Hey guys! I can’t believe we’ve already wrapped up January but as we know this year will be wrapped up so we have to be as intentional as possible about these goals. I refuse to let another year go by without taking some action towards designing the kind of life that I really want. It will not go smoothly but trying is better than remaining stagnant even when there are mess ups. And speaking of mess ups lol my January was interesting Here is a quick recap!:
I was able to pay $1,146.85 toward my student loans and my goal was to send at least $1,000 which I exceeded! I paid $61.57 in interest which isn’t ridiculous but I really do not want to contribute 1 cent extra towards Navient’s bottom line if I can help it. In 2016, the CEO of Navient, Jack Remondi ,made over $6.5MM in total compensation from salary, stock options and bonuses. Meanwhile, the average college grad debt is over $30,000 and the average interest rate is hovering between 7 and 9%. There is something very wrong with this picture. I’m all for personal responsibility and making sure you understand the implications of going thousands of dollars into debt for a degree but the student loan industry has a predatory structure, they very well know that kids entering college are not educated the way they should be when it comes to personal finance and they knowingly profit off of this ignorance. I just want to be DONE with these loans and I’m going to try to send $1,200 for February and hoping Murphy stays far, far away! I didn’t spend in some categories that I allotted for like personal improvement and entertainment, I just utilized YouTube and Soundcloud to listen to personal finance podcasts.
Additionally, my goal for this year is to make extra income on top of my main income. I did make $28.50 by selling some books on Bookscouter check ’em out here if you haven’t heard of it! This is not a lot by any stretch but at least it’s something
I also saved about $400 this month, I dipped into my emergency fund a few months back to pay towards debt but I need to get that back up to at least $1000, I have about $750 saved. And I currently have about $2700 toward my house down payment. When you’re single you have to save something to fall back on. This is where I differ with Dave Ramsey , I don’t believe in putting ALL earnings toward debt when you are single and only have one income.
Outside of my fixed expenses i.e. bills, donations, rent etc….I went over in almost every category….sigh! What really killed me was transportation, double sigh. I spent over $100 to get to work including some unexpected Uber trips. I also did not sign back up for Wage Works after I lost my wallet in September. It is a service you can sign up for to purchase transit passes pre-tax. Please take advantage of this if your company offers it!
I did have some unexpected expenses in the personal care space but in reviewing my spend for January I realized maybe I’m not as committed to the process as I thought I was lol. It’s hard to pass up a deal or sale ( I see you clothing!) but I really need to reign this in. I’m looking into financial psychology , (apparently this is a thing) and to further understand the emotional component of what’s driving my spending patterns and will share that in a later post. I’m already seeing where I’m going wrong!
How did your month go? Please share any tips, thoughts and most importantly encouragement for others!