Sunday, January 15, 2017

Forward Thinking

Over the past week or two I have been thinking more about what I want to do once I finally get out of debt. I know my debt freedom is still projected to be two years away, but I think having goals for after that point will push me to get out of debt even faster.

One of those post-debt dreams is to own a home. A lot of the houses in this area go for around $200k, so I am hoping to have at least $50k saved for a down payment before I start looking. I've printed myself off a little chart so that when I get to the point that I am saving I can visually see how far I am towards that total. I can't really project how long that will take post-debt because there is the possibility of raises before I reach that point.

Another goal that I have for life after debt is to finally own my dream car. It isn't a cheap car by any means (about $85k for used model that is only a year or two old, yikes), but I want to be able to pay cash for that sucker. I printed another visual savings tracker for the car fund as well.

I got my visual savings trackers from a blog called Debt Free Charts which you can find here.

Starting Debt: $50,000
Current Debt: $44,174 

Thursday, January 5, 2017

BRING IT 2017!

In my last post I made before the end of 2016 I listed off the goals that I have for 2017. I’ve been thinking since then of what I can do to get the ball rolling RIGHT NOW on those goals and kick off the year with a fantastic January.

To be able to pay off $25k worth of my debt this year, I need to step up my budgeting game as well as increase my income. I have cut my grocery budget back to $100 a month (only buying groceries for myself) which I stuck to pretty closely in December, so I am going to continue on with that and hopefully stay below that every month. It’s hard to find other places in my budget to cut because I cut so much back already at the beginning of December, but I plan to keep reviewing it and seeing if I can squeeze any more money out. To increase my income I have already picked up the second job, but I hope to put in just a little extra time each week at my primary job so that I can boost that income as well.

Cash-flowing Taiwan doesn’t feel like it will be too difficult. I won’t have a ton more to pay for since I already covered the plane ticket and I have a place to stay there. I’m planning to just put a little less at my debt in the month of February to compensate for those small expenses.
I have found a plan of sorts for working your way up to being able to run longer distances from a starting point of minimal running. I go to the gym every Monday, Wednesday, and Friday to get on the treadmill and I am going to continue doing that until it’s time for my 5k. Nearly every day when I get home from either work or the gym, I do a set of home exercises to work on various muscles of my body to help improve my health even more.

Studying for my AREs is going to be my biggest obstacle. I have never been big on studying so I don’t really have any good strategies nor do I have the motivation to study every day after all the other things I am trying to accomplish with my time. I need to build a habit of setting aside some time each day to just sit with my book and study. Right before bed might be my best bet as a good wind-down from my day.

I’m planning to try and do monthly check-ins on these goals as another means of keeping myself on task and moving along with the things I want to accomplish this year.

Starting Debt: $50,000
Current Debt: $45,082