Progress – April 13, 2017
Total balance remaining is $11,972.95 😀
Below is a thermometer I created to keep track of how much I have paid since November 2014
Wow, my new student debt balance is $11,972.95. I cannot believe that I paid over $36,000 in 30 months! 30 freaking months! Unbelievable! That’s 75% of the $48,000 I was carrying when I first started making payments.
I look back and remember the days I couldn’t sleep. My student loans used to stress me a lot and I refused to let it take over my life. I needed to figure out how to maximize my savings with minimal spending. I used to cry on the days I couldn’t eat at restaurants simply because I wanted to save. Back then, I refused to buy new clothes for myself. I still wear the same clothes I used to wear 3 years ago. Why should I buy new clothes when they still fit and look good as new?
I managed to save a lot by spending at least $25 per week on groceries. If my food budget goes over $25, I lower my spending on the following week to keep myself on track. I am able to do this by not buying any dairy, juices, and sodas. Besides, I hate sugary drinks and junk food. I hate fast food too! Except for the chicken breast from Popeye’s. It is very rare when I buy fast food. I eat outside 8 times per year. I only drink water because it’s healthy and free – I bought the Brita on top faucet water filter system at CVS when it went on sale for 75% off three years ago. I cannot believe that thing still works. The filter is cheap to purchase too! I know that my food budget is crazy but I got used to it. As soon as my student debt balance turns zero, I don’t plan to go crazy over my spending on food. Most certainly, I don’t plan to keep my food budget at $25 per week. I’ll probably keep my budget at least $35 per week.
My goal is to be debt free in 5 months!
Over the next few months, I will watch every dime I earn and spend. I do plan to use 80% of my emergency savings to pay off my student debt. May the force be with me and don’t get sick at all.