Monthly Money Check: Penny Is Making 20 Student Loan Payments Per Month! — September 2017

Dear Rich,

I’ll get to all your wonderful and interesting and thought-provoking questions in my next post, but for now I need to do my Monthly Money Report. We came very close to getting under my arbitrary $2,000 goal, despite the fact that I thought we had some kind of hefty expenses (more school supplies and uniforms, a birthday celebration, etc).

Here is how the month shaped up for us:

Something we just started doing, finally, is making more than one payment on our student loans. This was recommended to me a while ago, and it took us a little while to finally get it going. The student loan company doesn’t do more than one automatic payment a month, so we ended up dragging our feet on it because of that. Now, we aren’t only doing one payment a month, we aren’t doing two payments a month, we aren’t even doing three or four or five payments a month… We are doing, count ‘em, TWENTY student loan payments a month!

Since student loan interest accumulates daily, this should help us immensely in having more of it go toward the principal. So, every weekday, my husband is going to manually pay $80. Twenty payments of that will add up to $1,600 a month. This is $600 more than what we’re paying now, but my husband no longer has a certain business expense starting this month, so we are going to funnel all that money directly toward the student loans, and we won’t even miss it.

It’s weird thinking about how we spend $80 a day for student loans. Just think, if we didn’t have student loans, we would have an extra $80 to spend almost every single day. That’s more than what we spent eating out last month! We could eat out every day with that kind of money, amongst other things. I can’t wait to get rid of those student loans for good. Hopefully this new method will greatly speed things up. It should.

I’m still waiting to get our property tax refund, and we should have an extra chunk to throw toward student loans there as well.

Later,

Penny

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