I can't help but dream about what my budget will look like when I am debt free (except for my mortgage). I have done a mock up of what it will look like and I have to say I am not impressed. I have been dreaming of the day when I no longer have to put $2,300 a month to my student loans and what I will do with that extra cash. Well, from my estimates not much. Here's where the extra money will go:
$600 retirement
$500 new car
$150 investments
$250 house
$250 mom
$100 vacation
$128 extra mortgage payments
The remainder will be split among extra grocery money, extra spending money, and taking over the cellular phone bill from my sister.
I make over $80k a year now and it just seems like there is never enough money to go around. I want to put an extra $500 a month on the mortgage and save $1000 a month for my car. I am hopeful that I will receive another 5% raise next year, but that extra money will probably go to the mortgage. Sigh...
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I am dealing with a similar situation. I just got my student loans paid off and am trying hard to stockpile cash so I can retire early. I ended up hiring a firm to help assist in protecting my money so I could eliminate the concern and guesswork. I am not savvy at money management so for me it was the best decision I ever made.
ReplyDeleteKaroline Peak @ Ruffi Law Offices, S.C.