This post is to officially announce that I paid off my $28,300 loan on March 15, 2018!
FREEDOM never tasted so sweet.
I woke up exactly at 5AM to check my paycheck deposited in my bank account. Then, made the final transfer of $1,800.
In all honesty, I did not feel any different. It didn’t seem like as if I paid off everything. Instead, it was just like any other payment. I have a feeling that it will truly hit me in April when I can actually keep a large sum of money for the first time in two years.
I put myself on a ‘No Buy’, for clothing or new tech, after setting a personal record in spending during the holiday season and noticed that I had spent a little over $3 000 on clothing over two years. It helped that work kept me in the office all February and out of stores.
To put it into perspective, that’s essentially two months worth of student loan payments. TWO MONTHS. I can’t even remember what I bought or how much I wore the items. Lesson here is, everything adds up and know your habits.
Clothing is my weakness. Back when I was younger, we would only have one shopping trip a year and that is because our grandfather wanted to treat us. My folks were (and still are) incredibly frugal as they came as immigrants with barely anything. So, now that I have disposable income, being able to buy clothing gives me a sense of freedom to do what I want and have what I want.
My ‘No Buy’ is not meant to deprive me of enjoying life but rather train healthy, financial habits. I like how I use to only buy clothes once a year, it made the purchasing that much more special. On the other hand, you can’t save as much money because certain items are cheaper during the end of certain seasons. In order to not pay ticket price and recreate the occasional purchasing trip, I have a list of pre-approved items:
- Black Chelsea boots with 2-inch heel (specifically the Coach BOWERY boot) – $470
- White blouse (Uniqlo) – $35
- White flowy, button-down shirt (Uniqlo) – $35
- Red dress (or any one-piece in that tone) – $100
- Black blazer – $80
- Black pair of jeans, solid, no-distressing (Levi’s) – $80
- Merino Wool crew-neck, knit, sweaters x 2 – Uniqlo ($80)
Notice that most of them have a specific store assigned already. That’s from me doing research on what exactly I am looking for and prevents me from wandering off and seeing other things. These are all officewear as I have more than enough of ‘university/lounge-wear’ and not enough professional outfits. I identified that these should be the remaining pieces to have a well-rounded office wardrobe that I can wear many times over.
Finally, I think it would be really interesting to document what I wanted to buy and what I did end up buying this month.
What I bought:
- Treated family to dinner
- Reunion dinner with high school friends
- A chicken soup because I felt sick that day
- Tea x 2
- Weekend Cottage/Snowboarding trip
- Gift for Dad’s birthday
What I wanted to buy, but didn’t:
- Gold chevron ring ($60.00)