Thoughts, Musings, and Notes

Debt Free

Yesterday marks the day I paid off my last loan; nearly $20,000 paid off in four years. I celebrated last night, since I have been looking forward to this day for so long. As mentioned in a previous post, my main goal was to gain the freedom to decide how to use my money. Now, I'm starting to look more into the future and what I need to prioritize.

With the States being so impacted by COVID, I've been feeling the pressure a bit with cut hours, as well as an unclear outlook going into the Fall. I would like to focus more on aging my money, since paying off my loan threw me back onto the paycheck to paycheck cycle. Personally, I enjoy budgeting for two months (say it is August 1. I will already have money set aside to pay for everything through September. When I get paid August 7, that money won't be used until October). Having removed my large student loan payment, it will not take me nearly as long as it would have previously.

Afterwards, I would like to build an Emergency Fund. What makes this different than budgeting another month or two out is that the Emergency Fund can be used for any random circumstance that comes up. This can range from towing fees if my car breaks down to a plane ticket if a family member is sick to phone repairs.

Assuming all is still smooth with my income, I will be able to focus on my savings for bigger expenses. I would love to get a new set of furniture for my bedroom, and also be prepared for getting a new phone or even a 'new' car. With the discipline I gained the last four years, I have no doubts I can accomplish these goals.

#100daystooffload #dayfourtyfive #finance #personal


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