May 2017 Debt & Life Update

May 2017 Debt & Life UpdateThis post may contain affiliate links. We may receive a commission on purchases made through links at no extra cost to you. Thank you so much for supporting this site. Read the full disclosure here.

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

How I Made $4900 in Side Hustle Income in the 1st Quarter of 2017

5 Easy Ways to Build Credit

10 Ways to Have Fun While in Debt

10 Things they Don’t Tell You About Blogging

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.

Debt Update

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.

How was your month? Have you paid off any debt lately?

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  1. Good to hear that you’re still hustling despite some recent challenges! Some of my best months come right after a shake-up, and it sounds like you’re on your way to the same. After a relatively disappointing debt paydown of just under $3,000 in April, we’re looking at about a $6,000 reduction in May; our biggest month yet!

    CNBC recently aired a documentary called “Broke, Busted & Disgusted” which detailed more of the student loan crisis than I’d previously known. Your situation with the doubling interest rate is apparently very common, which blew my mind a bit. Keep up the hustling and hopefully you’ll be free of those anchors soon enough!
    Ryan @ Just Another Dollar recently posted…My Sneaky Little Spending Vice Part 3: Beach Body on a BudgetMy Profile

  2. I hate looking a where my payment to navient and Nelnet goes too. Glad you enjoyed the trip to Florida. Nothing like a good and active get away
    K.P @ Hungry Being recently posted…Paying Myself First Changed How I View PaychecksMy Profile

  3. Even though you may think you had a not so great month, you still kicked butt! And good for you for calling and figuring out that loan situation, most people would just continue to pay and not ask questions!

  4. I was curious how things were going after you and that client parted ways. I am super happy that you are in good spirits and you will make all that money back and more!

  5. Nice Read! I have been struggling with debt for the past 8 months since a surprise emergency surgery. Of course this happened months after I spent 6 weeks home on paternity leave with my son. So I quickly blew through all my savings fell behind on car payments, mortgage, everything. One care got repossessed and the other was hidden until I caught up on the payments. It took all that to realize I was severely overspending for no reason at all. I am in the process of bankruptcy hoping to get a fresh start. I am down to spending 1/3 of my income so things are on the up and up. Long winded story but I do hope things work out for you. I’ll make sure to check out your blog in the future!

  6. It’s always nice to read someone else’s month. I just dropped in from Twitter so I’m just navigating around. The interest on student loans are always the toughest pill to swallow but what won’t kill you will make you stronger yet so hang in there!!!