February 2014 Recap

My debt repayment began in December, but the game changed in February.

Why?

This girl got a job! Wahoo!

Life has been a bit bumpy as I settle into my new role, but I’ll gladly take that over the emotional roller coaster of searching for a job while my bank account slowly drained.

When I took out my student loans for my final year of law school, I lived small enough so my loans could last me up to 9 months after graduation. The job market for attorneys is somewhere between horrible and dismal and I didn’t have anything lined up after graduation, so I wanted to cover my butt! When I got a paid clerkship last spring (that had no hope of turning into a full time job), I saved ALL of it. Every last penny. I set aside the money to repay my student loans, but also as a backup emergency fund should I not be able to secure employment by the time my loan money ran out. My job came just in the nick of time because I was hitting the 9 month mark of my 9 month emergency fund when my first paycheck came in!  

…. and the numbers are…..!

Debt Progress

January Debt: $ 45,091

February Debt: $42,280

Total Payments: $ 3119.78

The amount of money thrown at my loans this month is NOT the norm. When I got that first paycheck, I dropped a good chunk of my clerkship money/backup emergency fund on my loans. Over the next two weeks, I got antsy and dumped the rest of it on my loans.

Guess what happened!?

I was able to completely pay off my smallest loan!

Loan #1. Paid. Off. BOOM!

How was your February?

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