Net Worth = -$32,933.79
Total Liabilities = $20,303
Variance from Last Month $406.01 Whoop!
Yet another month has passed already – ‘mental mental chicken oriental’ to think the year is nearly half way through. In one way I love that because I am addicted to things moving forward but in another way it does leave me having kittens about how I’m going to be consumer debt free by the end of the year. I really didn’t want to be turning 35 with this about my neck so will need to be getting quite creative pretty soon in how I get there. Hopefully more on that next month!
Wins This Month
1.) DEBT #2 of 4 Paid in Full!
This is a serious mile stone and has taken some solid investment of time, money and emotional support from friends and family to get me there. It felt incredibly good to the cell in my budget spreadsheet turn a delicious fluoro green. The interesting thing was that within moments I had moved onto to focussing on the next step in the journey. There is nothing wrong with relentless focus, I don’t think, but it’s also super important to celebrate successes. With that in mind my self and the other half will be going out for lovely meal and bottle of red some time soon!
Whatever stage you are at, especially if the destination seems so far away, be sure to focus on the process and celebrate the small victories no matter how small. The fact is that whatever you give your attention to, grows. If that is the crushing debt or the financial struggle, that’s all you’ll see. Choose instead to focus on every step you’re putting in front of another. You’re closer than you think!
2.) Emergency Fund Goal Met!
One of the key tenets for me in coming to a place of financial freedom is ensuring that there is always am Emergency Fund in case of a rainy day. Even though the focus has been on turfing ou consumer debt, student loans and visa costs STAT, there is a reason that Scott Pape calls this Emergency Fund your ‘Mojo’. It give you such a confidence to know that you have 1, 3 or 6 months of living expenses should there ever be a rainy day. Equally, if you are just at the point where you are adjusting to living within your means this buffer will stop you dipping into old habits if you feel a binge coming one (on that check out this blog which centres on the commonality between personal finance and your relationship with food)
Spins this Month
- Student Loans Company – No Love Lost There
I had a disappointing letter from the Student Loans Company back in the UK saying that the minimum amount they wanted from me (they are the last chunk in my Debt Snowball) was going to have to increase. I did try to negotiate and say I needed to funnel the funds elsewhere for now but they were having none of it. Fortunately the SLSC has very lower interest rates (similar to HECS in Australia) so it’s not a real burden, I also definitely have the money to spare but I’d rather be able to say where my money goes. That is the clincher behind my push to be 100% debt free – I don’t like to think that anyone has control over what I do or say. This compounded by the fact that being spoken to like I only have a few brain cells to rub together doth not a happy Parry make. Sometimes dealing with the big financial institutions is not the most empowering chat!
Looking back on University I am very glad for what I learnt, what I got to experience, who I met and also who I became. I made the best decisions I could make at the time with the information I had availabe. My financial literacy was less that robust then. That said, if I’d have know that I’d be paying for that Cheeky Vimto for 16 years I may have operated a bit differently!
Until Next Time Finance Fans!