Since my “Life” category looked a little empty, I decided to fill it with a quick post about how I plan on spending my 2016 tax refund. This year I have chosen to spend my hard earned money on a need and a want.
My need: a laptop
My want: student loans
I’m in desperate need of a laptop! The laptop that I currently have no longer functions correctly. It takes a good 5-10 minutes for the laptop to get to the home screen. The only thing I can do with it is to browse the internet and use Microsoft Word. Not only are all of my other applications no longer accessible, but even the home button does not work, resulting in my inability to turn the laptop off properly. You think that is bad…?! To top it all off, the laptop has to be plugged in all the time when in use; otherwise, when it is unplugged, the laptop shuts down completely and I’m back to waiting another 5-10 minutes for it to restore itself. As you can see, I really need a new laptop to continue releasing new content.
The features I want in the laptop I decide to purchase are: long battery life, a fast processor, and a decent amount of storage capacity. Most of all, I’m hoping that the laptop I decide to invest in will last at least 6 years (because apart from my car, this would be the most expensive item that I would own). All of the previous laptops that I have owned lasted me 2-3 years. Once I get my laptop, I think I will do a first impression video over on my YouTube Channel, so make sure to subscribe to it if you are interested in finding out what laptop I end up buying.
So, in the U.S., the typical student loan repayment term is 10 years. However, I really want to finish paying it off before the completion of the 10 year term. My goal is to make my final student loan payment by the end of 2018. Just to give you an idea- I finished my Bachelor’s in December of 2013, and accumulated almost $40,000 in student loan debt over 4 years. My repayment began in July of 2014 and as of today, I have about $12,280 left of my loan to still pay back. In less than 3 years, I’ve paid off about $27,720! In order to reach this financial goal of mine, the tax refund will help me stay on target and put a dent on the remaining amount.
So, these are the two things I will be spending my tax refund on. If you don’t mind sharing, let me know how you will be using your tax refund.
Also, if you are interested in learning how I’ve been able to pay off more than half of my student loans so quickly, please stay tuned for future posts (make sure to subscribe to my email list to receive future posts).