October Savings/Debt Payment Percentage

by Andy Hough on November 30, 2007

I managed to put 43% of my October income towards savings and paying down my private student loan.  The student loan is not in repayment yet but I’m paying it off ahead of time since it has an 11.25%  interest rate.  It is also my smallest student loan.

My goal is for 50% of my income to go to savings and debt payment.  I won’t make that goal for November because the balance transfer of my student loan from Wells Fargo to Capital One is all screwed up and I’m not paying anything until it is straightened out.  Capital One says they sent payment to Wells Fargo on Nov. 14 but as of today Wells Fargo  hasn’t received it.

When I resume school in January I won’t be working so any income I have will go to basic expenses.  This makes December my last chance to make my 50% goal.  With the money I’m carrying over from this month into December I should easily meet the goal.

{ 3 comments… read them below or add one }

1 SingleGuyMoney December 1, 2007 at 2:34 pm

43% of your income towards savings and debt payment is awesome.

2 vh December 1, 2007 at 11:08 pm

Incredible. I feel good when I can put 10% aside!

Jeez, what an extortionate rate on that student loan. When you finish school and become a rich old lawyer, is there any way to pay off the student loan by borrowing that amount from a credit union at a saner rate? You’d still have the debt, but the interest would be a little less of a rip.

Here in the sylvan groves of academe we wonder where all the young men went. Well…no wonder: tens of thousands of debt dollars at usurious interest rates to finance a few years of university training has got to be pretty daunting.

That notwithstanding, I think you’re going in the right direction.

3 Tight Fisted Miser December 4, 2007 at 1:35 pm


vh- I’ve been paying down this private student loan and it now has a very small balance. I should be able to pay it off by the end of the month.

Leave a Comment

Previous post:

Next post: