We’re only 11 days into this project, but already there are things to report!
What I paid toward the loan in August. By the time the challenge started, I had already paid my usual $189.37 payment, so there’s nothing to report there. But I did make an additional payment of $554.29, plus one more additional payment of $48.24. This makes $602.53 additional payment, for a total August payment of $791.90. Take that, student loan debt!
How much I paid toward the principal and how much toward the interest. This month I paid $590.02 to the principal and $12.51 to the interest. (These numbers don’t reflect the regular monthly payment amounts. Those amounts will be present in future months.)
Where the money for my extra payments came from. My notes say that I had originally put $224.77 into the budget line, so that’s where I started. I decided cross my fingers that my computer will keep on chugging along, and put the $310.00 I had saved toward a new one into the Payoff! goal. Once I achieve this goal I can save up for a new computer. After that, “new computer” will be a regular line item in my budget, allotting for a new one every five years. In that same vein, I had been saving bits of money up for an Instant Pot, a poetry post, and my reverse lost bed. That $19.52 was added to my extra payments. This was part of a practice called a Wish Farm, the concept of which is outlined in this article. I really like this idea and will reinstate it after I pay off this loan.
A list of what I didn’t buy in order to put more money toward this project. So that’s what I didn’t buy. Parts of a new computer, an Instant Pot, a poetry post, and a reverse loft bed.
Any roadblocks I’m having toward this goal. Right now, I’m very excited about this goal.