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Small student loan paid off and new clothing allowance

February 12th, 2008 at 09:53 pm

Over the weekend I paid off my small student loan! That makes me happy!! It also frees up a $50 payment I was making to it to be used elsewhere.

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This Friday I will receive my first full month check. It will be nice to see how much I'm actually receiving. Although it will change in a month or so once they actually start taking money out for my retirement. Still though I think I'm left with at least $100 extra to pay off stuff.

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I think I need to give myself a clothing allowance. I've been in my new job for 4 months now, and some of my clothes are showing signs of wear. Since I need to dress a little nicer I want to be prepared for spending a little more when it comes down to it. I'm considering taking that $50 that I was paying on the student loan and just setting it aside every month so that when I do need to buy clothes I have the cash for it. I rarely pay full price on anything, usually it's on sale, more often on clearance. But still things add up and with my height that adds at least $10 to the price of things no matter how much it's reduced by. Especially where pants are concerned. I don't need to buy anything now which is why I think I should start setting aside money now so I have it when I need it and don't raid savings or pull out the cc.

I'm pretty excited for Friday though, let me tell you. Smile

4 Responses to “Small student loan paid off and new clothing allowance”

  1. clubneary Says:

    Great job! It is such a good feeling to pay off a debt no matter the size of it.
    I hear you on the clothing allowance. I should do that too. Clothing is one of those areas that I always break my budget, typically by pulling out the credit cards. Having a set amount each month to use or save for clothing would help me/you/everyone be a little pickier about the stuff we choose.

  2. compulsive debtor Says:

    I started giving my husband and myself a clothing allowance about six months ago and it's the best thing I ever did for my budget. I highly recommend it.

  3. terri77 Says:

    I try to buy an outfit a month to build up my career wardrobe.

  4. JanH Says:

    Congrats on paying off the loan! I think a clothing allowance is a great idea. We have a clothing budget, but we don't need work clothes. Hubby's is supplied by work. But, we often need to supplement or replace things or just like a new outfit now and again. I think if you also needed clothes for work, it would really help if you had an amount built up for it!

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