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Expected Expenses

February 11th, 2013 at 04:02 pm

When I get back I know pretty much what my expenses are going to be but I'm not sure if they'll change...:

Ex's Student Loan 1: $110
Insurance: about $150
Netflix: 8.55
Time share: 132.80
Car Loan: 213.55
Cell w/insurance: 82.49
Food/Gas: 400
Coupon Inserts: 55
Rent: 809 (this includes water/trash/sewer/electricity/high speed internet/furniture) - upon renewal lease will decrease to $779 (technically this is more than the original place that I looked at ($705) but that didn't include water/electricity)

(I do have a credit card but I will pay that off when I get back with my savings)

The other student loans are on deferrment/forebearance:

Sallie Mae: 190.01 - forebearance til Nov 2013
Direct Loans: deferred til Sep 2013
ACS: 75.96 - deferred til July 2013

I'm not worried about the Direct or ACS loans because as long as I'm in school I can defer them. But that stupid Sallie Mae loan is what I really hate.

My net will be about $2,305.77 (according to calculations)
Bills: -$1962.82
Which equals $342.95 left until Aug which will then be $372.95 left. Then in Nov because I'll have to start paying the Sallie Mae again. Then that'll leave only $182.94.

I'll contribute the leftover as such at first:

Roth IRA: $25
DebtL 230 (and whatever else comes my way)
Wallet: 50 (fun money to do with whatever I want with)
Savings: 50

in Aug it'll change to:

Roth IRA: $25
Debt: $250
Wallet: $50
Savings: $50

in Nov it'll change to:

Roth IRA: $25
Debt: $60
Wallet: $50
Savings: $50

Now the thing is this. I can pay something down about $2,400 before Nov but I won't be paying anything off with it. So I've decided to actually start my debt repayment by paying off the Sallie Mae loan. That way I can continuously pay $250/mo to it. I know that it only has 6% interest and my car loan has 11.5% interest.

So it would seem to make sense to pay off the higher interest loan first but after Nov I would only be able to contribute $60/mo to it. But I think it makes more sense to keeping paying on the Sallie Mae and that way it'll only take me about three (3) years to pay it off

Your opinions and suggestions are appreciated if you have any.

Posted in Budgeting, Debt, Personal Finance, Saving Money | 2 Comments »

2 Responses to “Expected Expenses”

  1. snafu Says:
    February 11th, 2013 at 08:44 pm 1360615477
    1360615477

    Did you get bullied into buying a Timeshare? It's a particularly poor investment for all but Timeshare salesmen. I suggest making it a priority to get rid of it! It will feel so good to rid yourself of Sallie Mae. If you can find small savings elsewhere or take on a part time job throw it all at the S/Mae principal but familiarize yourself with their rules so that sums go to principal [not prepay] as you expect.

    It will be critical to stick to your plan for the long term and tackle that car loan. What were the terms of the contract? You need to know details. If interest rates stay low, is it possible to re-fi at a lower rate?

  2. Sian Says:
    February 12th, 2013 at 03:28 am 1360639734
    1360639734

    I've already started that I'm going to try my best to get rid of the timeshare in my earlier postings but until then it'll get paid ugh.... I already know it goes to the principal if there are any extra payments. I've also started that I'll refinance the car loan after I've had out for a year in other postings. You are so right when you say I'll feel barter getting rid of Sallie Mar! I'm so looking forward to it! =D

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