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Posts tagged with: debt pay off plan

Ashley’s September 2015 Debt Update

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Full disclosure:  I have intentionally put September’s debt update off (which is why its now October and just barely going up). Anyone who has had some serious debt to repay (like me!) knows it’s a road full of ups and downs. One month I’m flying high! Another month I’m down in the dumps. September was a down in the dumps type of month.

First, I’m so over Navient. Over it! I’m considering doing a loan consolidation just so I can get rid of them as a loan service provider. I don’t want to rush into anything impulsively just because of frustration. Overall, I prefer to keep my loans separate because I enjoy knocking them off one at a time. Plus, I don’t know how it all works when you consolidate if I’ve got some subsidized and some unsubsidized loans. And I’m currently on income-based repayment and I think consolidation companies don’t do that (right? Because aren’t they independent companies – not government backed anymore? I have no idea, clearly I haven’t researched it). I’m just SO OVER Navient I’d do just about anything to get rid of them! Tips/thoughts on consolidation? Right now I’m still waiting to hear back from the mediation company (I referenced in Monday’s post), so no immediate plans for consolidating, but definitely something in the back of my mind.

Second, hubs had another rough month at work last month. Again. This year has been a down year for his business. It’s depressing for him as well as for me (and our budget!) So a lot of my income has had to go to pay bills instead of being all this extra gravy that I thought could be thrown toward debt. Overall we still did have a higher debt payment this month than most months, but it wasn’t near the mammoth-sized debt payment I was hoping for (for comparison:  most months we’re around $2,000ish. This month was over $2500. So we did good, don’t get me wrong! But I was hoping/planning for closer to a $5,000 month).

And third, the car. I had a secret goal to get our car loan under 10K this month. Remember my overall goal was to get it paid in full by the end of the calendar year. But when hubs checks weren’t as much as we’d hoped, my planned debt payments got diverted elsewhere, and I wasn’t able to swing a large enough payment to drop us below $10k on the car loan. To me, in my mind, that’s basically the last nail in the coffin which assures me that there’s no way we can pay the car off in full by the end of December 2015. To be fair to myself, that goal was always a bit of a stretching goal. I still have full confidence we’ll be 100% consumer debt-free by the time we go on our cruise (in April 2016). But I so, so wanted to have it paid in full by the end of December. To start the new year consumer debt-free. I want it so bad I can taste it, folks! It causes me physical pain (like an upset stomach) to know we can’t make  that goal. But we just can’t. We’d have to pay $3,333/month just on the car, alone, to make the goal. Not gonna happen. (tear).

So, that’s why I’ve put off this debt update.

I hate that so many of my posts have been Debby-Downer status lately. I’m really sorry about it! I don’t mean to be a big bummer and all “boo hoo” but it’s just been a tough month.

So, to turn a new page, let’s look forward and not behind. I LOVE October! One of my favorite months of the year! I love the Fall weather, I love the fun festivities and community activities that are offered (many of which are free!)! I love spending so much time outside and playing at parks with the kids (also free!). I love that as my girls are getting older we’re able to do so many fun things! Remember, I missed Halloween last year (it was my friend’s wedding day), so I’m SUPER pumped for Halloween this year (and already got them cheap costumes from Costco)! Basically, a lot of good GREAT things to look forward to! Debt payments are just one of them.

So here’s how our September debt payments looked:

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Capital One CC-17.9%-Paid off in March 2014$413
Mattress Firm-0%-Paid off in May 2014$1381
Wells Fargo CC-13.65%-Paid off in May 2014$7697
BoA CC-7.24%-Paid off in June 2014$2220
License Fees-2.5%-Paid off in April 2015$5808
Navient - Federal Student Loan$159318.25%$256September$4687
ACS Student Loans$86326.55%$31August$21035
Navient - Dept of Education student loans$666556.55%$263September$63254
PenFed Car Loan$107302.49%$1500September$24040
Balance Transfer student loan (Former Navient 1-01)$42120% (through April 2016)$500September$5937
Medical Bills$60110%$25September$9000
Totals$112,171 (Aug balance = 113,894)$2575Starting Debt = $145,472

One thing to note, my “beginning” debt balances are all out of whack now for my student loans since ACS sold one of my loans (approximately $12,500) to Navient. I need to try to adjust it to account for the loan transfer but I just can’t be bothered right now. Seriously, every time I think about Navient I have this terrible visceral reaction. But I’m not going there right now. Focusing on the positive. So, yeah. Just a heads up about why that’s all wonky.

1. What do you think about consolidating student loans? Pros? Cons? Personal stories or experiences welcome!

2. When you’ve failed to reach a big goal or milestone (whether related to debt or not), is there anything you do to try to get over the disappointment? Any tips to pick up my spirits a little?

3. Tell me something YOU look forward to in fall! (Our town does a huge Fall celebration thing. We went last year for the first time not expecting too much and were blown away by all the fun, free activities – from face painting to a petting zoo to inflatable bounce houses, to a trick-or-treating thing for kids hosted by local businesses. There was live music, door prizes, horse-drawn carriage rides and s’mores.  All of it totally FREE! The only thing NOT free was dinner-type food – they had food trucks for that. But you could always eat before you go! I cannot wait for this year’s festival! It was seriously one of my favorite events from all of last year!)


Floundering a Bit on a Plan – Too Much Going On

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I am typically pretty decisive on my plan, but I’m really floundering this time around.  We just have alot going on at the same time.  And I’m struggling with my priority list.  So here I am asking for some feedback from you.  In a nutshell, here are the  things going on in my head that I’m trying to balance along with my debt payoff (these are listed in no particular order other than how they came to mind:)

  • Kids Co Op Costs – As I mentioned last spring I am going to be teaching two classes this fall as our homeschool co op to off set the cost of the kids’ classes.  I had hoped that those two classes would fill and I wouldn’t have to worry about any tuition costs; however, it does look like there is going to be a difference.  Typically, the little’s dad would be helping with this and this would not be an issue.
  • Moving/Housing Costs – When our lease is up next April we are LEAVING.  So I will definitely have some moving expenses or at least storage costs.  Since I HOPE to be buying, I need to seriously consider upping the ante on my savings beyond the EF fund that I add to a little at a time.
  • Travel – One of the places I am definitely going to loosen my financial belt a bit this coming year is on travel. We have two trips planned this fall, both to see family, so not much expense except gas and a bit of food…and we’ve just been presented with the opportunity to spend a weekend in DC and work a marathon which would be fun, but it is volunteer and I would have to cover our costs.  (I’m not thinking beyond April with this, just short weekend trips to see family.)
  • Educational Camps – One thing we really cut back this year was some of the educational camps/experiences we have done in the past.  And with the twins beginning their junior year, I’d really like to get a few more in before they are in the “real” world.  Not to mention, some of them count as a semester worth of credit for classes so they truly are “school” related.
  • Music – We cut music out of our curriculum in the Spring of 2014.  It was one of the first “big” cuts I made.  At the time I knew it would be a temporary move, but I didn’t realize it would be so long.  Princess has been asking when those lessons can resume.  So I would like to consider adding them back in for at least her and any of the boys are would be inclined to really commit to it, ie practice.

So you will see I have a lot swirling around in my head thus making my “debt” payoff plan a bit more challenging.  I really like my new budget…but I have to consider these others things and really make some decisions again.  So let’s talk numbers, here are my estimated costs for the items listed above at least through April based on sketchy ‘ideal’ plans of which nothing has been decided or committed to.  In fact, none of this has even been discussed with anyone other than you now…the sucky thing about being a single mom is having no one to bounce these things off of!

  • Homeschool Co op Classes – Currently the kids are registered for several classes each over 2 days.  The cost per semester will be right at  $2,170, I can get a 10% discount off that if paid in full up front.  Currently, it looks like I will be able to bring in right at $1,600 for the two classes I am teaching.  I do still have openings in them both so if filled, it would cover everything, but I have to plan accordingly for now.
  • Moving/Storage – I have no idea how this will go.  I would anticipate at least $200 for a storage unit to hold everything if we were to hit the road.  And probably a solid $10,000 would be a good place to be if we were to find the right place to buy.  These numbers are just coming off the top of my head.
  • Travel – Right now I am budgeting $250 per ‘family’ visit trip.  This would cover gas, some extra food and that’s about it.  Since we’ve been doing this particular trip forever, I know this is slightly higher than needed, but want to give myself a bit of wiggle room.  Two times this fall and maybe one time in the Spring before April, so a total of $750 for family visits.  And the possibility of DC, I don’t know?  (Little Gymnast’s meets are a whole other story and I will cross that bridge when I get to it and have a meet schedule.)
  • Educational Camps – There is really one in particular that I would like to send both the twins to for a week early next year and Princess to for a day.  The total for this would be right at $1,000.  (Oh, I can predict what I’m going to hear about this one…but I’m telling you, this is a solid educational program that they will NEVER forget and it does require about a month long preparation on their part to be ready for it homework-wise that is.)  Oh, and if I register them in September, we would get a little over $100 off.
  • Music – This one I really struggle with for two reasons.  One I know how important music is both educational and emotionally.  But on the other side, music lessons are expensive and with our currently living situation…practice would be hard.

Ugh, so if you are still reading and have gotten this far, thank you.  I know this is not the most organized post.  But this is where I am at as I try to discern the best path for paying off debt which I TRULY am still laser focused on AND maybe add a bit more life back in and plan for upcoming things.