Pressing Forward: $39,333.96 Paid, $45,974.11 Till Pay Off

Thankfulness
Hey folks! Thanksgiving is almost here and I am thankful for the veterans of this great nation.  Regardless of who’s in office, the responsibility of changing my life for the better is mine.   I am also thankful for my education.  It has exposed me to opposing thoughts and opinions, stretched my view of the world, and equipped me with tools to solve problems.  Student loans are one of my problems, let’s address it together.

Financial Advice
The best financial advice I’ve received was to “Act Your Wage” by Dave Ramsey. This means to only spend what you can afford. I have to admit– it’s pretty difficult living this way, when I want to make my first home purchase, take extra vacations, or frequent the barbershop.

To me, purchases represent the time we spend on jobs, toiling for things we are privileged to enjoy. Had student loans not been as easily available, the prospect of years of repayment would have directed me to other less costly schools. It is no one’s fault but my own. Making purchases beyond my financial means is a mistake I don’t anticipate doing again.

Improved Outlook
Things continue to improve and I anticipate continued growth in 2017.  I resolve to have at minimum $10,000 of principal balance paid off.  This goal will not be easy given my current salary, but anything is possible coming from $85,308.07. So far this year, I’ve repaid $5,038.35 in principal.

This will be accomplished by sticking to the family budget below. Childcare is now $400 instead of $680. A family member has graciously volunteered to keep our baby girl during the day, and we are in turn blessing them. Needs for the baby are significantly less going forward.

november-budget

Also, as mentioned in the last post, we were waiting on the final delivery bill for the baby. Our initial out-of-pocket expense was $1,500 and could have been more after filing with the insurance. Thankfully, we were recently informed that everything was covered under that fee. Although family health coverage of $798 per month is a significant portion of the budget, I remain happy with the benefits.

Perkins Loan Repayment
It gives me great joy to announce that I am weeks away from paying back my Perkins Loan. Perkins loans are offered to students with financial need, with the school serving as the lender. The original amount owed was $8,200. Needless to say, I can’t wait to type in “0” in the place of the fourth loan account! You can see the updates for all the loans below.

loans-update-november-2016

Contentment
After 5 years of repayment, I am beginning to learn the true meaning of contentment. To get ahead in life we must start with an attitude of gratitude. There will always be someone we perceive as possessing more talent, resources, or influence than us. We need not exhaust ourselves chasing after other folks’ blessings, look in the mirror and see what you have been blessed with.

You guys have a safe and wonderful Thanksgiving and Christmas Holiday. Until next time, continue the fight.

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