Financial Freedom!

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I’ve written before about my progress towards financial independence. We have been lucky enough to remain employed during the craziness of the last year, and so we continued to chip away at our mountain of debt.

Yesterday I paid off one of our last remaining debts. When I first decided to work towards being debt-free, it seemed like an insurmountable hill. I did a bit of research and found Dave Ramsey and his snowball method. I figured I’d try it. Even though the method doesn’t make the most financial sense, it made psychological sense. So I aimed at our smallest debt first, even though it didn’t have the highest interest rate.

After paying off our smallest credit card bill successfully, I moved on to one of our car payments. After 6 months, that car loan was paid off. We kept plugging away, throwing any extra money we made towards a debt.

After over a year of being mindful of our spending and concentrating on paying down our debt, we are (essentially) debt free! Now, a bit of explanation here, because we do still have two debts – our mortgage and one car loan. However, using the snowball method, we have paid off a car loan, a bank loan, and 4 credit cards! That means that all the money we had been throwing towards debt can now start going into savings and other investments.

We are likely going to move, so paying off our mortgage isn’t a huge goal for us. Our mortgage payment is small and it’s only a 15-year loan. When we do move, the equity in this house should pay for our next house outright, as we are planning on downsizing quite a bit. So for us, the mortgage debt, while still there, is not a huge concern.

The remaining car loan is for my husband’s car, which he is currently not driving, since he has a company truck. It isn’t getting used for daily driving, which means he isn’t putting any real mileage on it. We will still be paying on that loan, of course, and I will pay extra, as always, but that car will likely be traded in as well when we move, so again, it’s not a huge concern to us right now.

The mortgage and the car loan both have low interest rates, so it was more important to us to wipe out the credit card debt first anyway. We were able to pay off the last remaining card with our tax refund this year, and paying off that balance felt so amazing! I can’t wait to get the next statement with that $0.00 balance on it. 😀

With our debt paid off and my oldest graduating with no student debt, we feel like we have achieved some amazing goals. We still have tuition for my youngest and those last two bills, but we will be able to put away a significant portion of our income each month, even after accounting for those.

When I first started this journey, it felt like we would never make it. Every time I turned around it felt like we had another bill to pay, so to have made it to this point is a huge weight lifted off our shoulders. I’m not abandoning my spreadsheets or budgeting planner, but instead of groaning every time I see a balance, now I can smile as I see our savings grow. My husband and I are excited to make plans now that we have achieved our goals – the future is definitely looking bright.

Planner Overload

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Credit: Pixabay

When I started this blog, it was with the intent to open a planner sticker business on Etsy.  I’m still not there yet, but that’s a post for another day.

I am working on it, creating stickers that I could sell.  I’ve concentrated on things I would use first, because if I never sell anything, at least I’ve created something I will use myself.

I’ve been a planner girl since forever.  When I was in school, it was a way to keep track of my homework.  As I got older, it became a way to keep track of my life.  And I’m still using them.

Them.

As in, plural.  Something I never have done before.  I’ve always just had one planner, and it was one with a monthly spread, because I never use the weekly ones.  I want to be able to glance at my month and see what’s going on that month.  Drilling down into weekdays and hours is just too much for me.  I get information overload.

However, since I dove into the world of planner stickers, I realized I had no idea how many people seem to use planners these days – and multiple ones, at that.

In the planner community, there are two big planner companies.  Each of those companies sells multiple types of planners – different layouts, different themes, different sizes, etc.  But they also sell planners for multiple purposes.  You can buy a fitness/workout planner, a budget planner, a faith planner, a life planner, a household planner, a kids’ planner, and more.

I’ve watched plenty of YouTube videos of planner people who use these multiple planners and thought, sheesh, why would you need that many planners?

I’m now one of them.  :/

I have my original, cheap $5 2 year monthly planner.  I have my bill planner (it’s really just a small spiral notebook where I track my bills).  Now I also have a yearly planner from one of the two big companies – because I needed to know what it was like to use one before I could make/sell stickers for it, right?  And I bought a budget pack from that same company – again, because I need to know how people use it before I can make stuff for it, right?  And I’m currently trying to talk myself out of buying a planner from the other company for the same reasons.

Oh, I forgot, I have a Bullet Journal that I’ve been trying to use again.  The BuJo was appealing because it was functional and not focused on ‘pretty,’ but if you spend any time on YouTube, you’ll find tons of artists who show off their illustrated-to-the-nines BuJos.

So, that’s now 5 (5!) planners I’m using.  Which is ridiculous, I know.  Especially since some of these planners are $40 and up.  But I’m having a hard time paring them down.  I’m actually enjoying using the new yearly planner.  2 issues with it – one, it has lots of pages for weekdays that I will never use, so that’s a waste of trees and money, and 2, the monthly spread, while good, isn’t big enough.  Since I only use the monthly spread, that’s a whole month’s worth of stuff that has to get written down – bills, appointments, schedules, holidays – for 4 people, since I track everyone in my household.  I suppose I could size up to the bigger planner, but then that’s even more money (and pages I won’t use, because it also has pages for weekdays).

And even though I understand the whole ‘sunk cost fallacy,’ I find it hard to get rid of my original cheap $5 planner, because it’s good for another whole year!  And it’s bigger than my new planner, so I have more room to write stuff down.

I am planning to get rid of my little spiral bill planner, because I do like the new budget planner I’ve been using.  Recording things in both places is getting obnoxious, and the new one has much more space to write.  I guess it’s just resistance to change that’s keeping me using both.

I also could incorporate my new budget planner into my new yearly planner – the rings are designed so that you can add/remove/rework pages as necessary.  I just haven’t done it yet.  Doing those two things would at least get me down to 3 planners instead of 5, which is something.

I have also explored the idea of using digital planners for all these things, but honestly, I like using an analog planner.  I like writing with my pens, the feel of the paper, and the stickers.  Digital planning just wouldn’t be the same, plus I’d be worried about it all somehow getting hacked.  So for now, analog planning is the plan.

I’m still trying to figure out if the Bullet Journal is something I want to stick with.  I like that it’s functional, but I’m discovering I would also like it to be pretty.  Something that seems a lot easier with my yearly planner than the BuJo.  We shall see.