Money? Who needs money?

Thursday, February 05, 2009
I do, apparently. After writing the previous post this morning, I decided to call the holders of my student loan and find out when my two loans would eventually be paid off in full. I was beyond surprised when I was told April 2016. That would mean it would have taken approximately 15 years to pay. Egads. Think of the interest... So, I made a decision. This spring, trip to England. Heck, it's already paid for - I might as well go, right? After that though, crunch time.

First on my list is the new treadmill. Thank goodness we've got six months interest free - it will be paid off (or 80-90% paid for) by the end of those 6 months. This means I'll probably end up paying for it all myself but that's ok. Then, for the last half of this year, I'll be putting every spare dime (okay, every spare dollar) towards extra payments on my student loan. I cannot and WILL NOT live through another seven years of payments. I figure I can pay off just over a thousand bucks towards it. That's not a lot in the big scheme of things given the total amount still owing but it should knock off a few payments. That takes care of the rest of 2009.

2010... January, I'm going to start saving towards another trip. I know, I know, I should put all that money towards paying off more of my loan again but I need to reward myself as well. I'll travel in January of 2011, probably for two weeks again.

2011... Travel in January. The rest of the year? Student loan, student loan, student loan. 'Nuff said.

2012... Save towards trip. Getting the picture?

There's the plan. Of course, always subject to change. There are any number of things that could happen along the way which would throw a wrench into the works.

Sorry I can't give you anything more exciting to read at the moment. Today was one of those days at the office. The usual combination of any number of people off sick, on vacation, or not trained to help out in the areas we most need them. Tomorrow is likely more of the same so I doubt I'll be getting around to visiting much and responding to e-mails (if I get any...) will not be until later in the day. Thank goodness the weekend is just around the corner!


Wandering Coyote said...

Don't get me started on the whole student loan thing. I know exactly what you're going through. They're so hard to pay off and they keep accumulating interest like there's no tomorrow. So hard to get ahead when you're saddled with one.

However, I don't recommend getting labeled "disabled" either. Catch 22 there.

sp said...

I think it's great that you're setting those goals. It's good to plan and be responsible while rewarding yourself when the time is right.

Barbara Bruederlin said...

I was lucky and went to university a hundred years ago, when it only took 8 or 9 years to pay off my loan.

But chipping away at your debts, that is the best thing you can do. Keep at it.

SME said...

Kudos to you for making some long-term financial plans. Not to brag, but I've always been debt-free (except during a brief marriage to a debt-saddled guy), and it's a beautiful way to live! Granted, living within your means isn't a lifestyle of the rich nor the famous, but you'll still appreciate it when you get there. It's like having an anvil removed from the top of your head.

Captain Karen said...

Coyote: I remember well you're "burning" of the loathsome loan papers. I'll definately be taking a trip to the mountains myself to burn my own once it's all paid off. By the end of my repayment I will have paid back more in interest than the principle. Oh god it's sickening.

SP: Thanks! A few rewards in the time being I feel are deserved but you're right. I'm planning a huge trip as a reward for myself once it's all gone!

Barb: Oh you lucky girl. Part of it is my own fault, I took too long to finish because I took the minimum# of classes to be "fulltime" in order to work part time as well (although that was necessary just to make ends meet). Both Big Brother and his wife paid off their loans early but they ended up with jobs with BIG salaries so it was easier. Plus I've never been good with money...

SME: Good for you! I can't wait for the day I don't have this anchor around my neck. Debt is terrible. What is it with us in the West that we buy everything on credit and have so much debt? Our parents and grandparents would be shocked!

Wandering Coyote said...

Oh, the whole system is CRIMINAL, I tell you. The banks are CRIMINALS. Like I said, don't get me started.

Milla said...

Coyote this right!!!
The banks are CRIMINALS!
They ruin people's lives, they tear families apart, they invest a lifetime's worth of savings into failing financial workings/scams/buziness so people lose everything.
I'm with Coyote on this one, 100%.

Candy Minx said...

Sounds like a good plan. I don't think you should lose sleep over the loan really. It's better to have a life. If anything...take trips. And then when you get back...get a bussing job or something on weekends for a few months.

Better to focus on spending time with friends in your city and having fun than worrying about a loan. The loan isn't going anywhere.

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