Hi guys! Sooooo how are we doing with our budgets so far this year? If you say that you are already falling off a bit in your goals and old habits are rearing their ugly heads, I’m completely there with you!And it is OK. It’s great that we set these amazing goals at the end of the year but we are going to make mistakes. The key is not giving up! Dust yourself off and keep it moving. This month has been pretty eventful so far and here is a re-cap on how everything is going with my finances:
My student loan balance. It has continued to decrease which I’m pretty excited about! My balance was around $19,000 in December and I was able to throw about $1200 toward the balance in January. I used my income to make the payments and did not really make any additional income for that month. For February, I’ve been able to pay $586.85 so far and the balance is now:
My goal is to pay at least $1,000 and I’d be way under $17,000. I feel like I’m really in the thick of this debt payoff journey it right now and it gets me down sometimes, but there will be an end to it one day soon and I have to continue to work toward that.
I charged my credit card up to $800. Noooooooo! I take complete responsibility , I ended up purchasing a plane ticket to Florida last weekend as my brother got a huge promotion at his job and I wanted to celebrate with him and my family. Booking on Spirit Airlines was a mistake because although the ticket was $182, they charge for carry on bags! They really think they are slick. Apparently they are because I ended up paying $90 in bag fees lol. I also rented a car, got my nails done, ate out, a lil of everything lol. My family is having a reunion on a cruise in December and the deposit of $250 was due. And I have some stuff in storage and the rental fee is $133. So ALOT went on this month and I will work to pay off the balance by the end of the month and this may impact the money I put toward my student loan balance.
The Take away
I don’t believe that we should pay off debt to the exclusion of everything else and put our entire lives on hold. There is a call for balance. If you want to have fun while paying off your debts, simply budget for it! And this is what I did wrong. I regret not setting a realistic budget for the trip, lesson learning! I’m anchoring my main goal (paying off student loans) and letting my other financial goals float around that.
So how did you do? Don’t be too hard yourself and let me know below!