Slow Progress is Better Than No Progress
Clearly, I’m still struggling with this consistency thing lol. So I started my new job and focusing on that has made me drop other things by the wayside. But that is no excuse. I committed to keeping this blog going to inspire others and that is exactly what I intend to do. I really wanted to share how surprised I am at how far along I’ve come with paying my student loans off!
At last check in, my loan amount was about $27,000 in December 2016. It is now:
I can’t believe this and I am super stoked. This despite under/unemployment. This despite self- doubt and discouragement. This despite fear of not knowing what my next move was going to be after job loss. One of my goals is of course to travel and expand my spiritual obligations/ministry and purchase a home. I will not be in any rush to pay off my mortgage because it’s an asset. I can’t sell credit card debt for profit. I can’t sell my student loans for a profit. Not to say that home purchase is a full proof way to gaining wealth. But at least I won’t be compounding debt with a mortgage AND credit card debt AND student loan debt.
So a few things that has helped me in accomplishing my financial goals:
- Meal planning. I still don’t have this nailed down to where I want it because I’m eating out a bit more than I want to but at least I am attempting to curb my grocery/food spending and that helps
- A drop in the bucket can make a big difference. I realized that the interest amount accruing daily on my account is about $3.75. So I try to make daily payments double that amount in addition to making large payments. I think it is helping in staving off the interest. Maybe not but it’s working in my head!
- Mental tricks. So whenever I have the urge to stop by Taco Bell or Subway and I decide against it because it’s a waste of money, I take the money I would have spent and apply it to my debt. I feel great about myself for exercising control simultaneously reaching financial goals.
So I hope you can take these tips and apply them…you can reach your goals, doesn’t matter how long it takes as long as you never give up.