A few weeks ago, my sister in law mentioned I was getting close to paying off the rest of my debt (<$10K to go!) and asked me what I was planning on doing with all the extra money I’ll have in my budget once I’m completely debt free.
It got me thinking….
The honest answer is simple; habitually, nothing changes. Because I still plan on going to business school, the goal is to continue to take the same amount I was paying toward loans and to put that into a savings account of some sort. So the biggest difference is where the money ends up, but my budget will stay the same and I won’t start living this extravagant lifestyle once I’m out of debt.
Of course I’ll finish my emergency fund fully; the goal is to have a solid $10,000 in my emergency fund. After that, all extra money will be for living expenses the two years I’m out of the workforce and back in school.
But….what if I didn’t have to worry about the emergency fund or saving for business school?
If I decided I was going to live a little lavishly, I do have an idea of the things I would spend my money on.
- Completely new wardrobe that consisted of more than just jeans and t-shirts
- If I was really ballin’, I’d also get a personal shopper
- Personal trainer and nutritionist
- Hair salon every two weeks
- Extreme investments for early retirement
- Hire a website designer and manager for Generation Wealthy
- Hire professional video editors and rent studio space (not that I don’t love my kitchen)
- Weekly hour long table massages
- Monthly manicures, pedicures and facials
- Build a travel fund, and go somewhere new every quarter
These are just a few of the fun things I would put my money toward immediately, but of course I’m sure if I didn’t have to be so prudent with my savings I’d think of many more things to do with my money.