One of my favorite blogs, Cash Money Life, has put out a challenge to make a 2008 financial resolution. I think this is a great idea to keep people motivated about their financial goals. As part of my overall 101 goals project, I’d like to highlight two things I’d like to accomplish for 2008 – and they won’t be put off until later in my 101 goals project!
1. Pay down my undergraduate student debt by $250/month. I just got a letter from my loan company a few weeks ago letting me know that my loans are now in deferment because I’m enrolled in a master’s program. The government is now paying my interest (for the next two years), so it’s the perfect time to pay my debt down – every contribution I make will go 100% towards the principle balance. I’m going to make my resolution a monthly payment of $250/month because that will be manageable (but still a challenge), but I’m hoping I can stretch that to $500/month some months.
2 . Some may think this is a silly goal, but it’s a money sink for me. For 2008, I’d like to resolve to not purchase a lunch (or dinner on the nights I have class) from the food court at work. I’m decent about packing my lunch, but there are some days when I just don’t feel like eating it and end up buying an overpriced (and not as tasty) lunch from the court. This needs to stop, and I’d like to make myself think twice about doing it – and then sticking the cash I would I have spent into a jar to put back towards my student loan.