After that embarrassing payment last month, I wanted to be sure to make real progress in October. I managed to squeeze as much as I could out of my paydays, and I had some unexpected freelance income drop in my lap.
I was able to make a payment of $2,000!!! Here’s how I did it:
Full-time Gig Paycheck – $1,000
I managed to save $1000 from my regular paychecks this month! I had no big trips planned, and I’ve kept my food budget low. It’s going to be tight for a week and a half while I wait for my next payday, but it’s worth it to watch the pesky balance go DOWN. And really, when I say “tight,” I just mean, “I can’t go hog wild.” I’m going to have to cut back on coffees out and whatnot. Because of my low overhead (cheap rent from living with a roommate, paid off car, etc.) I’m still able to live on a budget of about $1,300 a month. I’m taking advantage of that while I still can.
Side Gig Paycheck – $500
Typically, I earn about $700 from this side gig, but both of my dogs had their annual vet visit earlier in the month. I took the money for that visit from this check. I won’t be doing this job after December, and I’ll miss the income.
Freelance Income – $300
I wrote some posts to earn some money this go ’round. I liked the work and I’m eager to grow that area. I’d like to replace the $700 side gig with more freelance writing.
Digit Savings – $180
We know I love Digit. I wasn’t going to touch this money until the end of the year, but eff it, I want to pay the balance down. This almost wiped out what I have in there now, but I’m sure Digit will fill my account back up in the next 2.5 months.
Cash Hoard – $20
To my surprise, there was some leftover birthday money shoved in drawer. I was so excited to see it! It pushed my payment over the edge and into “Monster Payment” territory.
That makes the grand total of $2,000. Of that $2,000, interest sucked up only $29.46, which means $1,970.54 went to the principal.
My new loan balance is $9,507.
That’s single digits, folks. That’s a long, long way from where we started.
I can barely believe it, and yet, I can totally believe it. A lot has contributed to this success: mindset shifts, blogging, the personal finance online community, practicing comfort zone disruption…and all within one year.