Budget / Loan Payment Breakdown

As promised, I decided to make a budget. I used the example No More Harvard Debt Provided and catered it to my own lifestyle.

I just had a holy shit, aha moment. I’m basically shelling out every dollar of my take-home pay and putting it toward my bills. I need to change something stat. Time to reflect and figure out where I really want to spend money and which areas I can cut back.

Debt Free 32 Budget
Debt Free 32 Budget

Payment Summary

Event Amount Term Period
Loan $37,665.00 1
Payment $1,000.00 40 Monthly
Payment $497.66 1

Payment Schedule

Event Loan Payment Interest Principal Balance
Loan 1 $37,665.00 $0.00 $0.00 $37,665.00
Payment 1 $1,000.00 $133.40 $866.60 $36,798.40
Payment 2 $1,000.00 $130.33 $869.67 $35,928.73
Payment 3 $1,000.00 $127.25 $872.75 $35,055.98
Payment 4 $1,000.00 $124.16 $875.84 $34,180.14
Payment 5 $1,000.00 $121.05 $878.95 $33,301.19
Payment 6 $1,000.00 $117.94 $882.06 $32,419.13
Payment 7 $1,000.00 $114.82 $885.18 $31,533.95
Payment 8 $1,000.00 $111.68 $888.32 $30,645.63
Payment 9 $1,000.00 $108.54 $891.46 $29,754.17
Payment 10 $1,000.00 $105.38 $894.62 $28,859.55
Payment 11 $1,000.00 $102.21 $897.79 $27,961.76
Payment 12 $1,000.00 $99.03 $900.97 $27,060.79
Payment 13 $1,000.00 $95.84 $904.16 $26,156.63
Payment 14 $1,000.00 $92.64 $907.36 $25,249.27
Payment 15 $1,000.00 $89.42 $910.58 $24,338.69
Payment 16 $1,000.00 $86.20 $913.80 $23,424.89
Payment 17 $1,000.00 $82.96 $917.04 $22,507.85
Payment 18 $1,000.00 $79.72 $920.28 $21,587.57
Payment 19 $1,000.00 $76.46 $923.54 $20,664.03
Payment 20 $1,000.00 $73.19 $926.81 $19,737.22
Payment 21 $1,000.00 $69.90 $930.10 $18,807.12
Payment 22 $1,000.00 $66.61 $933.39 $17,873.73
Payment 23 $1,000.00 $63.30 $936.70 $16,937.03
Payment 24 $1,000.00 $59.99 $940.01 $15,997.02
Payment 25 $1,000.00 $56.66 $943.34 $15,053.68
Payment 26 $1,000.00 $53.32 $946.68 $14,107.00
Payment 27 $1,000.00 $49.96 $950.04 $13,156.96
Payment 28 $1,000.00 $46.60 $953.40 $12,203.56
Payment 29 $1,000.00 $43.22 $956.78 $11,246.78
Payment 30 $1,000.00 $39.83 $960.17 $10,286.61
Payment 31 $1,000.00 $36.43 $963.57 $9,323.04
Payment 32 $1,000.00 $33.02 $966.98 $8,356.06
Payment 33 $1,000.00 $29.59 $970.41 $7,385.65
Payment 34 $1,000.00 $26.16 $973.84 $6,411.81
Payment 35 $1,000.00 $22.71 $977.29 $5,434.52
Payment 36 $1,000.00 $19.25 $980.75 $4,453.77
Payment 37 $1,000.00 $15.77 $984.23 $3,469.54
Payment 38 $1,000.00 $12.29 $987.71 $2,481.83
Payment 39 $1,000.00 $8.79 $991.21 $1,490.62
Payment 40 $1,000.00 $5.28 $994.72 $495.90
Payment 41 $497.66 $1.76 $495.90 $0.00
Grand Total $37,665.00 $40,497.66 $2,832.66 $37,665.00 $0.00
This amortization schedule is powered by: copyrightTimeValue Software

I Attended a Top College in the Nation / iPhone 5S/5C

I often have a bitter attitude when looking back on my education. Almost $50k in loans for three pieces of paper. I was very gung-ho and optimistic about the future while going to school, but the harshness of reality and a down economy weakened my spark.

Today, my alma mater sent me an email about how their school ranks #4 amongst private colleges and #31 overall.


Quick, what are the top colleges in the nation?Harvard? Princeton? How about St. Joseph’s College?

Earlier this month, The Washington Monthly released its annual list ranking higher education institutions across the United States. In the category of “Best Bang For Your Buck,” St. Joseph’s College New York was ranked No. 4 among private colleges, and No. 31 overall, edging out such renowned schools as Purdue, Rutgers, Michigan State and Barnard.

According to The Washington Monthly, “Bang For Your Buck schools are those that do the best job of helping nonwealthy students attain marketable degrees at affordable prices. And it is a pretty exclusive list: out of the 1,572 colleges and universities in our broader rankings, only 349 made the cut as best-bang-for-the-buck schools.”

St. Joseph’s College always strives to provide our students with a top-notch education at a great price, but we need your help to pass along that value to future generations. Please consider making a gift to SJC to help keep education affordable for all the students who will follow in your footsteps. “

For Masters Universities, St. Joseph’s ranked #11 with a net price after Pell Grants of $9807. 32% of students received the grants, 65% graduation rate and 6% rate of students defaulting on their loans. I couldn’t qualify for those based on my income at the time, but those numbers are on-part with my expectations. Around $500/credit * 36 credits MBA program = 18000.

I do think the extra 18000 spent helps distinguish me from some other job candidates. In the past it may have been in a detrimental capacity, applying to positions I was grossly overqualified for ($13/hr the credit union telephone member service rep position comes to mind). Time will tell, but proving myself in this industry will speak much louder.

Today Apple announced some new products, the iPhone 5S and 5C.

For the 5S, Apple made the switch to a 64-bit architecture. Twice the CPU and graphics performance of the 5. I won’t be eligible to upgrade my phone without paying a penalty for another year and still have a great grandfathered in data plan. So long story short, I’m saving my money and not upgrading until a year from now. The 6 will probably be out by then. There are still some very compelling features though… It’s a want not a need. My current phone works more than well enough…

I also use 8-10gb per month in data on my unlimited plan with AT&T. Without the unlimited plan factored in this would run me $120/mo plus taxes and miscellaneous fees vs the $102 I spend now…

Month 17 Update – $37,664.92 and counting

Making progress still on getting this loan under control. I have a larger payment coming out later in the month of ~$600. I’d love to get under 37k for the month of August. My reserves are lower than I had hoped with last month’s bike purchase, and some other recent purchases.


I got two flat tires on my mountain bike, rewrapped the handle bars on the road bike, bought some additional accessories, a backup hard drive and some other items totaling around $200.Image


Were they worth it? Yes. Did I overpay? Don’t think so. Did I need everything at this particular moment in time? Probably not.

So about the above picture. Yesterday, my rear derailleur snapped in half. Not the day I rode 20miles in a day, but the day after I was only a mile away from home and doing like 2mph. It was more an inconvenience than anything, my partner drove my car over so I could get the bike loaded up on the bike rack and didn’t have to suffer longer than necessary in the 100° temperatures that embody summer living in Texas.

Joe Mhalic, one of my inspirations for writing this blog wrote some articles about budgeting recently, using a fictional character Max. I am beginning to realize that just I take home an extra $1100/mo doesn’t mean it’s not advantageous to have a plan with where my dollars are going in advance. I’ve been eating out a lot more which is eating into a substantial part of the difference.

I normally don’t do steakhouses because they’re expensive and I’m not a big steak person. However a few weeks ago we went to one for someone’s going away celebration and between the appetizers, drinks and my main entree I shelled out $120. Then my partner and I went to a birthday party. I didn’t pay the bill (he paid half), but it was at a high end restaurant. For the four of us food and wine totaled around $455. The words too rich for my blood come to mind.

I’ll be in NY (primarily for a wedding) over the next two weeks, look forward to meeting up with old friends and family. This will be right before my next paycheck, so unless I want to use credit I’ll have to be really particular about not spending too much.

My next post will be about budgeting and a plan that works for me. I know I’ve done a lot of bouncing back and forth about different plans. I’m learning from past failures though. Even when I’m bad, I’m not that bad, which is more than I can say for many people. 🙂