Are debts in general are 2 credit cards ( a small kohls card, and a mastercard) a student loan, a family loan and two car payments 7,000 for one $13,000 for the other.
1) Have an Emergency fund of $1000 --after CC's are paid I want this to go to 2000 (we currently have 700 in this so this will happen in January)
2) Pay off Kohls CC-$200-this should be done in January
3) Pay off Mastercard-$4,000---this should be done with tax money
4) Pay off my mom/dad's loan (long story, but we owe them $1,000--this will be paid off with tax money)
3) Pay off student loan or car--we owe about the same on both $7,000 so when we get to this on the snowball we will look more closely at which one should go first...but one will definatley be gone by the end of 2009.
4)In general I hope to have our debts below $20,000 all together--$15,000 would be awesome but medical bills usually squash us! Plus homeschooling costs for us are around 1500-2000.
5) I hope to lower my food budget from $600 a month to $500.
6) Lower general expenses--already hit a few of these--we lowered cable from extended to basic and our cell contracts are up the end of January...we don't intend to renew them. We are striving to lower our water bill, electric, and gas as much as possible.
We are not planning any vacations..we are going to an every other year plan for vacations. This past summer we went the beach so this year we plan to stay home. That will save us 2000 alone.
I am also really bad about household renovations. This year we are determined to do NOTHING to our house unless it is an emergency repair job. No painting, no redecorating, no nothing! This is where most of our debts have gone..we bought a fixer upper 5 years ago and we are still fixing it up! But this year it is going to stop! We have put in new electric, new water heater, new furnace, new air, new stove, new gas logs, new floors, new windows. So really the chance of anything breaking and needing repairs are pretty slim and likely covered under some sort of warranty.
Well I think that would be my pf goals for the year..what about you?
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Best wishes on your debt-reduction journey! I think you have some good long term and short term goals.
ReplyDeleteI pray that you will succeed in accomplishing all of your goals and more for 2009! :)
ReplyDeleteI wish you luck in your goals in 2009! I look forward to following your journey!!!
ReplyDeleteGood luck. We also usually have huge $8,000 or so medical bills each year.
ReplyDeleteI look forward to following.