Yes, my balance dropped. No, it wasn’t because of the minimum monthly payment. I’ve been standing on the sidelines of this race for long enough, I think. It’s time to get back on the track. This week’s payment is a warmup.
I almost didn’t make this post.
I wrote it a few days ago with good intentions, but also with a lot of caution. Whenever I start to feel the slightest bit of optimism about my finances and my ability to pay off this debt, something happens on this job that knocks it away.
I went to work the day before yesterday cynically wondering what was going to happen to knock me back from my plans in this post. Well, the job delivered, and I got two pieces of news that put me in a tailspin. Neither of these things immediately jeopardize my job, thankfully, but both will make the job even more unpleasant and will further deteriorate my ability to cope with it for any significant length of time.
I have no control over one of the things. I’m pushing back on the other. I’ll see how it goes. In the meantime, I’m replying to recruiters who contact me and keeping my eyes open for other opportunities.
I’ve decided to not let this job stop me from making progress and I will keep going forward.
“Life Fund” Savings
As you already know, I’ve been stockpiling cash that is separate from my Emergency Fund because of the uncertainty I’ve been feeling around the tenure of my current job. My Life Fund total is now $8,000. I’ve been building it up week by week ever since I started this job, instead of putting the money toward my debt.
$8,000 would cover me for 4 months, maaayybe 5 months, including Cobra insurance premiums if I were to lose my job. If I were to get unemployment benefits as well, I would be ok for even longer. So, I’m planning to hold my Life Fund savings here at $8K for now.
Student Loan Debt
Going forward, I’m going to put money toward my debt again. I’ve made a warm-up payment of $421 this month to bring my balance to $15,000.
On my mark. Getting set. ….
“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW Archives)