Happy New Year, Peeps! Here are my goals for 2019. Ready…Set…Go!!
2019 DOUBLE DEBT SINGLE WOMAN GOALS
ONE – Pay off student loan debt from $35,000 to $0.
That’s right! This is the year, the student loan debt monster dies. Last year, I paid off $25,300 of student loan debt. I want to surpass that this year. I’m down to the last $35,000 of debt and I want it dead.Yeah, this is another crazy ambitious goal. But you know my debt motto: go big or go home.
I’ve already paid off over $30,000 of credit card debt, so paying off this amount of debt is familiar territory for me. I have no idea how I’m going to pay all this off in one year, though. Maybe I’ll win the lottery? I know I need to rein in my spending on food, for one. In any event, my new low fixed interest rate (3.09%) will help more more of my payments go toward principal this year.
TWO – End the year with no credit card debt.
I want to end the year with no debt of any kind, including credit card debt.
THREE – Have a positive net worth above $142,258.
I’d like to end the year with a positive net worth as large as, or larger than, the negative net worth I started this blog with (-$142,258) back in 2012. I expect the stock market to continue to sink, so this will be a solid goal to strive for. This goal is a symbolic one for me. It will mean that I have finally come full circle on my money turnaround. From -$142k net worth to +$142k.
FOUR – Max out 401k, Roth IRA, and HSA
This is a continuing goal. I’d like to keep my monthly contributions as is and not have to divert them toward the student loans.
This goals list assumes two things: 1) continued steady employment at my current income, and 2) no changes to my housing situation. As you already know, if you read this blog regularly, both of these things are in a somewhat precarious state.
It is highly likely that my employment will change at some point this year and I will separate from my employer, willingly or unwillingly. Additionally, where I’m living is a month-to-month arrangement. The owner could decide to sell the house and kick my roommates and me out at any time. So far this has not been the case, fortunately. In exchange for the cheap rent, my roommates and I deal with some measure of housing insecurity. But at any time, if this ever were to happen and I had to move, my housing costs would increase substantially.
If changes to my employment and/or housing happen, I’ll revise my 2019 goals.
Things are moving in the right direction. I may be $35k in the red now, but with hard work and determination, I’ll be flat broke in no time.
“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW Archives)