Frugal tax filing. . . .

For the first year EVER in my adult life, I haven't yet submitted my tax returns. I'm usually the person who sends in an electronic return on January 31st at midnight (after all of my W2's and associated documentation has arrived in the mail or in my email inbox). I can't WAIT to get my hands on my refund each year!

There was a time in the not-so-distant past that my refund would have been spent on shoes, or clothes, or trinkets, or, yes, more shoes. For the past couple of years, my refund has gone straight to debt repayment. And that's exactly where this year's refund will go, just as soon as I'm able to file!

Although I'm finding nothing about this on the H & R Block website or even anything recent on the IRS website (the last press release was dated January 7), I remember reading that I needed to wait to file, since the tax changes late last year are not yet reflected on certain forms (Schedule A) that I need to complete. So wait I will. While twiddling my thumbs and wondering how much ole Uncle Sam will give back to me this year. Hopefully enough to make a smallish dent in my student loan debt, since I was only able to send $950 in that direction last month.

One day I'll be able to count my tax refund as a nice little gift, to be used for travel or other fun experiences. For now, that money is needed to pay down the 'stupid tax' that I owe to the U.S. Department of Education. . . .

Frugal wardrobe. . .

As I continue to cast a critical eye over my belongings (how did I get so much STUFF?), I keep coming across these projects that are designed to remind us how little we actually need!

First, I read about the Six Items or Less project, in which participants pledge to choose SIX items of clothing (not including undergarments, outerwear and accessories, of course) from their closets and wear only those items for an entire month. The idea is to emphasize how much we already own versus how much we really need. I'm embarrassed to admit that there are clothes and shoes in each of my three bedroom closets, and I STILL feel as if I don't have anything to wear! I considered joining Six Items or Less, but I really don't feel that I could create a work-appropriate wardrobe out of six items.

Then I saw this: Project 333. In this project, you choose 33 items to be worn over a period of three months. This is more like it! I already use about 20% of what is in my closet, and a project like this could help me to cull the items that are simply taking up space. I did take some clothing to consignment shops in December (ack! It's time to find out if they sold anything!) so I'm making a dent, but I want to try to create a more minimalist wardrobe with quality items that I actually like and will wear.

I'm not sure when I would have the time to go through my closets and find 33 items; I'm thinking in the spring, because I am almost positive that I will try to work less than I am now, even if it slows down my debt repayment. I'll keep you posted!

Finally back. . .

Sheesh! Being sick just about knocked me flat! And, unfortunately, sapped some of the motivation and joie de vivre from my life. I don't know if it's because I'm coming off of an exhausting cold and am not yet feeling 100% again, or if I need to readjust my work life (and debt repayment plans), but I feel as if my debt payments are just a drop in the bucket.

When will I start to see a real difference in my student loan debt? Granted, it's a huge balance (in my own mind, anyway) and it IS going to take awhile, maybe longer than I originally planned. At the beginning of January, my balance was $59,689. After sending about $1,000 to the U.S. government last month, the balance is now just above $59,000. All that interest is killing me!!

Of course, at least I'm making payments, right? I'm not just ignoring the fact that the interest is accruing and digging me deeper in debt, as I did for the ten years after I graduated. You have to start somewhere, I suppose, but perhaps my 'plan' is a little bit too optimistic, given that I need some time to relax, socialize, sleep, and importantly, exercise.

I am hoping to have my gung-ho motivation back by the end of February, if not sooner. Until then, I'm going to keep plugging away and start thinking about how I can rearrange my work schedule(s) so I'm not overwhelmed. . . .