Tuesday, February 23, 2016

Uncertainty

So now that I am debt free (except for my mortgage), I have been struggling with where to focus my money.  I have a lot of goals and dreams: I want to pay down my mortgage to get rid of the PMI, I want to pay down the mortgage as much as possible, I want to save about $30,000 in my emergency fund, I want to put money in retirement, I want to start investing, I want to save up for new furniture and I want to save up for a new car, etc. 

When I was paying off debt, I focused all of my money towards getting rid of the debt.  So every extra dime when to the debt.  Now I feel like I no longer have that power of focus.  I have so many different goals now and each month each goal gets a little money.  I miss those $2,000+ payments a month.  I'm not sure where to go with my goals.  Should I cancel all of my other goals and save up the $5,500 for my roth ira?  Then once I get the $5,500 saved up for the year, move on to the next goal?

The problem is everything feels immediate to me now.  I stayed out of retirement savings for so long to pay off debt, I didn't save for a new car to pay off debt, etc.  So now I feel like I have to do everything at once.  It's very frustrating.  I thought everything would be soooo easy now that all of the debt has been paid off.

Unfortunately, I am a believer in diligence and I know that with time and patience good things can come to fruition. I know as long as I keep pecking away, I will meet my goals.  I'm just so impatient!!

7 comments:

  1. I am so with you! Although we have a couple of days before the debt is gone, there will be leftovers in that check. Many say, get the EF fully loaded before anything else, but I don't know. There are too many other things pulling just like your car and furniture. Ours is college and landscaping!

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    1. There must be something in the air! lol! Personal finance is so frustrating. I just want everything done. I hate waiting.

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  2. At your age fully fund retirement and take a trip. You can come see me!

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    Replies
    1. After writing this post I decided that the best thing to do was to concentrate on fully funding my roth ira for the year. It would be the best use of my money and it's something I can't make up later. Lol, I would love to be able to travel and see all of the United States. Maybe one day!! You are always welcome to come to hot miserable Florida!

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  3. I would break down what your priorities are. I like saving for a car monthly unless you need it now. Then I find it most effective to focus on one goal at a time. I would fund your Roth IRA as much as you can for 2015 until April 18 though.

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    Replies
    1. I really think I am going to focus on the roth ira first, then put away money for a car. If I could only meet 1 financial goal this year I would prefer that it would be getting the roth funded. That's something I can't really makeup for later.

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