One of the best lessons I’ve learned in my adult life is how to budget, I think. I’m not saying I get it right 100% of the time, but I’m generally pretty good at saving, setting targets, and not being too frivolous. And now I’ve decided to be really ambitious, and aim to kill my student loan…while still making mortgage payments.
Crazy? Mayhap, but undoubtedly worth it.
I graduated university a decade ago this year, and while I don’t regret for a moment the loans I had to take out in order to earn my degree, it feels like high time I prioritised paying them off. I already contribute through my paycheck, but now it’s time to really dig deep and finish this.
Glamourous and fun?
Perhaps not, but I’m kind of excited! I’ve worked out the places where I can afford to make savings, and the ones where the thing I pay for adds to my life. So for example, magazine subscriptions, expensive drinks out, fancy coffees and taxis are out….Weight Watchers, my phone, charitable donations and bargain lunches with the girls stay.
I’ve also taken time to work out *where* I’m most likely to slip up – for me it’s buying gifts and treats, spoiling Matthew, entertaining, and spending when on holiday. I still intend to do all of these things but am hoping to decrease my spending across the board! I’m also looking at our meal plan, with an aim to lower our food bill and increase the healthiness of what we consume. It’s going to be a learning curve!
I’ve made a spreadsheet and a list and am hoping to make the savings I’m aiming for this year. I’ve tightened my belt successfully in the past (to pay off my credit card), and I hope I can enlist the same motivation and enthusiasm in this endeavour!
I think we’re all looking for savings and ways to stretch our money at the moment, whether it’s to pay off debts, save for a home or a wedding, put money towards our children’s future or that rainy day, or just to keep us in the black in this ever challenging economy. I’ll keep you posted as I try to save through 2013. I’m sure there will be tips to share, successes (and failures!) to report, and no doubt a few mad moments to recount!
And of course, if you have any tips or resources you would like to share, please leave me a comment – I’m sure there are plenty of us in the same boat!