Recently I have hit a snag in my quest for a Tiny House, recently I have had to take a small hit in income and at the same time, I have decided to get more aggressive with goal setting in my financials. The ultimate goal for me is to have all of my student loan and my car loan paid off, save to pay cash for my next car and build my house without taking a loan if I can help it. A tall order for anyone, but for a single income worker just beginning their career in a shaky economy, it is especially hard.
At this point I have significantly cut my spending. I dropped my cable tv, I have arranged to work at home for part of the time to save gas, and the biggest change is I am now house sitting long term (hoping to continue) which saves me $900 a month.
My student loan has 7 more years left on it, but I am working to double pay by the end of next year and then triple pay after that, this will cut the time to about 2.5-3 years. But this timeline was longer than I had initially hoped.
In the end it will be worth it, I will have a home and a car that I own outright, no debt hanging over my head, this coupled with a lean lifestyle and all my income going to the bank. I can’t wait for this journey that I started 3 years ago to finally be realized. So for those of you on a similar journey, know you don’t tread this path alone, good luck.