Why do I make such large payments on my student loan debt? Because, for now at least, I can.
In the past month, I’ve dodged a bullet that would have raised my rent by over 50% (losing a new roommate because of discord in the house). So far the climate in the house is improving. I’m really hoping it continues.
I’ve always known, and written here, about how my cheap (for this area) rent will not last. At some point in the future, LL (landlord) will stop… landlording and we’ll all have to leave. When that happens, my rent will go up significantly as soon as I move anywhere else. So I must pay as much as I can now toward this debt, while I have this cash flow. In other words, I have to make hay while the sun shines.
It can feel like a balancing act sometimes. I want to put everything I can toward this debt, but I’ve learned enough to know that not all sacrifice is good sacrifice.
Save enough in case you live long, and spend enough in case you die young.
I heard this somewhere and it perfectly sums up what we’re all trying to do. It can be so easy to take things for granted as soon as we hit a smooth patch. Our jobs, our health can leave us at any time, as I know from first hand experience. It’s so easy to forget that; unless we get these little jolts of reality reminding us how much of our fortunate condition is…conditional.
So, if the sun is shining for you right now, get to work. Spend a little, but save a lot more. Eventually every sunny day ends and none of us knows what tomorrow will bring.
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“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW Archives)
Double Debt Single Woman 
Agreed! Although I’ve had a few people make anti-FIRE remarks using similar logic (“Why are you saving so much when you should be enjoying this time of your life?”). It really depends on what your long term goals are. Since I don’t *plan* on dying soon (*crosses fingers*), it makes significantly more sense to live small and plan for the future. It’s not always about sacrifice, though–it’s about living well right now and realizing what’s cluttering your life.
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Even if you did die soon….it’s not like you would know the difference of experiencing life OR having quite a bit of savings in your bank once those neurons stop firing.
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@mrspickypincher
Yes. It’s all about balance. Every person is different, so how that balance works for one person may not work for someone else. We have each have to find what works for us.
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Hey There! We’re close to each other on Rockstar Finance’s list of net-worths, so I enjoy keeping tabs on your journey. It’d be cool to maybe do a crossover post/collab or something. It’s interesting how our numbers are close, but we have different stories to tell.
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Hi Maggie! Thanks for reading! I’ll send you an email.
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I have been thinking similar thoughts lately! Even when it’s not possible to make those big payments, the transformation is still worth it.
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Yeah, you gotta do what you can and learn to be patient.
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Agreed. It’s a delicate balancing act between living well today yet saving for the future.
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Hey, looks like the sun is shining for you now, missy. Best of luck on the house hunting! 🙂
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It’s so important that we remember to live while also securing our financial futures as much as we are able.
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Yes. And congrats on your interview, upcoming panel, and mentor! More sunshine to go around. 🙂
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Thank you! I know that sunshine is coming!
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“Save enough in case you live long, and spend enough in case you die young”. I completely agree with your wisdom, I missed some great opportunities before I realized not all sacrifice is good. But please watch your words about your assumption that you would not be able to find other “cheap rent”. The God that brought you this opportunity can bring you another if need be. Please don’t close a future door with your words.
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I’m still learning my lesson about not all sacrifice being good sacrifice. I’ve done things to save money that backfired. Maybe I still am doing this. This may end up being a topic for another post.
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Very nice post! I too am making extra payments while I can earn overtime. I’m so afraid that opportunity will get taken away from me.
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Thank you. I wish I could earn overtime at my employer. I’d be all over that. I hope the opportunity lasts for you. The good news is that you earn a great income and with student loan forgiveness on the horizon for you, you’re already doing good things.
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Yes, trying to stay positive!
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