Last Friday, I received my first nursing paycheck (for a recap, you can find the post here)! It was amazing to see my bank account jump in size in comparison to when I’ve received my nursing assistant paychecks in the past!
When I figured out how much I was paid by my employer — and that it was over my original estimate due to pay for missed lunches and staying beyond the strike of 3pm to finish report and charts — I realized I needed to re-evaluate what I would put to my debt repayment journey for the first payment.
I figured the first payment (from my first paycheck in August) would be around $750, bringing my month’s total to $1,500 aimed toward my debt. As my actual paycheck was higher than anticipated, I figured I could afford to splurge a little on my payment and upped the amount to $861. I paid this to the second debt on my list; it is only second because its interest rate is 7.89% versus 7.9% (not really a big difference, in my opinion), but the interest already built will capitalize this October if not already paid. I figured I’d save myself the trouble later on down the road and just pay the interest off on this (private, bank-owned) loan now before that happens.
Out of the $1,268.17 I received from my nursing position and the $120 I received from my short-winded freelancing position (which I’ll detail more later!), I put $861 toward this loan at the beginning of the month. My next paycheck will be deposited on the 26th, and I’m hoping it is around the same amount as the first check. Assuming my car breaks don’t need repaired for a second time this month (which cost a pretty penny: $141 for two breaks!), I will try to put another $861 toward the interest payment on this debt. That will leave me with approximately $778 left to pay of the $2,500 in interest I want to pay by October.
I felt very accomplished when I confirmed the payment and extremely pleased that it seems my paycheck can be stretched more that I truly believed prior to starting as a nurse. (I had hoped for a large chunk to be directed toward my debt payments, but I truly worried about just how much would actually be able to be used for debt repayment purposes.)
I also love seeing my estimates on my Ready For Zero app (which I am trying out for the first time now and will review soon!) decrease…it makes me feel as if I am actually accomplishing something paying smaller amounts multiple times a month as I figure out this budgeting and repayment journey. I hope this momentum and feeling keeps up as time wears on!