With the New Year approaching, it’s a good time to think about my financial goals for 2008. It also helps when Patrick at Cash Money Life gives you a chance to win a 4 GB iPod nano for sharing your 2008 financial resolution. How could I pass up such a sweet opportunity?
Broke Grad Student Doesn’t Wanna Be Broke No Mo’
My financial goal is to pay off half of my student loans by the end of 2008. This requires approximately $833/month or finding one of these on the ground:
How am I going to do it?
Since I don’t foresee finding a $10,000 bill, the timing couldn’t have worked out any better for me to land my first real job. I recently received a job offer that starts in mid-January. It includes a nice salary and benefits, so making a payment of $833/month is completely realistic. Of course, I still need to take actions to save money, so I will:
- Pay myself first by having part of my paycheck automatically deposited into my loan pay back fund.
- Receive a 0.25% interest rate reduction from my loan consolidator by having payments automatically withdrawn from a bank account.
- Reduce my expenses by living frugally.
- Carpool to work.
- Live with a roommate.
- Generate multiple streams of income (freelance work, CashCrate, etc.)
- Continue to reevaluate my goal throughout the year and make adjustments when necessary
Why am I going to do it?
Broke Grad Student is tired of calling himself broke.
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Great goal! Good luck meeting it!