This month's $1000 budget challenge is rounding out pretty nicely. I want to strangle my Mint account, because it doesn't understand that I paid off one of my loans through my savings account. After answering my father multiple times as to why I want to pay off this certain loan, I'm excited that one is done. Now, if Great Lakes Higher Ed would understand my method, life would be grand. So far the payment has been split between each of my loans and not applied just to my single "snowball" debt. I'm pleased to see the number go down overall, but I'd be even more excited for one to be eliminated. We'll see how working with Great Lakes ends up, but knowing I'm that much closer to a positive net worth is peace of mind for now.
The excitement has already worn off though, because there is still a long road ahead. Here's how I plan to keep it up:
-Do the numbers, but focus on progress. If I really calculated how much I'll be paying in interest I would give up. At some point, you need to focus on the fact that you're making more progress than you did before taking your debt seriously.
-Challenge everything. J$ keeps it fresh by constantly trying to slash his spending. Think you're down to the minimum? Try haggling a lower cable bill or rethinking your lunch habits.
-Figure out what keeps you from staying on budget. For me, it's always gifts and medical expenses. Now I have two savings accounts ready for when I need them. Also, it seems that when you're ready for an emergency, gift, or expense it isn't as big of a deal. I somehow figured out how to afford a $20 gift this month all while sticking to my $1000 budget and not tapping into my "gifts" savings account.
How do you keep up the savings? What are you planning to change next month?
Hey Maggie, congrats on paying off one of your loans! Don't let the feeling fade, let yourself bask in it for a few days :)
ReplyDeleteMake sure you call your loan company to reallocate the funds, I guarantee you they won't do it on their own accord, haha. I have the pleasure of calling my loan company at least twice a month. I just wanted to stop in and say congrats! :) Keep up the good work!
Thanks, CTull, for stopping by. It's definitely a challenge to work with them, but it's a constant for the next few years. It sounds like you're hard at work towards paying loans off too. I appreciate the motivation!
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