My Six Month Challenge

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Beverley
Posts: 553
Joined: Fri Oct 09, 2020 11:33 am

Re: My Six Month Challenge

Post by Beverley »

Another 6 month forebearance would help a lot. But doesn't interest continue to accrue on the unpaid amounts?

Bev
floridacatlover
Posts: 8056
Joined: Fri Aug 28, 2015 7:21 am

Re: My Six Month Challenge

Post by floridacatlover »

Beverley wrote: Wed Mar 30, 2022 11:52 pm Another 6 month forebearance would help a lot. But doesn't interest continue to accrue on the unpaid amounts?

Bev
I don’t know. Maybe so. Has interest been accruing during the recent periods when borrowers didn’t have to pay?

Maybe it is better to bite the bullet and get the loans paid off. I paid my student loan over 10 years even when I was making a pittance.

Of course there is talk of the federal government wiping out a certain $ amount of student loans. Not really fair IMO to those of us who have paid off our loans. Do we get our money back? (I do agree that the loans to the scammer for-profit institutions like it sounds Logics’ niece had should be discharged. We had several of those institutions here in Florida.)
HappyDaze
Posts: 4186
Joined: Tue Oct 15, 2019 11:11 am

Re: My Six Month Challenge

Post by HappyDaze »

Beverley wrote: Wed Mar 30, 2022 11:52 pm Another 6 month forebearance would help a lot. But doesn't interest continue to accrue on the unpaid amounts?

Bev
Bev, you are correct - if you are in "regular" forbearance, interest continues to accrue but you have the option to pay "interest only". With the "pandemic forbearance, extended util May, interest does not accrue.
"All his life he tried to be a good person. Many times, however, he failed. After all, he was only human. He wasn't a dog."

Charles M. Schultz
Beverley
Posts: 553
Joined: Fri Oct 09, 2020 11:33 am

Re: My Six Month Challenge

Post by Beverley »

So far so good. After running the numbers for April it looks like I will have enough income to make all my payments with a tad left over. I will put any left over amounts into the savings account I have linked with my checking.

My food purchases will consist of my weekly produce delivery and my every other week Schwans delivery. I will limit those purchases to less than $30 per delivery. I will be doing more surveys and that money will go towards misc. food purchases or into my savings account.

I read over my loan papers and noticed that they don't take credit cards. Sooo much for my extra money making scheme. But the loan is interest free so I will focus on that and pay it off ASAP.

I may set up some type of envelope system. Since I don't use cash for anything it will be just paper. I may cut up paper strips and label them same as cash currency so I can have a visual of funds going in and out. Has anyone else ever set up some type of psuedo envelope system?

I will get two more paychecks from my subbing gig. I intemd to put those into my savings. Starting in May I will live only on my Social Security income. It will be super tight.

Bev
Beverley
Posts: 553
Joined: Fri Oct 09, 2020 11:33 am

Re: My Six Month Challenge

Post by Beverley »

i figured out how to set up an envelope system. It was time consuming but it really opened my eyes to where all my money goes. I cut up currency size pieces of paper and put them in labeled envelopes according to what was owed per category. 24 categories total. The fake currency is labeled with $1.00, $5.00, $10.00, $20.00, $50.00 and a few $100.00. My food categories are Schwans and produce deliveries to go with what I already have. I am going to do surveys and use the money for grocery prchases. I have not set up an envelope for that yet since the funds will not come from my social security. My goal is to live on just my social security income and what I get from surveys, and use the rest of my income for paying off the debt and then eventually directing the $$ toward paying off the house.

I found a couple of ways to tweak my bill paying this month so there is enough to cover everything. I noticed that due to my previously making house payments my next due date is not until June1. So I am going to skip my May payment. I also have a couple of bills where I have overpaid so I am going to use those credits also. That will help pay what I still owe on my CC bill for my down paymet on my new HVAC system.

Since my April retirement pay is still in pending status I will need to wait until tomorrow to pay what bills I can. But today I cn count out the money that I will be using for the bills and put that in the money spent envelope.

On the eating front I am still working on portion control and eating less. Also eating more fruits and veggies since that is included in my budget. My freezer and pantry inventories are very slowly being used and thats a good thing. I still have quite a bit of free breakfast food items from work.

Bev
Last edited by Beverley on Fri Apr 01, 2022 12:34 pm, edited 1 time in total.
Beverley
Posts: 553
Joined: Fri Oct 09, 2020 11:33 am

Re: My Six Month Challenge

Post by Beverley »

i just realized I won't be ble to do the envelope system 100% until next month because my CC payments will be for items previously purchased. But as various payments are charged on my cc"s for this month the equivalent amount will be pulled from the envelopes and transfered to the money spent envelope. However I did pencil out my April budget and bill payments and will just barely have enough to pay what I need to this month without incurring interest.

I just noticed I have a small balance in my PayPal account from doing surveys to be earmarked for groceries. I will use it when needed,

Bev
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