Do You Know What You Owe?

When I speak to fellow college students about their loans, you would’ve thought I said something obscenely offensive. As I’m beginning to find out, asking people about their student loan amount is just as bad as asking women about their age. You shouldn’t be asking about my loans!

It’s just not normal.

Wait until they hear that my plans are to help them pay them off before they’re 60. Seriously abnormal. But honestly, do we really think life just goes on? We do recognize that those loans are gaining interest while we breathe…right? Apparently not. Most people I speak to know nothing about their loans. Not even how much they owe.

So if you want to know how much you owe, here are some easy steps to follow.

1. Determine what type of loans you have. Private or federal. It’s highly likely that you have federal loans if you’ve gone to school in the past 8-10 years.

2. Check nslds.ed.gov for federal loans. You’ll be asked to create an ID based on your Fafsa information, so have that ready. Loans listed in order of when they were dispersed.

3. Begin to list out your debts from smallest to largest and start to kick ass with the debt snowball.
Guys, it’s 2016. We can’t be in debt much longer. Life is passing by, there are so many things to enjoy. The “I see no debt, I speak no debt, I hear no debt” approach hasn’t worked for you so far. Get it out of your life.

It’s time to know what you owe.

The Accident

car

Last month began the second half of 2015. Or as I would call it– my second chance, in more ways than one. The plan was to clean up the finances and cut back (once again). Turns out I got more than … Continue reading

Back to finances

IMG_0859.JPG

I know what you’re thinking. “Wow, I thought this blog was about finances and getting out of debt. What’s all this inspirational talk?” Yeah I know. I’ve been inspirational lately, mostly due to the fact that I need the inspiration. … Continue reading

How March is going

March has Marched all over me.

Four new tires that weren’t planned for, plus a high phone bill, and student loans have taken a chunk out of my emergency fund(s). But for some reason I feel at peace with that. Knowing that I can always build it up.

I would’ve ran to the old credit card for such purchases about a year ago. Even if I had the money. Swiping just so I can ‘build credit’. Only thing I was building was muscle memory.

With all the tumultuous things happening in my finances this month, I’ve still been able to learn a few things along the way. I’ll share them with you.

Split business from personal

I already knew this. I have three Instagram’s, Two Facebook pages, two phone numbers, and two bank accounts. But for some reason I still had my business bank account attached to my mint.com app. This month it was seriously clouding my view of how my personal finances were going. So I deleted it. I can always track it by creating another account.

Bulk up your emergency fund

Again, things I already knew but haven’t applied. Up until this point I had just $1000 in each emergency fund. Now I understand completely why the key is to build that emergency fund up to 6 months worth of income. It takes a ton more stress off your psyche.

Don’t defer your student loans

Part of the reason why I’ve had a rough month is because I sent a letter to my fed loan asking them to defer my loans since I am in school. Bad choice. I wanted a break from paying them, so I could build my emergency fund. Turns out they hadn’t deferred them, and I ended up making a late payment anyway. Moral of the story: just pay your loans. While in school and out.

So in all I can say March has been a great learning experience. I intend to tackle April armed with these scientific research results. Ha!

Tis all until next time folks.