Student Loan Focus

Over the past few weeks I have been on vacation in Miami and been on vacation from the blog.  I was able to have some great people share their stories and for me more importantly it gave me a chance to take a look and see where I need to focus with my finances.  As I looked over my spreadsheet and a couple of the resources I use online including Mint.com and PersonalCapital.com, both of which I use to take a look at the big picture of my finances, it was clear my student loans were not going away.  I need to focus on my Student Loans, period.

slbalance

As of my last monthly payment, which was the beginning of March, this is my current loan balance.  If you have been following along you will know I have a uber aggressive goal of paying off my student loans by the end of April 2015.  I started with approximately $26,000 in student loan debt when I made this bold goal/statement 10 months goal.  I’m proud to announce I have paid off over $18,000 in student loans, but before I go patting myself on the back.  I still owe $7700 and with only 2 months remaining the goal is close to coming up short.

Let me provide a brief recap and what I planned to use to make my student loans go away.  I have been using my 9-5 job, overtime, eBay, future bonus, future raise, future tax return, and even possibly the sale of stock from MSLP and my Emergency Fund if I have to.

  • 9-5 Job-Going great and using every dollar available, basically.
  • Overtime-The end of March and receive this in April, this will bring in some much needed extra funds, not enough of course.
  • eBay-Fail-I have been just riding the inventory that is currently there, I have many items to list, this needs to happen!
  • Future Bonus-Done and applied to my student loan.
  • Future Tax Return-Check is in the mail, we received a smaller amount than last year, all of it will be used.
  • Sale of MSLP-Pending, one of the many reasons I should not be in the stock market, it took a huge nose dive recently, I can give you about 37 reasons why I should have sold earlier and about 2 why I did not, that’s not a good ratio.
  • Sale of Emergency Fund-Done, I made the sale and applied the entire amount to my student loan debt, it felt great to make a huge payment.

As you can see I don’t have much left in the tank to finish up my goal.  I’m waiting on our tax return, higher eBay returns, April 9-5 job, April Overtime, and a possible sale of MSLP stock that just got kicked in the groin.  I would love to tell you that this is enough, that I won’t have to make student loan payments all summer long, but I’m a little shaken, like a fighter getting knocked down, battling to get up and finish the fight.

My focus is Student Loans.  I don’t want to fail, I don’t want another monthly payment to be taken out of my account.  I’m sick of student loans I’m sick of logging in to make a payment to a company I hate.  I’m sick of watching $199.85 come out of my account.  I’m growing sick of making $1000 payments, do you know what I could do with $1000?!?!  Let’s start a list:

  • I could travel to see Warren Buffett for the first time at Berkshire Hathaway
  • I could buy a new bike, despite my $35 thrift store find, a new bike would be great
  • I could fly to visit my friend in Virginia Beach who holds a crawfish cookout every 4th of July
  • I could fly to visit my friend in Kalispell, Montana and go for a hike in a state park
  • I could make big IRA, H.S.A, 401K, etc investments into my accounts
  • I could go to the Final Four, I mean Indianapolis is just down the road

The point is I could do so many things, but I want them gone today, I want my student loan to be gone.  I can do so many things without my student loans………they will be gone soon, hopefully they will be gone before November, gone before November, they weren’t gone in January, February, but maybe May, but one day they will be gone forever, gone forever, and I will celebrate every day.  Thanks Wyclef.

What would you do with your student loan monthly payment?  If you have paid off your student loans, what are you doing with your monthly payment, good or bad?

13 Responses to “Student Loan Focus

  • May the force be with you, and good luck in finishing off the remaining payments to get that damn student loan payment off of your back. I never had student loans to pay off, but if I did, I’d be doing exactly what you are doing – prioritizing that payoff as much as possible. Once through, I’d probably continue devoting those funds to my long term savings in the stock market to better prepare me to retire early.
    Steve Adcock recently posted…It’s springtime, baby!My Profile

    • EvenStevenMoney
      2 years ago

      I wish debt upon no man, yeah I think I need to focus on the long term savings plan, well accelerating it.

  • I would invest it in my after-tax brokerage account since my 401k and Roth IRA are already on pace to max out. Right now I owe just a little more than you do on your student loans, but my only loans left are at 3% and it find it hard not to draw those payments out as far as possible. I’ve settled in the middle of paying them all off now and paying the minimum payment, as I’ve found this is a happy compromise.
    Fervent Finance recently posted…Post College Finance GuideMy Profile

    • EvenStevenMoney
      2 years ago

      I will chalk this statement up “Too each their own”, we all have a happy point, mine is killing my student loans and yours seems to be putting them in an arm bar till they give up, both approved methods.

      • Agreed – I was not condemning your strategy, just pointing out my current strategy. Everyone has different risk tolerances and toleration of debt, and you just have to do what works for you!
        Fervent Finance recently posted…Post College Finance GuideMy Profile

  • You are so close my friend. Keep up the good fight, and soon you will give your little dollar soldiers a new mission, but they will be fighting the same war. One that will end in Financial Freedom.

    Victory is near!
    Gen Y Finance Guy recently posted…Anatomy of a Side Hustle: How I made $18,000 at an effective rate of $100/hourMy Profile

  • Welcome back from vacation and good luck with your goal! You’re close, but it will probably be tough to clear that amount in just 2 months. There’s nothing wrong with a good challenge though 🙂

    My student loan payments would probably partially go towards rent/budget, with a little extra travel funds. The rest would go towards increasing my savings rate significantly over what it currently is!
    Debt Hater recently posted…Student Loan Progress – March 2015My Profile

    • EvenStevenMoney
      2 years ago

      Thanks Debt Hater and you are spot on 2 months will be very difficult especially with not very many of my big paydays left. Little fun, little savings, I can totally go with that.

  • Man, you are so close. To give you a little perspective I am on year 8 of paying mine off and I am only a third of the way through (the stupidity of me in graduate school). You will get this done. You have 5 weeks….no problem. And I love these posts because it gives me a kick in the behind to get busy on mine and get them paid off. However, I am vascilating between maxing out my retirement accounts or taking that money and getting rid of the debt.

    Whatever I decide I love seeing these posts! Good luck!

    • EvenStevenMoney
      2 years ago

      Thanks Jason, your comment reminded me I have only 5 weeks left…Oh $hizza. I go through your last statement what feels like a thousand times a day.

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