After having a lousy couple of months in debt reduction, we’re finally making another big dent in our debt. After applying $1590.03 from our May savings to my student loan, we have brought that tally to the teens. There is something psychological about seeing my student loan dip into the teen range—I can see the light at the end of the tunnel, and it’s not too distant. Considering that we have paid $21,608.67 on debt in just an 11 month span, I feel it’s in the realm of possibility to actually pay off my student loan within the next year. It wasn’t that long ago that I believed it nearly impossible to ever pay off my student loan. I was resigned to my 20 year pay-off plan making minimal monthly payments. This yearlong spending lockdown has changed my entire outlook on money, saving and what I’m actually capable of when I simply apply intense focus in my life.
Now we’re on the final month of our spending lockdown, and we’re eager to meet our recently set 12 month $25,000 debt reduction goal. To achieve it, we need to save close to $3000 to apply on top of our minimum monthly loan payments. We’ll remain tight with our spending this month and hope that Brad’s freelance income trickles in as expected. Although the goal is set, we’re not going to feel devastated if it’s unattainable at the end of the month. It’s just a number, and we’ll eventually get there.
To check out our total debt reduction over the past 11 months, visit here.
After a 2 week absence from tumblr, I’m back with our end of the month savings post! I feel great about this tally, especially after experiencing sluggish saving months in March and April. Our May savings got a boost with Brad finally receiving some income from freelance work, although not all of what we anticipated. But that’s okay, we know it will be arriving next month. Whereas, I used to experience frustration with the irregularities of freelance pay cycles, I’m now learning to be patient—the money trickles in eventually. Actually, we are anticipating record savings next month when Brad finally receives a large amount of pay for freelance work, and I receive my first paychecks with my new raise! YUP! That’s right! My absence from blogging these past couple of weeks was for a work trip back east to my company headquarters. My job is slightly changing for the better, and I’ll be earning a bit more which will surely help with our saving and debt reduction. Our stars are aligning for the final month of our yearlong spending lockdown.
Tomorrow, I will post our new debt totals. I will be applying $144.88 of our May savings to our emergency fund and then the rest will be applied to my student loan.
To check out our savings progress for the past 11 months, visit here.
My company is going through some changes right now which means my job may be changing and hopefully for the better. But it requires a business trip back east, which I also plan to squeeze in a personal family visit. Due to these travels, I will not be able to post until the end of the month with—fingers crossed—an awesome May savings post!
(Art: breedingfancy on etsy)
Fun and Cheap in the Bay Area
If there is anything I’ve learned this past year on my spending lockdown, it’s that there are countless free things to do in the Bay Area when you need a little entertainment or fun time. I’m always on the hunt for “free” events especially when I know I’ll be hosting out of town visitors. I usually never have to look further than FunCheapSF which offers up free or cheap event info for “cheap bastards like ourselves” (their words not mine) that are looking for frugal alternatives in this typically expensive region. I’ve attended free music and dance performances, street festivals, museums, wine tastings, fashion shows, art gatherings and so much more just by receiving their weekly mailings.
About Me
My husband and I, both artists, are seeking financial sanity amidst the financial insanity in the San Francisco Bay Area. We are on a quest to change our spending habits, get out of debt and start saving.
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