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!