In the grand tradition of budget-sharing, I present to you a more detailed view of my budget from now and into the future. I've spent many a happy hour going over my budget in attempts to not go over budget.
At this time last month that beast of a National Student loan was in the lead at $24,603.85.
Second place (then untouched and still untouched...though that changes next month) was my BC Student Loan at $5975.66.
Finally, last and least, was my credit line at $5057.
The update this month looks like this:
National Student Loan at $24,393.75
BC Student Loan (unchanged, but about to change) at $5975.66
Credit Line at $4400.
My new debt total is now $34,769.41
Slowly, slowly, slowly. This month the progress seems anything but...
I'm moving. Obviously without an income I won't be able to kill the Debt Beast with broad strokes of repayment. I must revert to the minimums, which is $325/ per month on my National Student Loan, $75/ per month on my BC Student Loans, an $155/ per month or so on the credit line...a total of $555/ per month.
Your plan summary
• If you pay $555.00 a month, it will take you 6 years and 2 months to pay off your credit cards.
• Based on your current combined balance of $34,769.41, you will pay a total of $6,243.47 in interest.
The difference between current months payments and future unemployed payments is YEARS. Three years to be exact and over $3000 in interest.
Gross. Just in case not having a job wasn't stressful enough, let's toss prolonged debt into the mix. I swear if I wasn't so damn driven to repay all this debt, I'd be a mess of upset tears just now--but I've got too much fight in me for that.
Squirrel and Nest offers one-on-one and small group financial counseling services that aim to give individuals the knowledge and independence they need to get their financial lives in great shape.