As longer-term readers already know, I plan to save up enough to pay off my student loans by the end of 2011. It’s an ambitious goal, but that’s OK. I have a plan. And I’m on track.
So here’s a quick update. Almost two months ago I updated you and was almost 10% of the way to saving up enough. How have I done the last two months? Pretty good. Here are some more details:
Through my normal monthly payments I’ve reduced my principal to $86,408.15. It was $86,985.11. That’s $576.96 paid down in two months just making the normal payment.
I’ve also increased my savings to $12,023.08. I sold some more “stuff.” I ate a few more PB&Js; than I usually do. And I’ve been focusing on cheap and free things to do with the family like free museum weekends and vegetable picking. It’s actually been much more fun than I expected.
Also, I worked a ton of overtime though 2010 and accumulated what I expect to be a HUGE bonus that gets paid in December. So we’ll see how that shakes out. My work says it’s guaranteed, but I don’t believe it until it’s in my account. Supposedly I “locked in” a good chunk of cash that I have set in my plan.
So that’s a total of $12,600.04 saved up / paid off and $74,385.07 to go ($86,408.15 minus the $12,023.08 I have set aside). Not bad! But it’s a lofty goal and I’m certainly going to need to find some big-ticket items to sell. Hmmm…. (looking around the room).
I think I’m going to have to kiss my motorcycle and drum set that I’ll never use again goodbye. What else, what else, what else? I’m sure I have a ton of stuff to sell. I just need to get more creative. Maybe I’ll have a sidewalk sale… (I don’t have a yard or garage…).
Go me! October should be a good month. I had an expense in September that resulted in a little less savings than planned. That’s OK. October should be better and I may actually get some of the September expense back to add in.
Until next time, put your credit card down and slowly step away from the mall!