Getting Rid of my Debt, Part 10: You win some and you lose some

Some days, it's better to just go back to sleep like my boys.
Some days, it’s better to just go back to sleep like my boys.

First, the bad news. Last week I was so tired on Thursday night, I fell asleep before I could make a transfer of funds from my online savings account to my regular checking account. This started a domino effect which just pisses me off, both at Bank of America and at myself.  Even though this is really embarrassing for me to talk about, I promised to be “real” on here so I’m not going to only tell you about good stuff all the time. 

I made the transfer on Monday, thinking it would go through by Tuesday, the 21st, the same day that I make two student loan payments. Nope. Imagine my face when it said that the transfers would go through on the 22nd. Just a little bit too late. So yesterday, BOA let my student loan payments go through, and then proceeded to charge me $35 for each of them. And one other item that went through, for a total of $105. Now, I had transferred money to go into my account as of today. $180 to be exact. So imagine my face this morning when I saw my bank account balance is less than $5. And tomorrow, there’s another payment scheduled to go through. I get paid Friday. Again, just a wee bit too late. Awesome.

So, onto the good news. It has finally happened. I have finally seen my private loan (at its origination, it was $42K) fall below the $20K mark. It is now $19,982. Yayyyyy.

Although this is still a large number, it means I am really starting to punch away at it.  My payments this month equaled $602.  The monthly payment is currently sitting at $171.95. So that’s triple the amount due.  I have never, ever, ever, ever been able to pay so much more on a monthly student loan payment. (By the way, I say it’s currently  $171.95 because it’s a variable rate private loan. The interest rate can go up or down but it can go as high as 9%. Luckily, there is that cap.) Also, it was pretty freaking cool to see that with my last payment of $171.95, less than $8 went to interest – the rest went to prinicipal!! Finally!!!

At this rate, it will probably take about three years to pay off. But I plan on trying to pay it off sooner. I will be taking some of my freelance income and putting it toward the debt, and putting the rest into savings. Much of that extra two paychecks I get each year will be budgeted toward either savings or this debt. You get this momentum when you pay off debt in big chunks, it’s exhilarating!

I’ve also sent off my first invoice for my freelance work. I’ll be a little nervous about it until I hear back from the person I’m working for. I know my work is good but I was still a bit shocked when I saw how my hourly rate added up. But I need to charge for my time, I know that.  And, I am lucky because it’s work that I genuinely like doing.

Oh, and some good news I forgot to share last week – I took the exam for the continuing education credits for Women’s Fitness, and passed. Two down, two to go! Next up is weight loss, and then the CES exam, I have to take by this July. That’s the plan. God, please let me pass it the first time because all I can say is, it’s HARD!

So, yes, it’s been an up-and-down type of last few days. Maybe I should put a bit less to my student loan so I have a bit more of a cushion in my checking account.

Spring is coming in like three months, right?

If you’ve ever screwed up like I did with my bank account and feel like commiserating, please leave me a comment below. Or if you just feel like letting me know you liked this post. Til the next time/post…..

4 thoughts on “Getting Rid of my Debt, Part 10: You win some and you lose some

  • If you haven’t ever done this before, they might get rid of the fees. One year right before Christmas, I was not paying attention and the same thing happened. The day I got paid, I was charged almost the same amount in fees. I call the bank crying and they forgave them. But they only do it like once a year. It’s worth a try.

    • Unfortunately, I have had it happen once or twice this past year. That’s why I am so pissed at myself. I really didn’t realize Monday would be counted not as a business day where my transfer is concerned.

  • It’s coming down little by little. Be encouraged…keep moving forward. Congrats on passing the exams. That’s pretty awesome. Sorry about the mishap with the fees.

    • Thanks, Kelvin. Yeah it’s slowly but surely coming down. I’m always going to want it to happen faster though, I know! And thanks for the congrats, it was nice to have one less thing to worry about.

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