Spending

May ended with all grayed-out or green categories in You Need A Budget (YNAB). This was only after “rolling with the punches” and accommodating overspending in the dining out and fun money categories. 

My student loans are deferred as I am back in school! I plan to make the interest payments on the unsubsidized loans, pending other factors in my budget. 

Goals

Major goals for 2024

Buy a New Car: I plan to get a new car this fall with cash. I expect to pay around $11,000-$14,000. While I can pull from my emergency fund, I am hoping to avoid doing so by moving my student loan payment money to the car fund.

Max Out my Roth IRA: The maximum contribution this year is $7,000. I am on track to max out my 2024 roth by April 2025. The major factor that could slow this down is the need for more funds in my new car budget. For now, I am not going to reallocate my Roth deposits to my new car fund, but that is an option for the future.

Pay off a Student Loan: I currently have nine separate student loans and would like to see that number come down. Of the nine loans, two are under $1,000. If possible, I would like to pay one of the smaller loans off completely. This is a far-off goal as I have other major financial responsibilities this year. Once I get a new car, I will shift that money to paying tuition so I don’t have to take out so many loans next semester.