After a July in which I made aggressive moves to pay off as much of my student loans as possible, my goal for August is to find what parts of that aggressive sprint can be turned into sustainable, long-term habits, and to make sure I’m not losing any money to recurring utilities
Here’s what I’m going to do:
- Keep making baseline payments of $1025 per paycheck
- Keep my 401(K) contributions at 6% and send the difference from 11% to debt. I’ll still be getting the maximum company match and I think my money is working harder paying off 7.9% student loan debt instead of Also, it could be said that I’m just raising my baseline payments to $1,200; whatever.
- Keep aiming for $10 a day for food, sending excess amounts to debt. I found that it was a lot more effective for me to do this and not get frustrated than to aim for the monthly goal.
- Keep avoiding impulse buys in favor of impulse debt payments. This is fun; why stop?
- Audit my utility bills. Look through to make sure there aren’t any useless features I’ve got on there and that there aren’t promotions that I’m missing out on. (A hat tip to Pauline at makemoneyyourway.com for suggesting this)
- Look for hustles I can do consistently and long-term. A little extra “found” money would be nice.
- Take advantage of the summer to get outdoors, both for fitness and whimsy. It’s a non-finance goal!
To keep the running metaphor going, in July I did a sprint to get out of the gate and make sure I didn’t get stuck in behind someone slower; in August, I’m trying to catch my breath and find a race pace I can keep for the long haul.
Anyone out there have interesting August goals?