Wow, 2015 was an incredible year for me. I landed my first “big girl” job as a 5th grader teacher in May, graduated with my masters in August, and started my first year of teaching in September. Of course, I also started this blog. When I started this blog back in July I was truly planning to mostly post about my first year of teaching. I figured it would be a nice outlet for the stress I knew I would be dealing with. However, in the last year, I have found a passion for personal finance and have found myself blogging much more about that. Especially when I have this massive amount of debt weighing me down each day.
I did create a solid plan to pay down my debt this year once I started working, which has helped me almost double my monthly loan payments so far. In 2015, I was able to get my largest loan with the highest interest rate down to 78% paid off. I have been working towards paying off that loan since I was in grad school, so seeing that high paid off percentage is very motivating!
I have a lot planned for 2016, and it might be a little too much to be honest. My plan is to make 2016 a productive year for me. I want to find myself always actively doing something, whether it be school work, blog work, being with friends, whatever it is, I don’t want to be complacent. I want to push myself harder and do more than I ever have before. My goal is to make $2,700 loan payments each month, which is a bit of a stretch for me. This requires me to figure out ways to save and make more money. Which is another goal I have for this year.
I strongly believe in goal setting and I feel that it keeps you motivated knowing you are working towards something. Whatever it might be, I suggest making mini goals to reach your big goal, this makes it more likely that you will succeed and make the task less daunting. For example, I picked $2,700 a month for my loan payments because I want to have my loans completely paid off by the time I turn 31. This might sound crazy since I still have about $185k in student loans, but it’s possible if I work hard and keep my goal in mind. So, what are your goals for 2016 and how do you plan on accomplishing them?
Part of my debt payoff plan consisted of finding a teaching job close to home, so that I could move back home. This was hard for me. If you had asked me 5 years ago when I started college, I would have told you I would never move back home after school. Of course, that was before I knew I would be in this much debt. When I figured out my total amount of student loan debt, it was no question that I would move back home. My parents live in New Jersey, where the cost of living is much higher, making my salary higher. When I began the process of looking at places to apply, New Jersey had some of the highest salaries. As I did more and more research and went through all my options, going home to New Jersey kept being the best option.
When I first told my parents that I wanted to come home after I graduated, they told me I would need to pay some rent. Of course, this would still be a lot cheaper than living somewhere else paying rent, utilities, etc. I was sold and put all my effort into applying to school districts in the area. Luckily, I got an interview very quickly with a district 20 minutes away from my parent’s house, and they offered me a position.
Once I knew I would be moving back home, I began brainstorming ideas and talking to my parents about ways I could live “rent-free” at home. We agreed on me paying for my own groceries, doing work around the house, and helping them get the house ready to be sold. By living “rent-free” I can now put all my extra money at my loans and pay them off even faster than I originally planned.
Now that I have moved home, I have had to move my sister out (she lives in Philly now) and move myself into her old room. I forgot to take pictures of the room before I began moving my stuff in, it was basically a completely empty room, but I took some pictures when I actually thought to. It’s a total disaster and I contemplated not even posting them because they are so bad, but here they are 🙂
The closet, I’ve never had such a big closet!
My sister turned one of the closets into a desk area. I love this! It gives me so much more room!
I LOVE this bookshelf!! My sister got it when she was in this room and she let me keep it 🙂
Gotta love the bed right on the floor!
I’m not sure what to do with this area under the windows, yet. Maybe a dresser, or couch?
This is where the before pictures got a little messed up. Those two shelves next to the dresser came from the closet!
I’m super excited to move everything in and get it to be how I want it. I wish I could get rid of that rug and paint the walls, but it doesn’t fit into my budget right now.
Did you move home after college? How did you make your decision to move back home or move out?