Archive for the Student Loans

My debt payoff- updated!

The last time I updated this, I owed $12,333.78 on the student loan. As of today, the current balance owed is $11,899.22! I am happy that it has fallen below the $12,000 mark! I got paid a quarterly bonus and put most of it towards the student loan. Also, I have paid off the Home Depot Credit Card that had 0% for 12 months before the promotional period expired. Ultimately, I’d like to pay off this student loan before the year is over, but that seems like a pretty hefty goal, so I’m going to go with 2 years, or 24 months to have it paid off. Tweet

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My Advice to College Students

Ultimate Money Blog reader Christian sent me an email asking for my advice for a college freshman. He just set up his own checking and savings accounts and wants to get a head start on his finances.  He’s secured a partial scholarship and his parents and himself are footing the rest of the bill.  Here’s the advice I would give to college students: Manage your Bank Accounts Wisely Make sure you’re keeping up with your checking account.  I recommend using a check register so you know exactly how much money you have in your account at all times.  When your statement is ready, reconcile against what you think you should have.  Sometimes banks make mistakes and they can be costly!  Also, merchants can run debit card transactions for incorrect amounts, and if you don’t double check, you can end up getting charged a lot more than you really paid.  Make sure you have some type of overdraft protection set up on your checking account just in case. Keep money that’s in savings savings.  Don’t use it unless it’s an emergency.  […]

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Outstanding Debt Update

The last time I updated about our debt reduction, we owed more than 50% on our student loans. I am happy to say that today we hit over 50% paid! I am ecstatic! I thought it would take us a lot longer than this to knock out some debt.  I had originally planned on paying off the student loan in the next nine months, but then decided that I would do a “reverse debt snowball” instead, and put the money that I was going to throw at the student loan in a savings account earning 4% interest. It looks like that was a sound decision, because now there’s rumors that they will start converting my area first. Oh well. I’ve got an emergency fund, and that’s what it for: in case we need it. I can’t wait until I get to 50% of our car loan, but that should only take us 5 months or so.  I’ll keep chiseling away at these debts and try my darnedest to save, save, save! Tweet

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    Welcome! I'm Mrs. Money and I lead a frugal, simple, and debt free life on a modest income. I make money online to help support our family. I believe in saving money, living green, and enjoying life!

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