Student Debt Challenge

In 2020 I participated in the student debt challenge of Fuck Die Studieschuld. I've been following this website for a while and saw the challenge and thought I'm going to join it. The challenge consisted of 7 assignments in 7 days. Here are the comments and how I did on the challenges.

Challenge 1 Spend Nothing

The first day was a tough challenge. I wasn't allowed to spend anything that day. Neither cash, nor pins or via the internet. Just this day I had to send a certified mail (aangetekende post) to one of my clients. So I had to get out of the house and go to the mall. I did it. I only paid for the package in the post that day (That was allowed by me). I am not someone who buys, buys and buys. Still, it was difficult not to stop by the supermarket on my way home and get some extra groceries I didn't need. I survived the first challenge. 

Challenge 2 Coins

Find small amounts that I spend on my account and choose one and don't spend it for a whole week. This was a little easier now with Corona measures than usual, because when I work on location, I sometimes buy lunch. These are small amounts, but quite often. This also worked out more or less this week, because Thursday when I was working on location my water bottle broke and so I bought water. Little cheat allowed by me.

Challenge 3 Payback Goal

On day 3 I had to come up with a repayment goal. So I've figured out that if the money comes in from an invoice from one of my clients of the part that normally goes to private (this is a fixed percentage per invoice) 10 percent can go to my student debt. I opened a savings account at Knab for this because I can transfer a minimum of 5 euros to DUO. And since it concerns every invoice, I get paid, it can be large or small amounts. Every time there is 5 euros on the repayment account, I transferred it to DUO. After a while I changed this method and send other amounts to DUO depending on what I needed, wanted to save and my buffer. I also have a nice thermometer hanging to visualize my goal. I wonder how much will be gone at the end of 2020 (UPDATE: Oct 2022: € 26.814,70 euros).

Challenge 4 Sell Something

Sell ​​one thing. I already had a stand for the laptop on Marktplaats and I added one more thing, a large storage box. I don't need both anymore, because the first one doesn't fit my laptop and the second, I cleaned up that stuff and got rid of all. Minimizing remains a goal of mine. This assignment was a breeze for me, and I stopped to think what I really wanted in my house and by first selling and then putting money aside I could get the things I really want and not the stuff in between I need to sell to get to the end product I want.

Challenge 5 Tell Someone About My Student Loan

Tell someone about my student debt. Most people around me know that I have a student loan, but not how big it is. Up to and including 2012, I repaid more than the minimum amount, 500 euros per month grossly. That was easy with my salary. When I started my own business, it didn't seem wise to me, because I first had to see how much I was going to earn and have a buffer. Then I went traveling and paused paying off or paid off the minimum so far. I have just over 34.000 euros to repay (2020). So I told someone, the reader!

Challenge 6 Less Ads

Make sure I see less advertising. Because I adhere to minimalism, I receive little or no advertising. I went through my email anyway and canceled two more newsletters. I already had a Yes/No sticker, so I have no problems with that.

Challenge 7 Pay A Small Amount On My Student Debt

Transfer an amount to DUO. Okay, I didn't expect this. Do I really have to transfer an amount to DUO right now? I haven't sold anything through Marktplaats yet, so that money was not there to transfer. Come on then, I'll transfer 5 euros! So my first payment in years is done! Although it is the minimum that is allowed by DUO, it is a start.

Transfer 5 Euro To DUO

The challenges were fun challenges and made me think about my student debt. It's the only debt I have. And it has to go, otherwise the wealth I am building up by investing has no value. In the near future DUO can expect a lot of 5 euro transfers from me. I actually frustrated them and myself at first by regularly transferring 5 euros and without contributing to the costs that they then ask to contribute voluntarily. This is hell for my administration which I keep up to date. So after that I did somewhat larger amounts instead of every time 5 euros.

Still 29.000 Euro Has To Go To DUO

At the end of the 2nd quarter of the year (2021) I am moving towards the 29.000 euro limit, the interest is finally 0. So nothing is added anymore till 2024. I reached the goal of 29.000 euro at the end of 2021. My goal for 2022 is to pay the amount paid in 2020 and 2021 to DUO. There is talk that the student debt will get a BKR listing, which means it will be seen as a real debt finally. With starting to pay for my student debt I remember a few moments in the past I talked about my student debt:

• With friends in the now

• On my journey through Australia

• At CBS where I was working at the financial department as an interim

• With a lot of my client I served with Databeet

• In some of my therapies

• During my master Urban Geography

• With my colleagues at E-Quality and STOGO Onderzoek + Advies.