Thanks to getting an annual bonus for 2015 that finally hit my account (yay!) and a paycheck, I have paid off the last $200 of my credit card debt and have started savings funds!
I suppose I am now officially ‘Single Debt Single Woman’! 🙂 Woot!
“It’s Deja-vu all over again…”
Last year (2015) this time, around the end of February / early March, I had just paid off over $30,000 of credit card debt. I celebrated and was happy to be reaching large debt milestones. I even had about $2,000 in savings at the time. Things were looking up. Next on the horizon was my student loan debt. Just days after writing those posts, I ended up in the emergency room, and several expensive doctors visits, diagnostic tests, and one major surgery later, I ended up losing all of 2015 to paying off the incurred medical expenses.
Well, here I am again at the end of February (2016) with my credit card debt freshly paid off and a bit of money in savings. I had been looking forward to an uneventful 2016, but as I mentioned in my previous post, I’m now I’m dealing with stress and uncertainty at work and home this year. It may be superstition, but I worry a tiny bit that something else is going to go wrong now that I’m out of credit card debt again.
The aforementioned co-worker finally kicked into gear and produced something usable for my project . I will have to make do with it. It appears that we will both keep our jobs, not that I really thought anything as serious as job loss could happen, but it’s one more spur under my office chair that’s making me less comfortable there. I’m glancing at the job boards more frequently, but I’ll only leave for something really worthwhile.
So how are things looking for me now (financially)?
Credit Card Debt is Gone!
I finally paid off the last $200. The $30,000+ balance is gone… for the second time!
‘Minor’ Emergency Fund is Funded!
Credit to Scott Alan Turner for introducing me to this emergency fund calculator. Based on what I told it about my income and expenses, it recommended three levels of savings. I have my ‘minor’ fund, funded already and I will increase my emergency fund to the ‘major’ level over time by contributing $50/mo.
Opportunity Fund for 2016 is almost Funded!
Thanks also to Scott Alan Turner for the term Opportunity Fund. In 2016, my opportunity fund will cover a 12-year overdue international trip, a domestic trip to visit my family for the holidays in December, and any other worthwhile activity or item worth saving up for. The budget for this fund may adjust during the year. In any event, I’ll be contributing $50 per month toward this fund. I currently have $2,200 saved, but aim for at least $2,500.
Health Fund for 2016?
I’m considering adding a Health/Medical fund to this list. I had multiple diagnostic scans had last year and was incidentally diagnosed with two other health issues that are not life threatening, but will need to be monitored as they could, if left alone over the years, develop life threatening complications. One of them I mentioned before. The other one is a known health issue that runs in my family so I was not surprised to hear that I was developing it.
Long story short, I will need periodic monitoring to make sure that everything is relatively fine. I’m thinking of setting aside a certain amount, maybe $1000, to cover these needs. This could include anything from additional testing, visits to a medical doctor / naturopath, and dietary supplements, to even a gym membership. I don’t want my laser focus on attacking this student loan debt to make me put off getting needed medical attention. The more I think about it, the more I like this idea… I’m going to add it to my list of funds. I will leave my HSA funds in reserve to cover any sudden serious illness / accident.
…On the Horizon…
After I finish building up my savings funds, I will turn my attention and both barrels toward the massive student loan debt that is between me and freedom! Watch out!