2016 Financial Update (I bought a car!)

If you’ve been following my sporadic financial posts for the past few years, you may remember that I’m taking a break from aggressively paying off my student loans this year to focus on some more personal financial goals. In 2016, I am trying to live just as frugally and continue to increase my income, but the extra funds are going toward two items:

  • My wedding
  • replacing the truck I’ve had for 9 years

I still advocate for paying off debt as quickly as possible, and after these things are done, I will go right back to paying off my loans as quickly as possible. But I don’t want my life to be completely defined by my loans. That’s why we decided that though we have a pretty reasonable wedding budget, we’re not going to limit ourselves too much.

The reason replacing my truck is on the list is because it is negatively impacting my life on a daily basis. The number of things wrong with it grows every few months and the repairs aren’t worth it. The fact that the air conditioning doesn’t function is particularly awful in the Idaho Summers.

And now, 6 months into 2016, I have met one of my major financial goals of the year! I purchased a 2007 Kia Spectra! Because of my savings and the fact it was a private sale, I was able to pay for the car in cash, meaning no accumulated debt! I’ll be getting better gas mileage, which is great for my daily commute, and it has working AC. I also have more space for people, which is an added convenience. And I still have plenty of space to haul all my Farmer’s Market Booth supplies!

The purchase did essentially wipe out my savings, so the next few months will be spent building that back up to a reasonable amount. Luckily, even with the wedding purchases that  I have left, it’s looking like I’ll have plenty of room to build my savings back up and maybe even make a bonus loan payment at the end of this year!

How are your financial goals looking halfway through this year?

 

 

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Posted on June 8, 2016, in Writing. Bookmark the permalink. 2 Comments.

  1. Good for you! Its so hard to balance real life versus the romantic notion of knocking out all loans quickly. We don’t quite have the luxury because our debt is SO high ($560k- law school AND dental school). But I like the idea that one day I’ll be able to be more balanced.

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