I’ve been a little flippant (?) with my money lately. A little “oh, what’s $20 here, what’s $20 there?” and it’s starting to show. Since almost ALL my bills came out on my last paycheck, and I bought airfare for a trip to see family/a soccer game, I had to transfer some money out of savings.
So, with over six months left in the year, I am going to try to sock away another $4,000 into savings. I have a goal of refinancing my home to borrow against the equity in order to pay off my terrible, awful student debt. The motivation for this now is because Betsy DeVille (YES I KNOW HER NAME BUT COME ON) went around going like “blah blah blah, we’re going to stop helping students with repayment plans on their loans and put the screws to them” and if my Income Based Repayment goes away, I’m FUCKED. So my plan is to refi at the end of 2017/start of 2018. I made this plan in the winter and have since paid extra each month toward my home loan to get a little bit of the principal knocked down, and if I have more savings, if I can’t borrow as much as I want, I may be able to make up for the difference.
My mother, who is basically a home loan savant, with several rental properties and mortgages, has calculated that I will see a net improvement of about $150 a month. $150 a month back in my pocket would be a BOON.
So I gotta crack down.
I have nineteen more paychecks coming my way in 2017 from my regular M-F job, plus, I still work my Saturday job, which I do either 3-4 Saturdays a month. With that, I get about $66 each check, and if things go my way, I can get a commission check once a month, usually in the range of about $100.
Saving an additional $4,000 would require putting away $210 from each of my regular paychecks. If I just send my regular Saturday checks to savings, keeping in mind I have at least one Saturday off a month, plus most of my commission checks, and I stay at that Saturday job, I can probably do $1800-$2500 from Saturdays alone right there. Let’s say it’s $1800. That leaves $2200, which divided by 19 weeks, would mean no more than $120 each paycheck into savings.
I can do this.
I might be able to overshoot this.
Let’s check in later this year to see how the savings goal is going.