It’s that time of the month again…PAYMENT DAY! This is my last payment day as a contract worker, which means this will be my last “big” contract check. Now, I’ll have to endure steady paychecks every two weeks (shock! horror!) but I think I can manage to live with it:) It may slow down my repayment progress, though. I’m looking for lots and lots of extra work so I can meet my goal of paying off $48K THIS YEAR. I’ve got four months left. Yikes.
Anyway, here’s how I made my latest “Monster Payment.” This month, I managed to pull together $4,300 to throw at my student loan.
$4,000 – Last “Freelance” Check from Primary Contract Job
I had to hold some back for taxes, but I squeezed $4,000 out of that final freelance check. I will miss it, but I’m also happy to be full-time in what is essentially my dream job. I am so. very. grateful. to have had this contract job. It has been the number one reason that I’ve been able to make the progress I’ve made this year.
$200 – Digit Savings
You know I love Digit. I was going to leave this balance alone and let it grow until the end of the year. But, I also saw what that extra $200 did when I ran the numbers. I pulled out the cash and NOW I will leave my Digit account alone until December. I might need it then to make that final payment:)
$47 – Ebates Payment
When I went to that grant-funded conference in May, I booked my hotel on Travelocity through Ebates. This is the Ebates balance. It took 30 days after my stay to appear on my Ebates account, and then another 30 days to be eligible to withdraw the balance.
$53 – 2015 IRA Savings Account Balance
I did that thing again where I open a sub-account as a way to feel like I’m taking action. This time it was action taken toward funding my 2015 IRA. I haven’t made one deposit into it, and I thought I’d move little amounts of money over while also paying off the student loan. I managed to put away $53 before realizing that this is a pattern and it’s best if I stay aggressive with the loan before trying to fund the IRA.
My new student loan balance is: $11,796.
Which means I’ve paid off $35,758 thus far. In less than a year. What?!?!
Back in November 2014, if anyone would have tried to tell me this was possible, I would have responded, “Oh, phooey.” Now, I’m the one saying it’s possible. What’s the best response to “Oh, phooey?” Maybe, “Well, it’s not possible if you ‘Oh, phooey’ it. It’s only possible if you believe it’s possible.”
It’s only possible if you believe it’s possible.