Challenge Update: Halfway Done!
On May 23rd, 2016, I started a challenge: I wanted to earn $50 each day for 90 days (a total of $4,500) to combine with an unexpected windfall. This money would go toward paying off nearly $8,000 in student loans.
I am halfway through the challenge, and have paid off over $3,000!
As I predicted, the first few weeks of the challenge were slow. Like anything, you have to build momentum in order to make progress. I am confident that the next 45 days will be even better than the last.
We started off the challenge by dropping $1,000 onto the student loan from our emergency fund. This brought the total of my graduate loan down to roughly $6,800. I am not counting this $1,000 in my numbers for today, because I didn’t earn it during the challenge period.
The remaining $3,100 that we paid off was a combination of a few different things:
- Teaching a summer class
- Picking up extra work at my job
- Freelance writing
- Birthday money
- Cutting expenses and reallocating existing money
I also have a few things on the back burner that will be coming to the forefront in the next few weeks:
- Pet sitting
- Additional writing jobs
- An ecourse on writing
- A new blog venture – stay tuned!
Have I been making $50 per day over the last 45 days? Not every day, but on average my income has been increasing steadily. I am also still waiting on some money to come in from prior work, so I predict that I will see the student loan I am working on drop down to $2,500 in the next week. This is exciting news, because only a few months ago I had felt extremely discouraged. Now, I am completely on track to pay this loan off within 90 days or sooner! It’s amazing what a little financial focus can do.
For more challenge updates, or to tell me how you’re doing on your own goals, follow me on Twitter (@RSFAlexandra)!