Sunday, April 3, 2016

March 2016 Update: $74,727.67


This month we were able to knock over $4,000 off of our outstanding student loan balance primarily because we put a huge chunk of tax return money toward it. We received our return in February and could have done it then, but I was worried that we might have a few expenses come up and wasn't ready to throw the amount at it yet. And wouldn't you know, our toilet backed up, and after multiple unsuccessful diy-attempts, we called a plumber. As soon as he saw it, he gave me a look. "You know," he said, "the company that made this toilet doesn't even exist anymore."

Oh, I knew. Sometimes vintage is not cool, and our water-guzzling Pepto-bismol pink toilet was dying on us. While I don't like to have to pay for a new toilet, or for someone to install one (my husband and I love DIY, but we were worried about unforeseen difficulties from replacing a 57-year-old toilet), we were able to save some money by calling a relative in a nearby city who is a 3rd-generation master plumber. He was able to order his recommended toilet at cost for us, so we knew that we were not only getting a deal, but something that would hopefully last a long time.

Aside from the toilet replacement, the other major expense we had this month was paying for a lifetime subscription to lessons via Hoffman Academy's Kickstarter campaign. In their campaign, they offered lifetime online lessons and access to all materials and online practice programs, etc. for various rates. $400+ felt like a lot to be paying, but we knew we had been impressed with Hoffman's video series and wanted access to all future lessons and materials they would create. And realistically, we are not in the place where we can afford regular lessons for our kids.

The most exciting thing about this month was: we paid off our first student loan! It was the highest-interest group at 7.8%, and it is now gone. I only wish that this were the only loan we had to pay off, but unfortunately, we still have four other groups to go. Our next group with the highest interest rate is close to $34,000, so it will not go down as quickly as the first unless something changes with our income situation. That's okay, though - we are in this for the long haul. One payment at a time, right?

2 comments:

  1. Your diligence is paying off. Yea for you and your family for being able keep the earmarked money from being dipped in to. I know too many who will do that, with the intention of paying it back the next month but never stick to that plan and end up frittering some of the saved money away.

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    1. Thanks :). It was very tempting to hold onto the money. It doesn't help that our minimum payment because of income-based repayment is $0. Some of it we did end up using for piano lessons, but I knew that holding onto it for too long would leave us with very little in the end, so I went ahead and made the payment.

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