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Motivated

March 22nd, 2022 at 10:11 pm

 

I did it!

 

I reworked my budget so that I will max out my IRA for 2022 and meet my savings goals. 

 

Yes, I'm still paying off debt but for me paying debt and saving simultaneously gives me peace of mind and keeps me motivated. I've learned that everyone’s journey is different and I have to do what best fits my needs and most importantly keep me motivated. Who knows this may change again, but for now here's what happened today. 

 

$500 added to EF

$773 paid on mortgage principal 

$2000 paid towards student loan number 3

$500 towards IRA 

$205 saved for HOA

$100 for house fund, next few years I'm going to need a roof 

 

Next week I get another $800 and I’m going to throw it towards my student loan 

Posted in Emergency Fund, Reaching Financial Freedom, Debt, Budget | 7 Comments »

7 Responses to “Motivated ”

  1. Another Reader Says:
    March 23rd, 2022 at 02:08 am 1648001314
    1648001314

    I wish some of the other people that post here would see what you have accomplished and follow your example. You are going to retire with a paid off house, no loans and substantial retirement savings. They are busy rearranging the deck chairs on the Titanic. I think your dad would be really proud of what you have accomplished.

  2. Lots of Ideas Says:
    March 23rd, 2022 at 06:17 am 1648016228
    1648016228

    You are making the right decisions for where you are in life.

    IRA savings is capped each year and once you are over a certain age, you need to take advantage of it because you can’t build a retirement account retroactively. Building home equity rather than paying rent when you know where you want to live is an investment in your future.

    You are doing awesome!

  3. Amber Says:
    March 23rd, 2022 at 11:52 am 1648036351
    1648036351

    Thanks everyone, I'm trying.

    @DW, sorry I thought I responded yesterday but the loan will not be paid off next month unless my client accepts my counter offer; however, I will have it paid in full by July.

    @Another Reader thank you so much. I miss my dad and wish I could tell and show him what I'm doing. He left me with knowledge that has become detrimental to my journey, if it wasn't for his example, I probably would not be trying as hard.

    @Lots of Ideas thanks. People think it's crazy to pay down the mortgage and student loans at the same time but it gives me peace.

  4. Lots of ideas Says:
    March 23rd, 2022 at 05:01 pm 1648054906
    1648054906

    Amber, when there is no interest on Student loans, paying off the mortgage is actually applying the ‘pay off higher interest loans first’ rule!

    Of course, the lower you get those student loans before interest kicks in the less they will cost you in the long run.
    My fingers are crossed for another extension until after the election, and a new Congress who looks comprehensively at the cost and how to pay fo education. Maybe som forgiveness for yours…

  5. rachael777 Says:
    March 23rd, 2022 at 06:59 pm 1648061946
    1648061946

    Hi there. echoing Another Reader.. WOW!! great progress..

  6. mumof2 Says:
    March 24th, 2022 at 05:53 am 1648101204
    1648101204

    that is awesome congrats

  7. LivingAlmostLarge Says:
    March 24th, 2022 at 05:24 pm 1648142646
    1648142646

    Congratulations! Amazing work So impressive

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