Well, the last payment day of 2015 has arrived. I wanted to finish strong, so I worked hard to make a payment so large that the final tally shows that I paid off 90% of my loan in one year!
Today, I paid $4,000 toward the loan. This will add up to $4,130, but…there was a tiny SNAFU with Bluehost and auto-renewal. My bad. I pulled together $4,130, but had to change it quickly to $4,000 so I didn’t overdraw my account. Still, $4,000 helped me reach the 90% mark! Here’s how I did it:
Primary Side Gig – $450
I’m letting this go at the end of the year, and will have only one more paycheck from it this year. This isn’t the full amount, but I used money from this check to pay to have another website designed.
Full-time Gig – $1273
I managed to squeeze this much out of two paychecks. I scrimped and saved and made it happen.
Cash Savings – $40
When I met my friend for a girls’ weekend, I paid for the room, and she gave me cash. I kept the cash and applied it to the loan this month.
Inbox Dollars – $27
It takes FOREVER to make this much via Inbox Dollars. I looked at paid emails and tried various surveys. I took some surveys for which I was never paid. This will be my last Inbox Dollars check. I don’t want to work that hard for that little money.
Earnest Money Fund – $800
I was hoarding cash just in case I wanted to make an offer on a house. I’d rather make mad progress on the loan.
Emergency Fund – $1308
I typically keep $5k in my emergency fund, but I really wanted to pay off 90%, so I decided to raid it. I didn’t want to go hog wild, though. I pulled this much out, and will begin building it up again in January.
Furniture Fund – $92
When I do buy a house, it won’t be hard to move in. I don’t have a lot of furniture. I started saving for a sofa, dining table, chairs, and maybe a new mattress. Since I was raiding the Earnest Money Fund, I figured it was safe to raid this one, too.
Digit – $140
You know I love Digit. They have been incredibly helpful in my ability to throw just a little bit more at the loan each month. This month, it was $140. Not bad, Digit. Not bad at all.
Freelance Writing & Blog Ads – $400
I wrote some articles and took on a sponsored post. I’m very pleased with that amount, and hope to do more next year.
And that’s how I scraped together $4,000 for my final monster payment of 2015.
In the spirit of finishing strong, I’m giving my loan servicer a call and revisiting their advice to make once-a-month payments. When they gave me that advice, it was because the “extra” in my “extra payment” didn’t cover the interest. Now that I can easily cover the interest, I wonder if I can’t make one more payment – mid cycle – in 2015. I’m calling this week. Fingers crossed I can make one more. Stay tuned.
OH, and what did that $4,000 payment do?
My new loan balance is now $4,703!!!! I paid off 90% of my student loan this year. In ONE YEAR. I’m still working hard to make this month’s income count. I hope to scrape enough together for the next payment to cut the balance in half. Until then, I’ll celebrate my 90%.