Help Me I'm Poor

After a month of delay here is the update to where I stand via my loans. As you know, I have a lot of them and I'm slowly making progress. Well recently, I haven't been able to pay much extra on them since I had to have some work done on my car and I had to put that on my credit cards along with some wedding presents.

I guess putting everything you have towards your loans isn't the smartest route possible. It is definitely beneficial to think about your future and keep adding to your savings, even if it is only fifty bucks a paycheck. It is still something. You always want to have a little cushion in case you find yourself in need of the money, you won't have to worry about not having the money and putting yourself into more debt. I didn't fully grasp this concept until I was reluctantly handing over my credit card to the mechanic at the shop.

Without further painful ado here is the update for where I stand on my loans:

Student loan 1   7,762.20                                    50.00

Student loan 2   31,478.28                                  346.08
Student loan 3   11,493.18                                  50.00
Student loan 4   9,763.75                                    110.00 

The rest

Student loan 5    1,147.48                                   210.00

Student loan 6    7,030.38                                   87.90

Amex: 1,033.76

Visa: 238.99

Macys: paid off

That is where I stand as of right now. It is sad to look at my Amex and see it is almost the same amount as my small loan but it had to be done and there is nothing I can do to change it now. I have flipped a new budgeting leaf. You know how I'm always talking about trying new saving or budgeting things and then the next month I have another brilliant idea I'm sure is going to save me lots of money work? Well this time I actually did start something.

I started making spreadsheets at work to help keep myself better organized for my stories and I decided to use that concept with my loans and bills too. The ones for my loans right now just mainly just for tracking. In 2014 I will start to do what I am with my credit cards. For those I have set a schedule up for my payments. I have the set amount, a pay date, how much I am going to pay each month and when it will be paid off.

The Visa card will be done in 3 payments of $120 (first one was just made), making it paid off at the end September. I will be making a $110 payment on my Amex each month, on the payday opposite of the Visa. I don't have a paid off date set for that one because I figure when I get my income tax back I will pay off what is left of my Amex, small loan and then start on the next loan, but I don't know how much I will get back yet. Also, once my Visa is paid off I will start making extra payments of $150 on my small loan to bring it down to around the $600-500 range and the end will be in sight.

This is definitely my best plan of attack considering I can see the progression in front of my eyes. I just have to learn to stick with it and trust my plan. In the meantime I have also been managing to save some money. Though it is small, it is still something.

There you have it. So close to being under $1,000 on my smallest loan and I can't wait for that one to be done. It's such a pest!

Have a great day blue bird. :)