Learning From Failure

Pinyo: Laura, did you pay $700 in January?

I’ve got bad news for Pinyo and others. I did not make my goal.

I was really psyched to go ahead and knock this car loan off as soon as possible. I felt like Rocky going against Apollo Creed. I was planning on giving a fierce right hook, instead I jabbed.

My goal was to aggressively pay $700/month towards my car loan bill and pay it off by July 31, 2008.

I did not pay $700 this month on the car loan. I paid $335, not even half of the amount. I feel horrible. Wow, I need to change how I’m doing things.

Reasons  Why I Failed:

1. I counted my chickens before they hatched. Technically my chickens didn’t hatch.  I’ve been swamped at work, but after realizing the consequences, I’m going to talk to HR tomorrow. Maybe they need my diploma. I’ll ask.

2. I wasted money by eating out. We have good food at home. Seriously. We also have a friend training to be a chef. I’ve been careless and could’ve saved some cash for debt elimination.

Until I see an increase in my paycheck, I’m going to go ahead and make a goal based on my current income. (Duh, I should’ve done this in the first place.)

I will pay $385/month on paying down this car loan.

This is a doable on my budget. The car loan is the monkey on my back and it’s at a higher than normal interest rate. I’m going to take a tip from Trent and put a picture of a car on my check card. That way I’ll remember my goal.

It’s still possible for me to reach my goal date, but I learned my lesson. I’ll close my mouth until it actually happens.  (See, I can learn.)

Thanks Pinyo for checking in on me. I needed the check up. If you want to see if I do better this month, please subscribe and get an update to your email.

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