How sick are you of the inspiring quotes being shared about it being a ‘new year, new beginning’ on Instagram and Facebook? I’m not going to lie, every time I scroll past a post going on about leaving 2018 in the past and talk of new chapters I want to scream. It’s not peoples fault really, its lovely that they have optimism for the year ahead but for me its a glaring reminder that ill be bringing something with me into the new year that I simply cannot wish away: my debt.
I’ve already planned my budget for the year and as long as I stay on budget Ill be halfway to my goal of living debt free by the end of next year. As much as I’m proud of myself for taking the time to plan my budget out and set my goal to fix my finances, whenever I look at my plans it makes me sad and ashamed that I put myself in the situation in the first place. If I hadn’t mismanaged my money in the first place I would be setting goals for the future and not paying off my past.
So my ‘resolution’ for this year is to stick with the plan that I’ve already set in motion. Don’t be too hard on myself when I have a slip up and work towards the goal of being debt free in (not by) 2020.
My plan of attack on my finances for this year is:
- Follow a set monthly budget for my bills and savings with a set weekly allowance for day to day life.
- Trying out ‘no spend days’ and ‘no spend weeks’ to grow savings from my weekly allowance.
- No more credit card purchases. I used my credit card for some presents over Christmas but they are now out of my purse and into my jewelry box to avoid temptation.
- The snowball method for my debt. I’m working on a bigger post on the snowball method but in a nutshell I’ll start paying off the smallest debts off in whole whilst paying the minimums on my other ones until I’m left with one to work on bringing down to zero.
- Hustle, hustle and more hustle. I’m booking overtime in at my regular job, clearing out my closet on eBay for cash, learning how to monetize my blog and looking at and trying out other ways to make money online.