Relatively exciting times in AfroPennyland… To the numbers!
|Account||Debt||Debt (7/1/19)||Min. Payment||Interest Rate|
|Private Student Loan 1||$0.00||-$10,231.32||$110.46||0.000%|
|Private Student Loan 3||$0.00||-$12,580.49||$153.82||0.000%|
|Private Student Loan 4||-$3,999.88||-$13,280.33||$45.40||3.625%|
|Private Student Loan 2||-$6,595.87||-$8,271.15||$93.30||5.090%|
|Federal Student Loan 1||-$21,440.37||-$20,583.34||$0.00||6.800%|
|Federal Student Loan 2||-$13,946.84||-$13,457.55||$0.00||5.310%|
|Federal Student Loan 3||-$11,184.47||-$10,737.40||$0.00||6.800%|
|Federal Student Loan 4||-$7,748.09||-$7,518.58||$0.00||4.450%|
|Federal Student Loan 5||-$5,561.12||-$5,520.10||$0.00||4.450%|
|Federal Student Loan 6||-$3,147.30||-$2,849.21||$0.00||5.600%|
|Federal Student Loan 7||-$2,863.10||-$2,649.80||$0.00||4.660%|
|Federal Student Loan 8||-$2,457.12||-$2,538.91||$0.00||6.800%|
|Federal Student Loan 9||-$2,307.18||-$2,047.30||$0.00||6.800%|
|Federal Student Loan 10||-$2,003.02||-$1,813.31||$0.00||5.600%|
|Federal Student Loan 11||-$1,639.01||-$1,573.49||$0.00||6.800%|
|Federal Student Loan 12||-$1,144.25||-$1,035.88||$0.00||5.600%|
|University Student Loan 1||-$3,428.11||-$4,581.00||$60.41||8.000%|
|University Student Loan 2||-$3,090.59||-$3,629.38||$0.00||0.000%|
|University Student Loan 3||-$317.64||-$1,031.21||$30.00||8.000%|
|University Student Loan 4||-$124.59||-$857.81||$30.00||8.000%|
|Personal Student Loan||$0.00||-$1,875.70||$312.62||0.000%|
October 2021 – Student Loan Balance(s): -$95,432.70
November 2021 – Student Loan Balance(s): -$92,998.55
Total Payments: $2,504.09
Net Difference: $2,434.15
So the story of the November 2021 – Student Loan Balance(s) Update is that I was able to get PSL4 under $4K in October. October was…a lot. There were unplanned purchases, like four new tires for my car, but also good things as well (like my refinance getting preapproved and my new part-time job). I was able to cashflow the new tires without taking money from my emergency fund or my savings (money set aside for taxes and other expenditures related to gig work) but it means that my November 1st payment (which will be reflected in my December update) was very modest. Very. My hope is that between some irregular income I am expecting this month (checking account bonus), gig work, and my new part-time job that I will still be able to reach my goal of paying $2,000.00 this month and bringing the balance of PSL4 below $2000.00. Speaking of gig work…
Gig Income Update
Net Gig Income Goal for October: $600.00
Net Gig Income Actual for October: $845.26*
Net Gig Income Goal for November: $200.00
October was a good month for gig work. There was a bit of fudging (*) towards the end of the month when I decided not to withhold anything from my last gig work paycheck so that I could put all of that paycheck towards PSL4, and bring the balance below $4,000.00. There are far worse things I could do and as I didn’t pull any money from my emergency fund or savings to cover the new tires, I figure I am still ahead in terms of savings. I expect gig income in November to be much lower as my time gets eaten up by my new part-time job. Speaking of my part-time job…
Part-Time Job Update
I worked my first day at my part-time job this past Saturday and I loved it. (If you will remember, this is a gig that resulted in an on-the-spot-after-hours interview.) While it doesn’t have the flexibility of gig work or the potential for lucrative paydays, it also doesn’t have some of my chief frustrations. Most of the plentiful lucrative gig work in the food and beverage industry is in the form of cater-waitering. Most of this work is by assignment and 99% of the time you are working with a new manager and new co-workers every single gig. While this has allowed me to get to know some very interesting people, it has also been incredibly frustrating because my co-workers often weren’t invested in the work and did a poor job or no job, resulting in more work for me and others who were working; and because the gig worker is temporary, most managers did very little in terms of managing staff. Food and beverage jobs are so much easier if you have a strong team and between my new coworkers and managers, I am really happy with the golf club team.
The golf club pays weekly so perhaps my “Gig Income Reports” will become “Gig/Part-Time Income Reports.” We will see.
As of today, November 1st, my refinance went from “preapproved” to “approved.” While I know some of the Pennyfolk (hey, Paula) have well-reasoned reservations, for the moment, I am incredibly excited about my new interest rate (3.50%) and how far I have come in my student loan repayment journey.
October was a good month.