This update contains no surprises if you read the post where I delighted in making it below $80,000.00 in student loan debt but there is a bit of additional insight. To the numbers…
July 1, 2019 – Student Loan Balance(s): -$128,663.26
March 1, 2022 – Student Loan Balance: -$86,645.29
April 1, 2022 – Student Loan Balance: -$79,347.41
Total Payments: $7,537.56
Net Difference: $7,297.88
Yea. March 2022 is easily my best biggest debt payoff month on record. This was made possible by my biggest single debt payment, on March 1st, of $4050.00, and followed up by an additional payment of $3,487.56 on March 14th after University B paid out my vacation leave as a result of the change in my employment status from full time to temporary. After I accepted the new role at Organization C, I knew that my vacation leave was going to be paid out by University B and I figured it would go a long way towards helping me get below $60,000.00 this year. I just figured it would happen when I departed University B at the end of June. Receiving my payout in March was a nice surprise.
That being said, it should be noted that my March 1st payment, which resulted only from my full-time income from Organization C and my part-time income from University B, was an even bigger payment than my leave payout. Because I live on last month’s income, this payment was made possible due to my extreme frugalness in February. Unfortunately, March was a very spendy month and, while I haven’t calculated it yet, I expect my April 1st debt payment, which will reflect March’s unbudgeted spending, to be quite pitiful. It won’t be minimum payment pitiful but it won’t be great. While some of this spending was planned and there is money set aside in my sinking fund for it (like plane tickets for a reunion and to see my best friend), some of it was not and reflected belt loosening that often happens after I buckle down AND reach a significant goal. While April is a month that includes a bit of travel, I am really hoping to get back on track with my spending this month so that I can maximize these last few months of part-time income from University B.
Ms. Afro Penny 
Even though I’ve seen it before, it’s nice to see that below $80,000 number again!
I followed your lead and I’m living off last month’s income too! It’s an interesting change. On the 15th of the month (which is when I used to be paid, when I was paid monthly), I transfer from savings to checking all the money I have to live on until the 15th of the next month. I pay my bills from that amount too. Then when I get paid, which is now twice a month, I transfer the money right into savings while hardly registering that it’s payday. It’s not radically different from the way I used to manage my finances, but it gives me a different perspective on my money. It has also smoothed over the transition from being paid once per month to twice per month. Thanks for the good idea!
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Thanks, Ellen 🙂
This is exactly what I do except for my barely registered payday is in the middle of the month. Working part-time for University B has complicated things a bit as they pay temporary workers bi-weekly and I still have a stipend come in for additional duties that pay on random dates but you are absolutely correct that this helped smooth the transition. Also, I’m lazy and didn’t want to have to spread my bills out over the month. 🙂
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Hi Afro Penny! I am hoping that you will…or did you already speak on living on last month’s income? I definitely remember you touching on it, but unsure about the process. I think is apart of YNAB as well.
You are doing so well with your student loans. Very happy for you 🥳🤑!
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Actually I know that I have seen it. I am going to search for it. 🧐
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Lol I talked about it here: https://msafropenny.com/2022/02/03/living-on-last-months-income/
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I saved the post you directed me to and am now following six!
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Lol…why are you follownig them? 🙂
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Meant to say sixfeetunder. Autocorrect is horrid.
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Awe, thanks, Blissful! I responded to your next comment with a link to a post where I do indeed talk about it.
Thank you for your support. You have no idea how much it means.
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