My Financial Plan for the next Nine Months
Well, it looks like I’m safe for about another year at my job. There is talk that they won’t be switching over branches in my area to the new bank until third quarter of next year. Also, I heard that they’ll look to find me a comparable position to the one I’m in currently, and if they can’t find me one, I’ll most likely get three months pay as a severance package. I’m breathing a sigh of relief. Rather than wallowing in my sorrows, I’m going to make a financial plan and stick with it for the next 9 months or so.
- I am planning on paying off the last student loan in nine months. We owe $6850 on it. That’s a payment of $760 a month. It sounds astronomical, but I think we can do it if we really focus. Any extra snowflake money will go towards it. I think that the peace of mind from having that gone, and having one less payment will be worth it. Then it’s to attack that car loan.
- I will still save 20% of my paycheck in savings each pay period. This way I’ll still feel that I’m proactively saving money. Every little bit helps!
- I’ll continue to make minimum payments on our other debts, and maybe some small principal only payments as well.
- I need to come up with a zero based budget. For some reason this scares the bejeebus out of me!
What is your opinion of my financial plan? Do you think I should keep saving instead of paying off that loan early?