Remember Those Resolutions? Two Are Complete!

First, can I say thanks again to everyone who shared last week’s post? I’ve never gotten so many comments/likes on a post before, and I felt oh-so-special all week from all the retweets & love. Thank you.

Now back to our regularly scheduled programming.

Remember those 2013 Financial Resolutions that I posted a few weeks back? Well, miraculously I have completed two of them. Please know that when I make a New Year’s resolution, I usually have to get used to the idea for a while, but I’m really glad these two are finished. Here are the deets:

Significantly Reduce Our Dependence On Student Loans

This was my #1 resolution this year. We are three semesters into hubs’ medical school education, and we have now surpassed the $100,000 mark when it comes to borrowed money.

So, two weeks ago, we got a $13,000 loan deposited in our checking account. This is what was left over after the initial loan paid tuition & fees. A few days ago, after crunching numbers one more time, I sent the entire $13,000 back.

I didn’t think this would be as hard as it actually was. Every semester for two years, we have relied on these living expenses. They have been our back-up and our crux, but I have a full time job now so they aren’t as integral.

I fully understand that we’re saving ourselves tens of thousands of dollars in the long run by sending this money back, but I’m scared.

What sending it back really means is that I am now the sole earner in the family. It’s up to me to take care of the hubs and our pup. I know that many people deal with this responsibility every day, but I am experiencing that feeling for the first time. It’s a lot of pressure!

Okay, on to resolution #2!

Open an IRA

I have to say, opening an IRA was so easy. I have no idea why I waited so long to do this. It honestly only took a few clicks, and bam! an IRA popped up in my name. I won’t be maxing this out because I can’t, but I will be contributing a little bit every month.

Did you know that if you are 25 years old like me and you contribute around $300-$400 a month to your IRA, you can have about a million dollars at age 65? This is why talking about finances is so fun. :)

Okay, I can’t be the only one who has gotten a head start on New Year’s Resolutions. Are any of you working out? Running? Reading more? Spending less? I want to hear about it!


About Catherine Alford

Catherine Alford aka "Cat" is a personal finance freelance writer who currently lives in the Caribbean with her husband and spoiled pup, Julep. To learn more about her writing services, please visit her Hire Me page or e-mail her at Cat[at]BudgetBlonde[dot]com. Follow her on Google + to get all the latest updates.

Lovely comments:

  1. Congrats on sending the student loan money back! It looks like we’re going to knock one loan completely off the books this month, so we’re one step closer to our debt paydown goals for the year. Yay!

  2. Nice job on the goals! I do need to open an IRA one of these days…I have a 401k but would be nice to have money going into a couple of accounts. I have been effectively “crushing” my working out goal. Last year I set it at 3x/week (not counting weeks I’m injured or recovering from something like a surgery…) so I set the same goal. I have been working out more like 4x or more per week and it’s been really helping me in my relaxation goal. I have been a bit busy since we are getting a unit in our basement ready for a renter to move in (THIS Friday!) but I do hope to focus on making time for relaxing once we have our renter moved in…in particular I hope to get back into drawing after a 10 year hiatus :)

    • Thanks DC! Ha, well I need to get a job that offers a 401k. :) Maybe someday I’ll get one of those and you can get an IRA. :) I really hope you share some of your drawings. That sounds really cool!

  3. whoo hoo! Congrats on your accomplishment! My goals are going along pretty well. My workouts have changed slightly this month since I had a cold, but I’m still doing something just about every day, and I’m meeting most of my other goals as well!

    • That’s awesome that you’ve been so consistent with your workouts. We have been jogging around the neighborhood on MWF with some friends, so it’s worked out well.

  4. Good job with your goals!

  5. Congratulations on sending the loan money back! That takes some serious guts!

  6. Congratulations on being able to send the money back. I think it is wonderful that you have a job that you love and that you earn enough to be able to support all 3 of you. That’s excellent!

    • Thanks Miss Sicorra! I am also pretty grateful that I love my job. I’m definitely going to miss it when I leave the island. :)

  7. Great work! I know it can be hard to send that loan check back, and I unfortunately did not always do that when I was in school. But, that $13K could’ve accrued thousands of dollars in interest, so I think you made the right call.

    • Thanks for saying so, John. It’s good to know that others think I made the right choice. It’s just not easy right now.

  8. Congrats! That is a huge savings for future-you :-) I’m sure you will appreciate it down the road. Well done being the sole earner, I bet that realization is pretty shocking, though. I have never had to realize that one, myself.

  9. It is always good when you knock two goals off the list, especially in the first month. Nice job Cat! I had to drop one of my main 2013 goals of P2P investing because it is not allowed in my state, so know I need to figure something else out.

  10. Congrats on knocking out two, and so quickly. Definitely a good way to start the year. I wish I’d started retirement savings earlier, but luckily I’m not too old to catch up.

  11. Wow, that was fast! Some of your goals are ongoing, how are those going? Will taking this money hurt your other goals, like to increase the emergency fund, for example?

    • Hey Daniel! Thanks for the comment! I’m still working steadily on the other goals, and I hope to report something great at the end of the year!

  12. Good job sending the student loan check back! That took a lot of discipline but you will be thanking yourself later!

  13. Wow! People always say they’ll make bold moves, but sending that check back must have felt awesome. Congrats on the IRA. You’re a millionaire in the making (from one med school debt-ridden blogger to another…..ours is almost gone!).

  14. Look at you putting everyone else to Shame!!! Congrats :)

  15. Congratulations! It must have felt exhilarating to send that money back! And two resolutions checked off your list? I need to get moving on my own. :D

  16. Congratulations on these!
    Student loans could be helpful when you really need the money but the interest rates could kill you in a later time. Yeah, instead of spending on them, start having insurance plans which can help with your needs when you’re older.

  17. Wow, that’s huge! Congrats on both counts.

    2013 has been great for income so far, so I hope I can keep it up. I’ve also been reading a ton.

    • Thanks so much! Love that you’ve been reading a lot. I really enjoy reading before bed, but I usually just completely snooze!

  18. Good job on sending that loan back. You’re right, if you don’t need it, why take it?


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