So much for that “blog more regularly” New Year’s resolution. I didn’t even bother writing a post about my 2015 financial resolutions!
Alas, different year, same scenario: haven’t moved the needle much in terms of paying down my debt. The premise of this blog is to enjoy life while paying down my student loans, hence the “spend” in the blog name. However, I feel like I am missing a sense of urgency to motivate me to pay it off as soon as I can. I like to think about what I would do with the extra money in my pocket when I’ve paid everything off, but I don’t like to think about what it will take to do so. I’ve cut expenses here and there but am still having trouble staying within budget for going out to eat and drink with friends. I blame it on a combination of willpower + New York City.
There are other things standing in the way, too. While I did get a raise and a bonus at the end of 2014, all of that money was spent. I made an extra $500 payment on my loans but the rest was spent on paying off credit card debt, adding to my emergency budget, and saving for the four weddings I was invited to this summer (I am a bridesmaid in two of them). I learned my lesson from last year and made sure to save a good chunk for them to avoid falling into massive credit card debt. I also hoped to allocate a good portion of my tax refund to my loans but was unable to because my company forgot to take out NY state taxes from my paycheck. (I mean…) So that meant that my refund essentially went back to the state of NY.
Like I mentioned in my last post, I am already thinking of my annual review in 2015 and what I will spend my bonus (hopefully) on. Only one wedding on the horizon in 2016 (so far) and Dennis and I would like to go to Peru for his graduation trip. There is also the big unknown as to where we’ll end up for his residency so I would like to save a little something for that too, in case we have to move, put down a deposit on a new apartment, buy cars, etc.
I’m not sure where I’m going with this post. It sucks not seeing the balance go down. I know I need to do something soon but I’m not quite sure what. At the end of this year I’ll be two years into my ten year repayment and want these shackles off as soon as possible. Does it really have to come down to rice and beans for the next year?