I’ve made my required monthly $1,720 student loan payment and now owe $63,299. The balance looks practically unchanged to me compared to before the payment. Sigh.
However, when I get my next paycheck in a couple of weeks, very little of it will go toward debt at all instead of my target of $1000 extra. Why?
There are three things that are contributing to drastically slowing down my debt repayment, for the next few months at least.
ONE. (Un)expected expenses.
My laptop finally died last week. It had been sending me signals for months, as I occasionally had problems getting it to function. I knew it was on it’s last legs, but hoped it would hold out for longer. So I bought another one, a budget laptop with no bells or whistles. This has cost me $550.
On deck for replacement at some point in the (near?) future is my phone. It’s about 4 years old and has started freezing up occasionally when I make phone calls. I can deal with this happening for my personal calls, but I also use my phone for work regularly. I’ve already had a few of my own meetings delayed because I was having trouble getting my phone to work properly. Not good. I’m on the fence about when to replace it and what to replace it with… This will also cost $$$ regardless of what model I choose.
TWO. I’m planning another trip!
Yes! I took an international trip last year, if you recall. It was my first time traveling overseas in over 10 years up to that point. The trip was WONDERFUL! I LOVED it to pieces. I’m planning an overseas trip with a few family members for next year. We are starting to book tickets and make reservations. This money will need to come from somewhere, so some of my money will be going here for a while. This way the trip is paid for beforehand. I plan to make up for it / catch up by allocating a sizable portion of my annual bonus to go toward my student loan debt.
THREE. Debt fatigue.
I think C@TheSingleDollar hit the nail on the head with her comment on a previous post. I think I’m running out of steam with maintaining this budget and these high payments. I’m hoping that once these next few months are over, I’ll have renewed vigor to attack my debt again with everything I have.