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I hope you had a fantastic holiday season. For our part, we did not travel as we usually do and instead chose to stay in the area, especially with the introduction of the new variation. For my wife and me, it worked out rather nicely. We were able to work additional hours, which helped our finances as we generally take the entire week off and travel down to NYC.
In terms of my debt, this year has been fantastic. I avoided using any of my credit cards and instead resorted to my emergency fund if necessary. I opted to pay using a credit card depending on what I needed to pay for, not because I couldn’t pay cash, but rather to safeguard my card in case something went wrong. It might take a long time to get reimbursed when using debit or cash.
Anyway, here’s a summary of my current debt payback obligations:
SNAPSHOT
Table of Contents
FINANCIAL GOALS
CreditCards/Loans – According to Credit Karma, I’m using 18% of my total credit cards and 39% on my Bank of America card alone. It is typically suggested that you use less than 30% of your total credit limit. I’ll be OK – Once this card is paid off, I plan to put my BoA card in safekeeping and use my HSBC card solely as necessary to earn additional points and pay down the sum each month.
In terms of my student loans, the government has extended the freeze on payments until May 1, so I’ll keep taking advantage of it to pay off my credit card debt.
Savings – Our emergency fund has remained the same. I’ve started putting more money aside for a potential property down payment. In addition, now that I have a second W2, I want to pay off my debt before the summer assuming all goes according to plan.
Side Hustle – I’ve made $288 since launching my side business this summer. Working on forming a corporation, which, if everything goes well, should provide a decent revenue increase in the long term.
PERSONAL GOALS
House Hunting – As you may know, finding a place to call home is our top priority for the coming year. This year, we’ve been concentrating on paying off our debt so that we may acquire a decent home loan while interest rates are still low. Regardless, we have a precise price range in mind that we want to use.
Travel – is something I’d like to do next year. Since 2020, I have not left the United States. That may not seem like a long time, but for me it is. I love traveling at least once a year to clear my head.
Kids activities – TGFGjr is signing up for another football season. His squad finished fourth this Fall season. As for my daughter, it’s unfortunate she did not make the school volleyball team, but she wanted to begin practicing with friends next Spring. We wanted to keep her engaged in dancing practice, but due to the pandemic, we were given the option to continue remotely. We considered it, but it was not worth it. As a result, we have chosen to opt out.
Gym – Since starting work a second job, I haven’t been to the gym. I plan to cancel my membership sooner rather than later. And, who needs a gym membership if you’re getting paid to workout?
I’M PROUD OF MYSELF
I knew I’d have to accept full responsibility for my financial irresponsibility at some point. I never imagined I’d be thus close to paying off my debt of $42,000.
It’s been a fantastic year for me, and I’m excited to see how much more I can accomplish in 2022.
***Happy New Year!!!
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Gio founded TheGrowthFocusedGuy in January 2020 because he was fed up with debt.
His mission is to document his journey to Financial Independence in order to motivate and inspire others to get out of debt and begin building generational wealth.
