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You’re Debt to Me!

You’re Debt to Me!

Immediately after receiving my degree (and a few short years after that), I struggled to find full-time employment that would allow me to make a dent in the student loan debt I had accumulated during my four years in college. From odd job to odd job I never felt that I was in a comfortable enough financial position to pay off more than the minimum required monthly payment. Sound familiar?

01/08/2016 through 09/07/2017 $286.23 every month

Finally, in May of 2017 I decided to go a different route. Education. Specifically, teaching and coaching. I searched for opportunities near my hometown, realizing I could save a lot more money every month if I lived at home. This wasn’t an easy decision, but I discussed it with my parents, and they were more than willing to allow me to move back home if I could find a good position in the area. By the end of May, I had received multiple job offers (something I was not used to), and a few of them within 15 minutes of where I grew up. I realize this isn’t an option everyone in my situation has granted to them, but I was looking to get out from under this student loan debt FAST. So in June I signed my first contract, and in August I started my new career.

Now the funny thing about starting a new teaching job is that you actually work almost 2 full months before getting paid. But when the first direct deposit hit my bank account, September 29th, I set aside enough for an emergency fund, my monthly expenses, then put EVERYTHING remaining towards my student loans.

09/30/2017        $2,294.20

10/29/2017        $2,506.81

11/17/2017        $2,473.37

12/19/2017        $2,352.26

Those were my first “more than minimum” monthly payments. Finally, I started to see some real progress. On November 28th,  I also decided to make a small leap into the the stock market, putting $200 into a Betterment* account.

In January, I saw a slight increase in my paycheck. I put it all towards my student loans.

01/19/2018        $2,700.00

As of today, February 2nd, I have $11,611.24 remaining on my student loans. If everything goes according to plan (hahaha), I will have all my student loan debt erased by June.

I realize that my path has been a little out of the ordinary, but I didn’t want to spend the first ten years of my adult life paying for school. I decided to take extreme measures to make sure that didn’t happen. Being debt free is a mindset and you have to commit to it!

Stay tuned for more updates! The story continues.

MB

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*themoneydojo.com is an independently owned and operated website. On occasion we review various products and services and receive monetary compensation for these reviews. Any affiliate links you use on this page will result in compensation of the author.

 

Improve your Financial Future Today… For Free!

Improve your Financial Future Today… For Free!

Just about all of us have one thing or another we would love to change or improve upon in our lives. After all, there is always something we can get better at regardless of our current circumstances. I’m assuming, given the fact that you found your way to this post, that you are looking to make some financial strides in the near future. Well, you’re in luck! There is something that every single person reading this post can do TODAY that will improve their current financial outlook. Now, there are as many different facets of personal finance as their are choices at Subway… but we’re not going to dwell on specifics (Always go with the Italian Herbs and Cheese… who am I kidding). So, right now, I’m going to ask you to imagine what part of your current financial situation you would like to change…

Once you have answered that question, give yourself a pat on the back, because you’ve just completed the most important step of this entire process: identifying your very own financial goal. Goal-setting is a fantastic financial tool for many reasons, but allow me to state the most obvious (as well as my personal favorite). IT’S FREE! It doesn’t cost us anything to identify a current weakness that we would like to improve upon. I don’t know about you, but that’s the kind of bang I like to get for my buck. That’s not all, here are a few tips you can use to further optimize the goal-setting process:

  • Write it down– Setting the goal itself is important, but studies show that you can really unleash the power of goal-setting by putting pen to paper and writing it down. Just the simple task of writing down your goals can make them up to 42% more attainable.
  • Make it mobile– Carry your goals around with you in your wallet. Maybe save them as the background on your phone. At the very least post them somewhere that you will see them several times a day.
  • Tell a friend– Don’t keep your goals a secret. Having a confidante will bring some much needed accountability into the situation. Think of them like a workout partner… but for your wallet.
  • Be real- Set a realistically attainable goal. When you start off in the goal-setting process, start small, and work your way up. A little bit of momentum will go a long way.
  • Set the time- Accompany your realistic goals with a realistic time frame. It’s fine to be ambitious, but make sure you’re not setting yourself up for failure before you even begin.

  • Break it down- Divide your big goal into smaller ones. These mini goals will not only serve as stepping stones on the path to the ultimate prize, but they will also allow you to win some small victories along the way to help bolster your confidence. Attaching dates to these smaller goals can also be very helpful.

We all have financial goals we can start working towards. Sometimes you just need a little kick in the pants… well lucky for you…. You entered the right dojo. Follow these simple steps, and make your financial goals your financial reality. Take control of your future, today!

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