Student Loan Update & 6 Month Goals

iVillage Member
Registered: 03-31-2003
Student Loan Update & 6 Month Goals
Wed, 07-02-2003 - 8:42am
As of today my 10-year $5,000 student loan is down to $1,856!! I decided to start paying $200/mo towards it instead of $55. What a difference! I love that I can check that balance online now too!!!

I plan to have this last debt wiped out by xmas. I'm on a bi-weekly pay schedule, so the 'extra', third check that will come in Oct will need to go towards it in order to meet my deadline. I will have to be very disciplined not to "pre-spend" that extra money on something else.

I always re-evaluate my financial situation in Dec & June. I find it easier to work in 6-month increments and then make 6 smaller plans, one for each month as they come up. Here are my Dec 03 financial goals. My 35th birthday is coming up between xmas and New Year's...if I can end the year this way I will be a happy girl:

--$1,000 in savings (maintaining)

--$ 150 xmas funds (working towards @ $25/mo)

--$ -0- student loan (working towards)

--$ -0- credit card debt (Dec will be my 1-yr anniv of that milestone)

--$ 401k (on track)

In January I will be able to breathe a big sigh of relief and re-evaluate my job situation, which is not thrilling me at the moment. I might be able to further reduce my office hours (right now I am working 30 hours over 4 days/week), or just go do something that I've always wanted to work in a bakery! But for now, I owe I owe it's off to work I go ;)

If you got this far, thanks for reading. It really helps me to come here, read everyone's posts, and report on my own progress.

iVillage Member
Registered: 04-02-2003
Wed, 07-02-2003 - 9:36am

You've made great progress. It's so important to have a goal, an idea of where you want to go. Otherwise we usually just end up floating without direction and participating self-destructive behaviors. Instead, your freedom date is well within site. I can't wait to join you.

Wishing you the best.


Avatar for zaboz
iVillage Member
Registered: 03-26-2003
Wed, 07-02-2003 - 10:02am
Yey! That is so inspiring!

I have a lingering student loan debt too (around $5000).

Once the credit cards were paid off I felt like I was "out of debt".

Or maybe I was so tired that I didn't want to keep going.

You've inspired me to send a little extra every month even if

I can't pay it off in one chunk.

Your goals sound great! Congratulations on how far you've come!

What a great way to end the year! No debt and savings!

iVillage Member
Registered: 03-31-2003
Thu, 07-03-2003 - 7:29am

Thanks so much for the good wishes. You will get there too! Lots of times I've had to rework my monthly plans. Up to this point, the best piece of insight that I have to offer anyone is that we don't have to be perfect...practicing positive behavior the majority of the time, over a long period of time, seems to get us there.

Best wishes,


iVillage Member
Registered: 03-31-2003
Thu, 07-03-2003 - 7:40am
I totally know what you mean about being tired. I had all these big plans about how much money I would save after I paid off the credit cards, but the past six months all I've done is spend what I make. At least I still have my base savings. Maybe it's healthy to take a break before tackling the next goal? All I know is I was feeling tired I am feeling re-energized, like I can DO THIS!!! I will keep you posted :)

iVillage Member
Registered: 04-01-2003
Thu, 07-03-2003 - 8:34am
This is fantastic!

Wow, you should be SO proud! I am just starting down the road (again...ugh...) and have such a long way to go - a $5,000 credit card, a $3,000 loan against my 401k, and a $1600 line of credit - before I can even start whittling away my enormous student loan. I can't wait until I'm in your shoes - thanks for the inspiration!