Yeah, like most other students, I too have a huge student loan weighing me down.
Loan Amount- 900000 INR
Purpose – Obtain one of the most expensive sheets of paper (MBA)(No denying the awesome experience I had at my B school)
Tenure- Loan taken in Mid 2011, expected to complete payback by Mid 2019
The the craziest fact- The rate of interest (ROI) at the time of borrowing was 11.5% but rose to a whopping 14.1% by mid of 2013.
So I had been meticulously paying the interest right from the very first month of taking the loan ( which meant paying interest while I was still studying at school ) and started repaying the Principal amount once I took a full time job after graduating. After a paying EMI for over 2.5 years, I realized I still owed 7,74,000! This was the tipping point for me.
I am now on a quest to prepay my education loan and be debt free by the end of 2014. A real tough quest! Time to revisit my finance courses :) 1 week ago
I’m encouraged that my total debt is slowly moving down. But by bit we’re digging ourselves out. 1 month ago
Revisiting this in an intentional way. Not finding the perfect software to help, which is annoying and an excuse not to just jot all of this down. But the portability aspect of iphone apps would help out a lot. That is, an app that compliments a desktop app.
Mint has been good but would love some forecasting. MoneyDance and MoneyWell are old favs that don’t seem to be where it’s at for us. MoneyWell could be, but for the latest version, I have to upgrade my OS on my laptop, which I don’t want to do nor really have to do for any other reason. Playing with You Need A Budget and PocketSmith now. We’ll see what happens. 3 months ago
I have continued to pay down my student loan and cc, and now finally feel like I can see the light at the end of the tunnel. I just got a new job with increased hours so I can put more money towards debt and pay it off even faster. 4 months ago
My debts nowadays are not so bad. My student loan has gone, old credit card debt has gone and I’ve no bank loans outstanding.
So, that leaves my overdraft and my new credit cards. I I don’t have the figures to hand, but I’d estimate about £2k.
I can get this done by curbing my ridiculous spending. It’s all the little things that get me into trouble.
No more frittering away my money on nothing. 4 months ago
So I subscribe to this site called Dollar Stretcher and some ideas are really great and some I already know but this one, when once I think about it is totally logical and brilliant. To stay out of debt and get into a habit of NOT charging things to credit cards when bad things happen set up an account for it. I know I can’t stow away a lot of money in each account, but $10 a month in each one I think is doable. I linked the site for some ideas but the ones I know that I need are auto, house, medical, car registration, and vacation. What are yours?
http://community.stretcher.com/blogs/live_like_a_mensch/archive/2012/11/06/on-emergency-funds.aspx 5 months ago