how would you come up with $8000 and how fast can you do it?

iVillage Member
Registered: 10-05-2009
how would you come up with $8000 and how fast can you do it?
15
Fri, 03-18-2011 - 12:34am

my goal is to pay off the balance of my student loan as fast as possible, pulling money from any place I can find it. That includes selling anything not in use at my house, those pretties I've been storing until there was a place to display them, all those text books, antique books, etc.

The loan is adding $2.20 every single day in interest!

So, what would you do to come up with this money, and how fast do you think you could do it? It can't be put on credit cards, and there are no extra payments going to any other bills. Whacha got?

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Avatar for kathy_s14255
iVillage Member
Registered: 03-27-2003
Awesome!! Good luck to ya!!

Start cutting all nonessentials...goodbye directv (which we did to put more towards retirement)

any tax refund goes towards loan-I know it would be fun to splurge a little, but if you are serious about getting rid of the loan...

no eating out for a period of time unless it is a really special occasion

any better deals on car/home insurance? cell phone plan?

an extra part time job?


I know you have a bare bones budget anyway, so no latte factor, but there might still be something that you can cut?

Put a chart on the fridge showing that loan decreasing and the projected payoff date...see if you can beat it?

Good luck!!
Avatar for busywith5kids
iVillage Member
Registered: 03-26-2003
Kathy had some great ideas and I don't really have any great insight to add to what she suggested. 2nd the idea to cut all nonessentials, especially if you pay for tv.

I also like your idea to sell stuff--whether it's having a garage sale, trying craigslist or some other way.

Without knowing your budget, it's hard to suggest specific cuts. Good luck--seeing that daily interest charge would sure motivate me to make some cuts. I think you've set an awesome goal!
Avatar for turtleemom
iVillage Member
Registered: 07-25-2007

You

iVillage Member
Registered: 10-12-1998

To me this is one of those "how do you eat an elephant?" questions.

Don't look at the whole of $8000, but anything you can add to your payments is one more bite.

Have you played with loan calculators online to see what adding $X amount to the payment each month will mean in savings? I did that for about 5 years with our mortgage- strained a couple hundred dollars out of the budget to pay down the mortgage early on, and treated the number we came up with through a calculator as THE payment.

iVillage Member
Registered: 10-05-2009
I do have cable, but it's attached to my house phone and my internet, and would cost more than it's worth to turn back on in a few months

the entire tax refund went to this monster

eating out is GONE until this is done.

My cell phone is paid for by my dad, so no bill at all there.

just changed the home and auto insurance, doubled my coverage and halved the cost

A chart on the fridge is awesome! I'm gonna do that!

iVillage Member
Registered: 10-05-2009
honey already takes a sack lunch every single day, doesn't even occur to him to eat out, and he's super good about taking the leftovers no one else wants! Got lucky there!

We are currently buying NOTHING. I returned something at walmart the other day, got a gift card and spent it on cat food (my cats will only eat the crappiest, cheapest foods, got lucky there, too!!)

I've already used everything available out of savings (bank requires a certain balance, and I have 2 of those, so there is still money there, but it's at the minimum)

There is no other savings to pull from.

That leaves the better paying job, which I'm rallying for now!
iVillage Member
Registered: 10-05-2009
I can't eat a whole elephant! LOL I love that analogy. One bite at a time is exactly how I'm looking at it. I sold something for $7 and popped it in a jar. I sold something for $5, put that in the jar. At the end of the week (that's today!) I'll add up everything in the jar and write a check for that much. With interest being added daily, I don't wanna wait too long between making payments.

Thanks for the "set it and forget it" reminder. I've done that with a few bills, including my power bill. I pay a set $200 every month, which means I have a decent credit on my bill. I'm gonna hold that money in April and put it on this monster.

I also created a spreadsheet, so I can see that I sold those baby bottles for $7, the book for $20.50 (minus shipping...). I know where this "extra" money came from.

Now I need a market for Partylite houses! LOL I paid about $20-30 for each one (omg, that makes me shudder now!) if I can get out close to what I have in them, that gives me not only money toward the monster but more space in my cupboards! LOL
iVillage Member
Registered: 10-10-1999

My BFF is single, has a great job and a great car. She

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iVillage Member
Registered: 10-10-1999

Oh did I just see nursing school?

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iVillage Member
Registered: 10-05-2009
I already use as much cloth as possible in every possible arena. I'm not willing to go to cloth bathroom wipes, so I'm sticking to tp in there. I'm not even gonna buy any more tampons for me, I have cloth pads, I'll just use those. I don't buy pop hardly ever, and then only when it's on sale and only for an occasion, like a birthday party, then whatever is left over (in cans) gets hidden under my bed, so it's there for next time.

I hang everything except my sheets, towels and the white load (the one with 1000's of socks) in the summer, but right now, it's either raining or snowing out, and I don't have a place to hang dry most of my laundry. I put as much as I can on hangers, but still end up using the dryer way more than I want to.

I will call the cable company and see if they can reduce that bill. I'm sure it can be done, and I'm not afraid to turn it off if I need to. I'll just have to move my home phone to another company. I can't give it up, I have young kids that are home alone from time to time and I think it's super important to keep it.

But I've gotten SO many good ideas here. Thanks!

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