This is an update on my “Financial freedom” progress. I am happy to report that I have completely paid off my first two debts. I have also paid 2/3ds of my third debt, and will finish it off next week. By the end of February I will have paid off 7 debts. None of them were huge by themselves, but combined they made up a hefty amount. I have also been diligent with saving, and will reach my target minimum goal in March.
I am on target to pay off all but 3 debts by June, which is helpful because I only work during the school year. So it will give us some much needed breathing room during the summer. I also found out last week that I will likely be losing one of my sources of income after June. At first I was devastated, but now I see it as an opportunity to branch out and try something new, or look for other opportunities.
I am finding that I am much more present in my choices when I shop. Each time something catches my eye, whether it be an item of clothing or food, I weigh its importance by how many hours of work it takes to pay for it. Not too many things are passing this test.
All of this has also forced me to evaluate other areas of my budget that can be trimmed or eliminated altogether. I have been able to find places to sneak saving in, and find additional funds for debt reduction. I still get tempted to whip out the plastic now and then, my microwave died last week for instance, and it was so tempting to just run out and get a new one. Instead we decided to save up for a new one, and go old school on food warm up.
Another benefit I have noticed in this endeavor is that I am looking at my possessions with a new appreciation, and I feel a renewed desire to take better care of what I already do have. This journey has certainly not been easy, but I know in the long run it will be worth all of my efforts.
I am on target to pay off all but 3 debts by June, which is helpful because I only work during the school year. So it will give us some much needed breathing room during the summer. I also found out last week that I will likely be losing one of my sources of income after June. At first I was devastated, but now I see it as an opportunity to branch out and try something new, or look for other opportunities.
I am finding that I am much more present in my choices when I shop. Each time something catches my eye, whether it be an item of clothing or food, I weigh its importance by how many hours of work it takes to pay for it. Not too many things are passing this test.
All of this has also forced me to evaluate other areas of my budget that can be trimmed or eliminated altogether. I have been able to find places to sneak saving in, and find additional funds for debt reduction. I still get tempted to whip out the plastic now and then, my microwave died last week for instance, and it was so tempting to just run out and get a new one. Instead we decided to save up for a new one, and go old school on food warm up.
Another benefit I have noticed in this endeavor is that I am looking at my possessions with a new appreciation, and I feel a renewed desire to take better care of what I already do have. This journey has certainly not been easy, but I know in the long run it will be worth all of my efforts.
Way to go, JEN! I am so pleased to see this is possible. I long for the day when I can get back on track with my debt reduction. Ya dun good, girl! Thanks for passing this on to share positive good feelings. Victoria
ReplyDeleteYou rock Jen. Make it a challenge to see how long you can actually live without a microwave, you'll probably find that it is just a convenience item instead of a necessity. Keep up the good work, challenge yourself in this and take it one step farther, if it makes you uncomfortable, you are on the right track.
ReplyDeleteThanks you two! Good idea Nate. My whole life makes me uncomfortable, does that mean I am on the right track? ;)
ReplyDeleteYaayyy JEN!!!!! Your progress is amazing! Mom
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