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It’s been an interesting few weeks since the last update post (formerly month in review). The last one was in early April. I decided that starting this month that I would combine the month in review and debt update into one post. I will go over things that happened in April and May.
Quite frankly, the last part of April was not that good. The side hustle income was still coming in, but a couple of things happened. My director and two of my associate directors were fired unexpectedly. That sent shockwaves throughout the office. My institution had recently merged with another one. If you’ve ever been in a merger, you know how tough they can be. With the loss of my director and associate directors, many of my workers and myself wondered what’s next. I had been casually applying for jobs for about a month because an increase in income will help me with this debt repayment. Now, I’ve started applying to more. None of us know what’s going to happen at the job.
I debated on whether I should share this next situation now or down the line. I figured that today is as good as any time. In April I lost two of my clients. One was expected. They changed their business model. The other one letting me go came from left field. The client that let me go unexpectedly was my highest paying client. I was down for a couple of days, but then I realized something. I could either bitch and complain or I could man up. I got my focus back and started looking for some more clients. Within two weeks, I found two people that I’m now working with on Upwork. Upwork has a lot of opportunities. This bounce back is about to be fu#king epic.
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I also want to share with you something real. A part of me was happy that the client let me go. I liked the money, but I was doing way too much work for them. They also didn’t pay as well as my other clients. The client was also very picky at times. It started to feel like another full-time job. I already have one of those. Since I’m not writing for them anymore, I have more time to work on my site, my eBay hustle and a couple of other things. This time I’m putting myself first, and I know that I will reap the benefits from it. That money will be made back in no time.
Posts of the Month
Let’s move on to May.
I added a tagline to my site that says “side hustling & paying off debt.” That’s my motto at this stage of my life. I gotta get this debt monkey off my back.
Also, I had the 5-day thrifting challenge. During the challenge, I showed people how to make money with items that they can get from the thrift store. The response was great. The challenge did so well that I decided to add it to my site so that people can sign up for it anytime.
Last but not least, I took a much-needed getaway to Miami. I relaxed and got my creative juices flowing again. I also had a chance to visit Marlins Park to watch the Atlanta Braves play the Miami Marlins. This was park number 15 for me.
My total debt went from $63,405.75 to $63,088.12. That was a drop of $317.63. What the hell? I knew that the drop would not be as big as it was last month, but damn. Something wasn’t right. Below are the numbers
Loan 2 – Down from $4830 to $4520
Navient – Down from $23,742.65 to $23,737.23
Nelnet – Down from $34,833.10 to $34,830.87
I noticed that the principal on my Navient loan only went down by $5. That couldn’t be right, so I decided to call them. Navient told me that I was on a loan reduction program. The program ended in April. During the program, my interest rate was about 5%. Since I was no longer in the program, the interest rate jumped up to 10%. It would have been nice if someone from Navient had told me that when I spoke with them in April. The only thing they told me was that my loan payment would be higher. I wasn’t mad about that because I could afford it. What pissed me off was seeing $170 of that new $232 payment go towards interest. I was heated. I was eventually able to get on another loan reduction plan.It starts immediately. The interest rate was lowered back to 5%. That means that more money will go towards the principal. June’s debt update will be much better. This showed me that I need to always remain proactive. If you are paying too much interest, check with your loan provider to see what options are out there.