As I look forward to the end of my student loan debt, I’m kind of relieved, but also kind of intimidated. I think that years ago when I imagined being out of school, with the loan paid off, and employed, I was also imagining feeling less broke — like I could travel without guilt, for example.
The thing is, I MUST get serious about remedying years worth of not saving. I’ve committed, beginning in July, to sending 25% of my pre-tax income to a 401(k) and any and all “extra” income to a Roth IRA. This is a rate far above what most people recommend, but what else can I do? I’m not getting any younger, and that’s not even going to get close to maxing out for the year, anyway.
On top of that, I need to put something aside every month in a housing fund (maybe a down payment, maybe just a future security deposit); in a car-replacement fund because I’ll likely need a car within the next 5 years, given the age of mine, and I’d want a decent down payment at least; in a medical-emergencies fund. I need some new clothing pretty soon and I’d like to have the money for that put away rather than have to have everything on the credit cards.
The reason why I’m sounding glum rather than excited about this is that I just decided I can’t go to a friend’s wedding this summer. It’s on the opposite coast, and a round trip flight is over $500, plus lodging and assorted other (transportation from the airport, probably some meals out, etc.) And the friend isn’t a close one; a college friend I always liked and would love to see get married, but I just think I can’t justify the cost of it.
It’s bumming me out though because I wasn’t thinking I’d be more income-restricted as an employed person than as a grad student. When you want/need to route basically all your income to savings, though…. I think there’s just not going to be much extra for a while. Maybe a long while. And it’s kind of a downer.