Finances · Uncategorized

The 21 Day Financial Fast

Michelle Singletary wrote this book that challenges people to change their spending habits.  It’s for 21 days but it teaches you how to gain financial peace and prosperity for the rest of your life.

You read a chapter a day and after each chapter there is an assignment. I started it yesterday, January 1 and I am doing the challenge with @ericaandthecity.  One of my biggest goals is to spend less and save more.  I am journaling every day and somedays I will blog about my thoughts.

What am I feeling about my finances?

I think that I am at a good place financially considering the enormous amount of debt I have accumulated as a result of going to law school.

And truth be told a lot of my law school debt was self inflicted.

I had a scholarship from my school and an outside scholarship for all three years but and it’s a BIG BUTT I wanted to live in a loft in downtown.  Anyways . . .

For all of my adult life I have been able to save and all of my bills are always paid on time. Well except that damn Comcast bill that went to collections.  I was kind of pissed at them and said I will pay them when I get good and ready to.

Not realizing that it was hurting myself waayy more than them.

I mean, Comcast ain’t really concerned about my lousy $200.  I’m sure they have bigger fish to fry.  And that’s what kind of made me take so long to pay them.  I mean why wouldn’t they settle for a lesser amount? Money today is better than no money. People calling me and catching attitudes like their daddy own Comcast.  I’m screening all my calls. Can I tell you that this is not the way to live.  Especially because I really owed them that money.  LOL.  Those people are persistent! Anyways, let me move on cause this post is not about that.  But I paid it off. I didnt want to go into the new year with debt that I could handle.  I also paid off my Macy’s card ($200), another small debt that I was dragging my feet to pay.  I really could have paid those debts immediately, but I was like they can wait. And this is not a good mindset to have.

Sometimes, I just get very nonchalant about small debt.

My larger debts are my student loans and a Visa card. The Visa card will be paid off in 6 months.  It’s not that big and I’ve been so meaning to pay it off but I ain’t gonna just drop off a couple of G’s.  Uh uh. I’m piecemealing that one.

MY RULE: Anything over a thousand will be paid in installments.

I plan to tackle my student loans here on forward as well.  I want to pay off my smallest loan and work up to the largest.

I hope y’all not thinking that my goal is to be debt free in 2016.  Cause that is not what I’m saying.

It’s going to take me some good years to get all of my student loan debt eliminated.  But I’m starting the process this year.  I am also thinking whether I should pay my small student loan or my credit card first. I think I am going to hit up the credit card because it has a higher APR. I’ll save more if I pay that off first.

I have pretty solid credit but I’m still not feeling great about my finances.  And I won’t feel like I have a hold on them until I drastically eliminate my debt.

I’m excited yet nervous about these 21, 20 days.  I think my biggest obstacle will be meal planning and using cash.  I eat out a lot for lunch at work and I am always swiping. I rarely carry cash.

Welp, here’s to living within my means.

Cheers!

 

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