Thursday, July 17, 2014

Spending Pause...

Working from home today.  A handyman is supposed to come by this afternoon to do some work on the condo but he ran into an emergency at another appointment.  I am not sure if he will be able to make it today.  It's not a biggie.  If he needs to reschedule, then my parents or my sister will cover the next appointment. 

I am winding down my current position.  I held a successful close-out meeting yesterday on the Review I was leading and now I am pretty much coasting to the finish line.  My last day is July 31st.

I am going to send an email out to my friends and tell them thanks but no invites to anything expensive for the next year.  This month hit my savings big time with the Trip to Punta Cana and paying for the flight, hotel and party tics for my trip to Toronto's Carabana to celebrate my good friend's 35th bithday.  After August, my savings will be on life support with $2K in my eFund and $2K in other liquid investments.  It was so worth it all and I will survive but it's definitely time for a Spending Pause! 

I just feel so good about the decision to rent my condo out and move back in with my parents for the next 12-24 months.  I am over there 4 out of 7 days already and I literally get home just to sleep in my condo.  In that time period, my goal is to pay off my Private Student Loans and Credit Card which totals $113K combined.  With diverting my mortgage savings, my new $115K salary, target 20% annual bonus that pays out each December and my stock options that pay out in December 2015, I should be able to reach my goal and it's going to be a great feeling to get that worry off me.  Paying that debt off increases my cash flow ~ $900 per month so that will be more than helpful and wonderful.  Then I will tackle my federal loan debt with much more ease but I am definitely thankful for the fixed rates.

I am trying to pump myself up to pack. LOL  I go to Indianapolis this weekend for my family reunion.  Then next weekend is the open house.  After that, I will have the movers come to move my heavy furniture over to my parent's house and take boxes a little at a time to storage and their house over the next couple of weeks. I've been in my condo for 11 years so I will definitely take this opportunity to purge and bless someone else that may be in need.  Exciting times!

4 comments:

Scooze said...

I like your decision to move home. Since you have the option open to you, I think it's a great way to pay off a lot of debt quickly. And committing to reducing your spending by telling your friends about it, is a great idea as well. Good job!

Kay B said...

You are going to experience such an amazing feeling after you pay off those private loans! I know your dating life hasn't gone the best latest but you are so blessed in the family category!

Chitown said...

You're right Kay B. My Family is the best and super supportive. Just getting the private loans paid off will have a monumental impact on my life.

Chitown said...

Hi Scooze! Moving home feels like the best move for me right now. My friends will understand. I just need laser focus.