Sunday, April 20, 2008

Give me a distraction

I reduced my debt by one percent this week. Oh how that increment pains me.

As much joy as I take in seeing my emergency fund build, it is still difficult for me to delay making the huge payments needed to quickly kill the rest of my debt.

Dwelling on this, though, accomplishes nothing. Since I will probably feel it acutely again next month -- when I make the minimum payment on my student loan -- I think I have found a way to distract myself from the frustration.

Besides the twin pillars of saving and eliminating debt, there are a host of other things I could be doing to secure my financial stability and peace.  They are the kind of tasks that are important but are about as enjoyable as cleaning out a rank refrigerator.

So perhaps of the double whammy of a burgeoning cash nest egg AND a dwindling list of castor-oil shoulds will do the trick.

Here are the items I would like to see accomplished over the next five months while I await reaching my $10,000 emergency fund goal:
  • Create a will 
  • Create a living will
  • Create a power of attorney
  • Review employer-paid life insurance and boost coverage if necessary
  • Review employer-paid disability insurance and boost if necessary
  • Do household inventory for my renter's insurance policy, the one I will need in case of fire or theft and have never, ever done
  • Organize personal financial records 
Just seeing the condensed list on my blog is cringe inducing. Still, I think it is worth a try. This goal things seems to be working for me.

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