by Hope
Boy, life is different when there are no kids in school (Gymnast is virtual still), no sporting events to attend and you are really just taking care of yourself and the dogs. No matter how much I work, I still end up with ALOT of time on my hands.
I’ve been filling it with DIY projects around the house…see the wall behind me in this picture. I stained left over boards and created this “focal wall” in my office.
But I’m running out of ideas and supplies (finally cleaning out my carport after a year of major house renovations. And I am not inclined to do any more with all the heat. I am so ready for fall!
No more kids to consider
So I’ve turned my attention back to money and planning. For the first time, I have no big plans already in the works for next year. Which seems to crazy for me. But I think it also means that I may have complete liberty with my money, meaning, I won’t feel any “mompressure” to go, see and do for the family. All the kids will officially be “adults”.
Tell me BAD, how did you money mindset and obligations changed that first year when the kids were technically independent? Don’t get me wrong, I know I will still help the kids some. But it won’t be the all consuming thought as it has been for the last 18 1/2 years since Princess was born.
It just already feels different…
Focus on debt
My smallest debt…medical debt. This is the current forecast for paying it off. It doesn’t accrue interest so if I don’t pay anything more than the minimum…it will be gone by next summer.
| Medical Debt | 10/01/22 | -250 |
| Medical Debt | 11/01/22 | -250 |
| Medical Debt | 12/01/22 | -250 |
| Medical Debt | 01/01/23 | -250 |
| Medical Debt | 02/01/23 | -250 |
| Medical Debt | 03/01/23 | -250 |
| Medical Debt | 04/01/23 | -250 |
| Medical Debt | 05/01/23 | -250 |
| Medical Debt (payoff) | 06/01/23 | -47 |
Since it does not accrue interest, it’s on a regular auto-pay schedule and frankly, not one I have to really think about or focus on to get rid of, what debt should I focus on? My mortgage or my student loan? The interest rates are pretty similar and my thought is always, if something happens to me, my student debt dies with me while the mortgage would live on. So to me, that says focus on my mortgage…what are your thoughts?
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
Honestly, I wouldn’t accelerate payments on either remaining debt. I would superfocus on retirement savings and throw in as much as possible. Especially since the stock market is down quite a bit on the year.
I wouldn’t advise paying down debts under 4% unless you don’t have enough cashflow for your expenses. Inflation is 8%+ which is more than your loans. So while your payment amount is the same indefinitely, your payments are effectively “less and less” money as the years go on.
My vote is for neither mortgage or student loans but saving for emergency and retirement.
Retirement. You need to throw absolutely every spare penny at retirement.
Would you please do an update on savings and retirement amounts? At your age (which is about my age as well!) it is critical to be saving aggressively
Chiming in with the others: RETIREMENT!! That’s where your money needs to go.