (when I started hitting this loan hard) was $7,407.64. It feels fantastic to have paid this loan off in essentially 4 months (I took off in July). Now, I only have the 2 big ones left. After I replenish my EF and get my car’s annual inspection (end of October/early November) I’ll be ready to hit Sallie Mae 01. Here’s my updated balances:

Loan NameInterest RateOriginal Balance- May '09Current BalanceTotal Paid OffPaid Since Last Week
Sallie Mae 015.25$27,837.24$23,662.64$4,174.60$0.00
Sallie Mae 024.75$22,197.02$18,556.32$3,640.70$0.00
Sallie Mae 037.75$20,692.10$0.00
$20,692.10$0.00
Sallie Mae 045.75$10,350.18$0.00$10,350.18$1,221.75
Sallie Mae 055.25$6,096.03$0.00$6,096.03$0.00
Sallie Mae 06 and 074.75$6,415.09$0.00$6,415.09$0.00
Sallie Mae- DOE 015.25$5,000.00$0.00$5,000.00$0.00
Sallie Mae- DOE 025.25$3,000.00$0.00$3,000.00$0.00
AES6.8$9,000.00$0.00$9,000.00$0.00
TOTALS$110,587.66$42,218.96$68,368.70$1,221.75

I’m shooting for having a paid off Sallie Mae in August of ’16, which would only give me 10 months to do it. It’s aggressive, but I definitely feel it’s doable.

Funny story concerning my student loan payments: I had a meeting with my bank to go over my checking/savings accounts and to see if they could offer me anything else. The lady that I met with must have gone through my account activity because she asked me a couple of specific questions: 1) Why do you pay estimated taxes? (Easy explanation concerning the withdrawal of my gov’t retirement account in 2014) and 2) Who is Navient? I told her this was my student loan provider, so she asked how much I owe since I pay them roughly $2,400 a month. I told her about $300,000. Lol- her face went white, like she couldn’t believe it. I then told her I was joking and I only owe about $40,000. I then explained to her than I’m working really, really hard to get them fully paid off and that, between my loans and my car, I’ve paid off $62,000 in 2 years. She was stunned and couldn’t believe I’ve accomplished that much in such a short time, especially on a single salary. That felt pretty awesome too, to be honest.

As for any type of celebration, we didn’t really have one. GF wanted to celebrate it, so she offered to make a celebration meal. As a kind of off the wall response, I asked for raspberry crepes. For never having made them before, GF did amazing! They were so good and the perfect celebration as we had most of the ingredients already at home and didn’t have to go out anywhere. Here’s a pictures:

image1

Like I said above, I’m going to take the next couple of weeks to replenish my EF before hitting Sallie Mae 01. I hope everyone has a great week!

 


Weekly Update #26- Oops!

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Hey everyone, and Happy Tuesday!

To jump right into this post- last week I made an error. Not necessarily a bad error, but I feel like now, more than ever, I’m skating on thin ice. Every Wednesday (my pay day), I have my checking account withdrawn to pay off my student loans. I put make the payment request sometime before the payday (normally a week in advance) so that on payday, the money is gone and I don’t have it sitting in my bank account. Lucky for me- this month happens to be a 5 paycheck month and last Wednesday’s was the paycheck where I had nothing due, so I could put nearly the whole thing on my loans. I must have realized this earlier in the month because I somehow ended up making 2 payment requests of $705.00 to be withdrawn on the same day. I didn’t realize I did this until my account balances looked awfully low. I looked at my bank account, and sure enough, 2 payments were made. I say this isn’t necessarily a bad error because it isn’t like I went out an bought something unnecessary, but I had to move money from my EF to my checking to make up the difference. I’m down to $1000.00 in my EF, which has never been lower, hence why I feel I have a very shaky feeling about it. My plan right now is to finish paying off Sallie Mae 04 in 3 weeks and then build my EF back up before hitting the last two loans. If you look at the balances below, the $1,200 shouldn’t take too long to pay down.

On a separate note and a follow up from last week’s post, our anniversary weekend was amazing. Thanks to all those that shared your stories with me. Our trip to the ski resort was fantastic and it was a nice little day trip where we walked around their downtown (not the golf course, like I originally wanted) and got some appetizers at a local bar. When we got back home, GF made an amazing dinner and we exchanged little gifts. My gift for GF was, again, of the homemade variety. A couple of weeks ago, I was doing some research on homemade anniversary gifts and stumbled upon a Pinterest account that described homemade bath bombs/fizzies. Here’s the finished product below:

Bath Fizzies

It piqued my interest and I found a simple recipe on Martha Stewart Living (the recipes are easily google-able- I clicked on the first link). Since I don’t have any hobby/crafting supplies at home, I had to buy everything I needed to put together what I was envisioning in my head, including the acrylic paint and paintbrush for the front little “card” I made, the ribbon, tissue paper and dye for the fizzies. As for the fizzies, of the 4 ingredients needed (corn starch, baking soda, citric acid and essential oil for scent- I chose peppermint) I didn’t have any of them at home, and the citric acid ended up being a specialty item I had to buy on Amazon. The total came to around $60 for eveything. It would have cost a whole lot less if I did crafting and/or baking on a more frequent basis and had the items already on hand. To put the whole thing together took about 4 hours, 3 hours was for the prep and set time of the fizzies. Needless to say though, GF LOVED them. I don’t think I’ve ever been so proud of a gift I’ve given someone. It was truly a wonderful weekend.

As for my balances, here they are:

Loan NameInterest RateOriginal Balance- May '09Current BalanceTotal Paid OffPaid Since Last Week
Sallie Mae 015.25$27,837.24$23,662.64$4,174.60$0.00
Sallie Mae 024.75$22,197.02$18,556.32$3,640.70$0.00
Sallie Mae 037.75$20,692.10$0.00
$20,692.10$0.00
Sallie Mae 045.75$10,350.18$1,221.75$9,128.43$1,409.92
Sallie Mae 055.25$6,096.03$0.00$6,096.03$0.00
Sallie Mae 06 and 074.75$6,415.09$0.00$6,415.09$0.00
Sallie Mae- DOE 015.25$5,000.00$0.00$5,000.00$0.00
Sallie Mae- DOE 025.25$3,000.00$0.00$3,000.00$0.00
AES6.8$9,000.00$0.00$9,000.00$0.00
TOTALS$110,587.66$43,440.71$67,146.95$1,409.92

I hope everyone has a great week!