I can’t believe it, but Christmas has come and gone, and the New Year starts the day after tomorrow. I know I say this every year, but the years just feel like they go by quicker and quicker!
As I sat down last night with my new 2018 planner preparing for all the amazing things next year has in store for me, I realized that I can only plan ahead successfully by reflecting on 2017. You see, this past year I had this huge goal to pay over 4x the amount of my student loan payment. I was able to hit that goal a few months this year, but for the most part, I only paid what was owed ($215). I found myself getting super discouraged when I failed to meet my monthly goal. Then I decided to see how much loans we were able to actually pay off instead of focusing on the amount we weren’t able to pay. After adding up our principle+interest payments they equaled up to:
Looking at that number still shocks me, yes we did a lot to get that number so high (ex. draining our savings, selling my hubby’s motorcycle, side hustling, and room renting), but I never focused on how much debt we were actually paying off this year. Instead, I let the huge balance of $56,070.67 overshadow the accomplishments of Taylor and I’s hard work during 2017. I sulked over having to pay my doctor bill and paying the rest of Taylor’s second degree out of pocket, but how amazing that we can start the new year with so much loan payment under our belt, and us barely having a balance on our credit card (which will be paid off with the first paycheck of the new year).
Reflecting on 2017 helped me realized that I set an impossible goal that did nothing but get me discouraged every time I failed. This year coming up, I have a very achievable goal towards the extra payment of my student loans. A flat $500 a month that we can hit every month (because I am setting up the autopay that way), and unlike last year, we can pay it straight with our paycheck we get. I don’t have to worry about our room rental, or side hustles to hit the goal, and that takes a load of stress off because let’s face it, life does happen!
Stay tuned for my next post that will come out in a couple days of how to budget for the new year
Questions for You:
What is your financial goal for the year of 2018?
What was your best trick/tip this year to help advance your 2017 goal?