Hey guys, it’s time for another student loan update!
The new strategy I have started seem to really work for me, so I’ll adopt this until I finish off my Sallie Mae loans!
TLDR; As always, here’s a video version for your convenience!
Ever since I decided to try a weekly repayment strategy, I have made X payments that amount to $$$. This is obviously a bigger amount compared to doing a monthly repayment strategy. It’s a $100 more!!
But what really got me going for my new repayment strategy was how fast I was seeing the reduction in my balance. I’ve been eyeing my progress every month and occasionally checking my accounts to see the change.
But by paying my loan weekly, the numbers are always present in my mind. This makes me more accountable than ever in keeping up with my finances. I focus on making my income stable during this crisis, if not, increase it, so that I can continue making these payments.
The only drawback I see in doing this strategy is that if my bank account runs low. Then, I wouldn’t be able to do weekly payments. That fear just makes me more motivated to increase my income and avoid having a negative bank account.
A Possible Second Stimulus Check??
Well, in other news, there’s a possibility of another stimulus check from the US government.
As to how much the checks will be or when this is going to happen is still up in the air. These talks are still, well, talks. There are no confirmation that it is going to happen, but the discussion is there.
Congress is looking into it as a way to help more citizens get by the crisis. It also serves as a way to stimulate the economy by giving citizens money to spend. The more people spend, the better the economy becomes. That’s how it has always been.
We’ll just have to see if this passes or not. Until then, I will keep an eye on this.