This is now the second month that I’ve paid less than my target bi-monthly payment amount. As I mentioned in this post, I have a mid-month payment that is required by my servicer, but I also have an end-of-month surplus payment that I use to pay extra on my loan. My end-of-month target payment has been $1,000. So far this year, I’ve managed to hit that target, until recently. I’ve been having a long standing battle with overspending my budgeted allowance. It’s a battle that I’ve clearly been losing.
Before, it was easy to take some dollars here and there from my small checking account reserve to cover any shortfalls. But now, that account is almost exhausted. I don’t want to touch my savings (emergency fund), so I’ve had to reduce my loan payments. Last month I paid only $700 extra. This month, I paid only $546 extra. This is, of course, slowing down my debt repayment, which I am unhappy about. I’m frustrated with myself for having to make these lower payments. On the other hand, maybe what I’ve allotted for my allowance is unrealistic and I should expect to make lower payments from here on out…
A while back, in this post, I wrote about my desire to start identifying possible business ideas for my future self.
It’s important for women to have a second way to make money as it becomes very difficult to get hired or stay employed in our 50’s and beyond. With lifespans increasing, and healthcare cost skyrocketing, we need to have a business of our own (large or small) to gain income in our 50’s and 60’s (or earlier!). Right now I’m in the brainstorming phase. I want to come up with 3-5 ‘viable’ (non-absurd) ideas and then lay the groundwork to evaluate them over the coming months.
These past few days I’ve been all excited because I’ve identified another candidate for a future small business. It would blend a few of my natural interests and would involve some measure of creativity. I’ve added it to my list of ideas. There are a few different paths that I could take with this business, but they all would require me to be out of debt first in order to have the best shot at success.. Sigh. Another reason to hate the 2.5 years of student loan purgatory that I have left. Damn these debt shackles! *Angrily waves fist in air* Regardless, I’ve been daydreaming about the things I could do and they money I could make.