Setbacks

When I first started aggressively paying off debt, I expected to have my first student loan paid off by Halloween. As I continued to work harder and harder, I realized I was actually going to pay it off by June. Although it is great progress to be nearly 5 months ahead of schedule, I wanted to challenge myself to pay it off by May 31st.

At one point, it was looking like I would complete this challenge and I was pretty excited. But life happened and I have to be ok with a June payoff date.

I lined up 3 dog sitting jobs throughout May, which brings in a few hundred dollars each job. The first payment went straight to loans. I got a $215 doctor bill so 2/3 of my income from my second job will go towards that bill instead of loans. Lastly, the third job is far away and does not include a grocery allowance so 1/2 my income will be spent on gas and food that I didn’t budget for.

I can’t forget to mention the time I recently bought a dress and got my hair done, which was another $200.

Additionally, I have started paying my parents a monthly bill to cover more of my expenses. When I first moved home they wanted to contribute to my loans by letting money I would pay them for my phone and car insurance bills to go towards debt. I know that as much as it helps to pay off debt, I need to factor in regular expenses as I work towards moving out. That’s another $120 a month that will no longer be going towards loans. I’ve been fortunate to not pay these expenses the past few months but I decided I needed to take on that responsibility again.

Lastly, I’m heading to NYC in a few weeks and I know I’ll need a decent chunk of spending money. I plan on using 1 paycheck’s worth of credit card payments and savings to fund this trip.

All this will add up to an end of June payoff date. It took me a while to come to terms with it, but I’ve accepted that a) life doesn’t stop for you to get out of debt and b) I’ve obviously made choices to spend my money elsewhere so I have no reason to complain.

I’m still happy to be 5 months ahead of my predicted schedule and to snowball into my next loan. The next loan is quite a bit bigger and I will need all the extra income and patience I can get to keep my motivation up.

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