I’ve made a concerted decision to update my game plan and move my self-imposed deadline from my 35th birthday (November 2016) to a bit later…May 2017. Not that you were even aware that I’ve kept changing my self-imposed deadline. When I originally started the blog, I was really conservative (and realistic!!) and said I wanted it all paid off by my 36th birthday (November 2017). Then I started making some more aggressive to “SUPER AGGRO” plans and kept turning it up from Labor Day 2017 (aka the blog’s 4th birthday), up to Labor Day 2016 (the blog’s 3rd birthday) or our first wedding anniversary (both September 2016). So it’s gone anywhere from a 4-year plan to a 3-year plan in trying to pay off $95k in debt, which would be a decrease of $25k to $35k per year (not including interest!). Then reality set in, and I recently pushed the deadline back to my 35th birthday when I started to realize I couldn’t keep up with those aggressive payments.
In fact, I don’t think I’ve even nailed any of the monthly goals for any of the aggressive plans, and then I end up just being extremely hard on myself and feel like I never have enough money. No wonder I get really stressed out and depressed over feeling like I’ll be poor and paying off my student loan debts forever!
So over this weekend, I finally thought “ENOUGH!” What’s another 6 months of paying off student loans if it means that the next 2 years will be that much less stressful? I was finding I didn’t have any extra money to contribute to an emergency fund (for car repairs), the travel fund, the triathlon fund, or the wedding fund. (And no…definitely not any retirement funds.) I’ve been waiting for the mid-year bonus (any day now, please!) to take my car in, as it hit 90k miles recently and is overdue for a check-up and probably new brakes. My savings/emergency fund is practically nonexistent. We don’t have the minimum $500 to open up a savings account for the wedding. And I charged our airline tickets to CA next month on the new United credit card (balance not due until October).
I can’t live that way. It’s ridiculous.
Since making the decision (in my head) to go a little bit easier, I’ve felt a wave of relief. That’s the obviously nice thing about self-imposed deadlines. They are SELF-imposed! Duh! That means you can change them…yourSELF! I’m already feeling way better and less stressed. The next few months I know I’ll be able to make these payments and won’t beat myself up so hard.
Anyone else find they try to bite off more than they can chew?