In addition to paying the minimums on each of my student loans ($389 total), here’s how May broke down:
Starting balance of smallest loan as of May 1: $1,963.63
Additional payments to smallest loan: $1,342.56
Principal: $1,330.94 Interest: $11.62
Brings my smallest loan total down to: $600.50
I had a far-fetched goal of paying off my first student loan of $3,265 by today, even though that would have only given me 2 months to do it. It didn’t happen and as frustrating as it is that it COULD have happened if life didn’t get in the way, I can’t forget it has been the highest debt repayment month yet.
Extra income came from a lot of situations this month. An insurance settlement from a car accident, rolling over a 401K gave me a small amount of disposable taxed income, payment from 2 large dog sitting jobs, and of course babysitting.
Although side income is expected to slow down in June without dog sitting, it is still exciting that my first loan could be just a memory in a few short weeks. There’s some potentially exciting changes to my debt payment plan and I can’t wait to reveal those in next month’s update!