I am finally student loans and car loan free.
This is my last post in my series and OMG! It actually feels really nice to be able to type out these words. I have had quite a range of feelings while on my debt free journey. At first, I am super pumped about paying off all my debt in the shortest amount of time possible. I was throwing upwards of $1,500 a paycheck to both my student loans and my car loans.
Then 2020 happened and my experience of that summer became a point of introspection and reflection. I was (and honestly still am) angry at the core systems that drive America. Instead of focusing all my efforts on debt payoff, I vowed to place myself to be in a position to be able to leave this country within the next 10 years.
Total Debt As Of October 26, 2022: $0
Going Forward
At the start of the year, I knew I was going to be cash flowing about $40,000 in added expenses. So, I still have shit that I have chosen to put my money towards. Fortunately for me, I have already bank rolled a great chunk of that sum and now have about $10,800 left to pay.
I have about 4ish months to go. While cash flowing these impending expenses, I plan to also build up a true emergency fund as well as set saving targets for myself.
I have always been excellent at tracking my money. I can tell you exactly how much I spent on Christmas in 2011. However, looking back on the last decade of my life, nearly all of those transactions had been reactive. I was tracking things after or as they were happening, instead of mindfully saving for these things in advance.
Going forward, I want to proactively ear-mark money for 2 bigger trips each year as well as for my annual trip to Vegas. I also want to proactively (as in before the event), put away the money I need for re-occurring expenses like sorority dues, birthdays, my yearly car registration etc.
The challenge with this is that all of these things are due at different times. However, since I roughly know the month in which I would have to pull these funds, I can set mini quarterly goals to get to where I need to be. And who knows, maybe one of these years I will have everything fully funded for the year to come.
Overall, it feels great to be done with the bullshit that is student loan payments and a car loan. I cannot see myself EVER buying a brand new car. It’s my hope that my current car stays functioning. Even if it dies though, I will not be buying a replacement.
I work from home.
All the grocery stores are within walking distance from me and if I really needed to go somewhere, there is Uber.
Even at $40 round trip, it is a better trade off when compared to the $26K+ I have spent on my Honda.