I've been doing some thinking about this $60,000 student loan bill, which is growing like a monster each minute I put off my repayment. I want to pay this sucker off as soon as I possibly can, and I'm just starting to consider what I'm willing to do to achieve that.
Today, I looked at my "day job" income (which is 20% lower than it was last year). With 10% going to my 403b, I'm bringing home just over $1800 a month. I logged into my trusty Excel spreadsheet to see what my life would look life if I were 'forced' to live off of just that income (thereby allowing me to send all the income from second jobs to good ole Sallie Mae). Here's what it looks like:
Pretty barebones, eh? I know that in order to make this work, I need complete confidence in my ability to live on $1800 a month, but this just looks unrealistic! Then again, I'm so tired of that $60K hanging over my head.
Since I stopped monitoring every penny I spend, I'll need to begin paying attention again, or this austerity plan will never work. So, starting next month (July 1st) I'll see just how frugal I can be!