If you read my Misc. Income Report (Earned through 11/26/2021), then you already know that December is shaping up to be an interesting month and that my December update was going to look a lot different from previous updates. If you didn’t read that post, then now you know. To the numbers!
|Account||Debt||Min. Payment||Interest Rate|
|Private Student Loan 4||-$2,558.63||$45.40||3.625%|
|PenFed Refinanced Student Loan||-$89,064.00||$636.76||3.500%|
July 1, 2019 – Student Loan Balance(s): -$128,663.26
November 2021 – Student Loan Balance(s): -$92,998.55
December 2021 – Student Loan Balance(s): -$91,622.63
Total Payments: $1,708.09
Net Difference: $1,375.92
A couple of things… First, I went back and forth about how to structure my new chart. I know folks like it when I include the balances when I first began blogging on July 1, 2019 but there just isn’t a neat and intelligible way to do that. (Umm this is very much a challenge so if your Excel game is strong and you think there is a better way to present this, let me know). Also, part of the benefit of paying down loans and refinancing is a much simpler financial picture. As I very much want to embrace that simplicity, I have opted to just list my beginning student loan balance above the monthly reporting.
Second, while November wasn’t great for student loan debt repayment, it was also better than the net difference is making it look. As I explained in my post on refinancing, not only was the refinanced loan for slightly more than the current balances were at the time, due to the payment dates, I still had to make my November 1st payment payments. What this means is that my refinanced balance is actually a couple of hundred dollars lower than what appears above. Ultimately, this is fine as any overpayment will either be refunded to me in the form of a check or credited to me by PenFed if the check is sent to them.
Third, by this point, I know that you know that I make my largest monthly payment on the 1st of the month when I get paid at University B. What do you think are the chances that my minimum payment on my refinanced loan and my extra payment of Private Student Loan 4 on December 1st pushed my overall student loan balance below $90,000.00?
This one is trying to hang on but I will not be thwarted! Paying PSL4 off this year would actually have me set to achieve ALL of my 2021 Financial Goals. Okay, maybe not all but at least all the targets. I threw a huge chunk of cash at this loan today and less than $1,000.00 remains. For that reason, I have decided that this loan WILL be dispatched this month.
Gig Misc. Income Update
Net Misc. Income Goal for November: $200.00
Net Misc. Income Actual for November: $1,242.38
Net Misc. Income Goal for December: $600.00
November was a good month for misc. income. I know what you are thinking, “How is it possible that it was such a good month but your total payments didn’t crack $2,000.00?” It was a confluence of things but between a slightly more expensive month, a modest November 1st payment, and some income being set aside for December holiday shopping, not all of my misc. income made it to my student loan balances this month. In December, I hope to continue striking a good balance between hustling and LIVING. On that note…
Part-Time Job Update
I’ve put in my two-week notice at the golf club. I know! I didn’t even make it a month. However, I got sick the week of Thanksgiving and realized that unlike gig work, which I don’t have to take when I am sick or tired, I have to show up at the golf course for every scheduled shift. Which means I went to work when I was still feeling sick instead of staying at home. I realized this was not in my long-term best interest and sent my notice.
Overall, November was a pretty
good great month. December has the ability to change my financial future in a major way…I’m sending out good vibes that it does just that.