I began this blog in the Winter of 2012 and at that time I had a six figure negative net worth. I had no assets. My financial picture was entirely comprised of liabilities. I had been completely oblivious to the financial dire straits I’d put myself into until that point in my life. My student loans were coming off of forbearance and there was no way I could afford the minimum payments. It was game over. In January of 2013, I gave up my studio apartment, sold or gave away almost everything except my clothes and books and moved into a rented room.
End of 2012 Net Worth: -$142,598
I lost my job in the Spring of 2013 and spent the next four months unemployed. Imagine having this much debt, no job and no partner to lean on. My stress levels were off the chart. That’s when life finally got real. I vowed to kill this debt or die trying. I eventually got a job in another state and here I’ve been ever since. Despite some financial setbacks, I’ve made progress toward turning around my finances.
End of 2015 Net Worth: -$84,878
Wow! Things are moving in the right direction. I may be $85k in the red now, but with hard work and determination, I’ll be flat broke in no time. Yeah, I’m actually looking forward to having a $0 net worth.
DOUBLE DEBT SINGLE WOMAN GOALS FOR 2016
ONE – Pay down my student loan debt from $111,336 to $90,000.
Yeah, this may be crazy ambitious. But, hey, go big or go home, right? Paying this down will take even more than it appears on the surface. Remember in addition to the reduction in principal indicated above, I will additionally be paying thousands in interest over the course of the year. It will be a great feeling to be in five figures of debt instead of six figures of debt.
TWO – Pay off remaining credit card debt of $1,996 and remain credit card debt free.
I want this infernal walking dead credit card debt gone for good. I want to put bars and locks on its coffin so that it doesn’t crawl out and ensnare me yet again.
THREE – Save $3,000 in an emergency fund.
I eventually want to build up to a solid $6,000 emergency fund in the not too distant future, but for this year I think $3,000 may actually be attainable.
FOUR – Save $2,500 cash to pay for an international trip.
What?! Yes, this has been a wish of mine for years, and travel is very important to me. It’s going to happen this year. It has to. As you may remember, I have a family member who is currently living abroad in a land far away. I have an open invitation to visit!
One thing that I promised myself right before my surgery was that if I came through it healthy and whole, that I would start traveling again, because life is too short. So I’m going to make it happen. I hope this will be the first of many yearly trips to distant locations.
That’s about it. I don’t have any specific goals around retirement savings this year, although I will continue to make contributions. I’ll set up a monthly budget in a future post…once I figure out how I’m going to accomplish all this. 🙂
What are your financial goals for 2016?
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