Goals??

iVillage Member
Registered: 12-23-2005
Goals??
12
Wed, 11-14-2012 - 3:52pm

So I was just wondering what is everyones goals here long term or short term?? Paying off credit card debt? Paying off or saving for a house? Buying or paying for a new car? Or maybe all of the above? Does anybody use Dave Ramsey or what are you doing to get things payed off ? Mandy

 

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iVillage Member
Registered: 07-06-2003
In reply to: mandy982005
Wed, 11-21-2012 - 9:12pm
I've been working my butt off since July 2009 to pay off debt. As of Dec 20th 2012 I'll be 100% debt free! I would say that I loosely followed the Dave Ramsey way of paying down debt but I kept more than $1K in the baby E-Fund. After I splurge on a steak dinner with the DH to celebrate our debt free achievement, we'll be ramping up the savings to reach a $10K E-Fund. We also need to save about $5K for immigration costs for later next year. Once these two savings goals are met, then we'll be saving for a downpayment on our first home. Now the above is based on what we'd like to do. Let's see what life has in store for us ;)

Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them

Community Leader
Registered: 07-26-1999
In reply to: mandy982005
Mon, 11-19-2012 - 2:44pm

Coming back on after a bit of a hiatus.  DH and I have been in a bit of a lull for a while now, but we have finally really come to some conclusions and decided on some short and longer term goals.

Short term goals are to get as much of our debt paid off over the next 6 months while putting a good amount of money away so that I can leave my full time job and work part time from home to be home more with our two younger kids.  So we are working on cutting expenses and coming up with new budgets to accomplish this.

Longer term goal, there is property next to his parent's house in michigan where we are originally from.  He'd like to buy that property and we plan on moving back to Michigan in the next 2-3 years.  We're saving up to purchase the property cash and eventually have a small place there for him to hunt and us/his parents to farm and we'd have our main home near my parents house to live at most of the year. 

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iVillage Member
Registered: 07-25-2007
In reply to: mandy982005
Sun, 11-18-2012 - 1:23pm

We've spent the last 3 years getting out of debt- credit card, car, and medical.  We went to cash only.  We did without TV -Netflix and streaming form a laptop and watching via the Tv worked.  We negotiated lower payments with utilites and car insurance ( DH works from home which gave us a significant reduction).  Date nights and family nights were done at home or for free public events.  We re-evaluated how we spent at the holidays.  Food was the only expense we didn't mess with- we continued to eat 90% organic.    Despite the poor job market, DH was recruited twice during that time and is happy with his current postion.  His current monthly base salary is half of what his old monthly pay was (it is enough for bills, food, 401K and pet expenses). He does receive commissions which have covered savings, family activities, DS's activities, gifts, haircuts, clothing and extras.   We currently have one car payment and are in the process of selling our home.  We are renting a home from the ILs with an option to buy after 3 years with all of our rent going towards purchase price. 

Our current goals are to keep our E fund at $3000.  Maintain our short term savings at $10,000.  Continue to add to our IRA and 401K plans for retirement.  Add to the college fund.  Pay off the car.  Sell the house.  We would also like to travel.  We are loosely planning 2013 trips to FL ( Nashville and Chicamauga Battle Park stops on the way)  Gettysburg, Charleston SC and the Barrier Islands,  Mackinaw Island, and 2 camping trips.  Plus DS and I will go with DH on any work related trips that we can.  We are saving for a Colorado rafting adventure/Grand Canyon in 2014.  Long term is just save for retirement/college. 

    

iVillage Member
Registered: 11-14-2008
In reply to: mandy982005
Fri, 11-16-2012 - 10:56am
Oh and I miss my tickers!! That is really helpful for motivation and goal setting!
iVillage Member
Registered: 11-14-2008
In reply to: mandy982005
Fri, 11-16-2012 - 10:56am

I have had several goals in the past and have several goals now. Past:Pay off $30,000 personal credit line, pay off DH's $38,000 student loan, pay off 2009 Jetta, Pay off land and building  for my business, save $20,000 for my older children's education, save for renos because had a baby and needed more room plus buy all new baby gear!,  start retirement funds. Present: Pay off new roof for my business building, pay off our truck(this year I hope!), keep up with retirement funds, save for a down payment on a new(building) house.

I like some things about all the financial gurus and pick what I like from each. It must be working because we have paid off a heck of a lot of debt and lived life at the same time! I am in Canada and really like Gail Vaz-Oxilade(sp?)

We have a monthly and yearly goal thread but because the boards have been wonky lately I don't even think I could post on Nov last month. I hope we can access 2011 Goals to see if I reached my goals!

iVillage Member
Registered: 07-27-2009
In reply to: mandy982005
Thu, 11-15-2012 - 10:23pm

I have read literally hundreds of self-help financial books (I am just a finance geek...) and the one that really spurred me to action was Mary Hunt. She seemed a lot more authentic and a lot less...infomercial.

My goals for the short term are to finish paying off the remaining CC debt by the end of February. I will use the tax refund for this goal. Hopefully at the same time if there is enough left over, DH and I will get a new bedroom suite. My long-term goal is to pay off the student loans so that all I have left is the mortgage (which I have been making extra payments to off and on to have it paid off by the time DD graduates high school-6 years and counting...). Once all that is complete, I will have the extra cash to fund the undergrad tuition for my baby :)

JenAaron.jpg picture by jen2075


Community Leader
Registered: 08-25-2006
In reply to: mandy982005
Thu, 11-15-2012 - 6:13pm
Very short term: Get through until February when I can get my income tax refund. Right now I am lucky to just get by. Relatively short term: Pay off auto loan with tax refund. The make a plan with what is left. Make decision about selling or keeping my V-8 gas hog. Mid term: Pay off transmission loan and make serious dent, and eventually pay off CC. Start a real sinking fund and e-fund. Also start a savings fund. Long-term: Actually have a realistic e-fund and/or savings fund in case of unemployment or underemployment. Pay off mortgage sooner rather than later. Only use CC to keep score up.
Serenity
iVillage Member
Registered: 07-24-2001
In reply to: mandy982005
Thu, 11-15-2012 - 1:55pm

I joined this board a little over a year ago with the goal of paying off a credit card, medical bills and a line of credit.  I plan to finally finish this goal in a little over a week from now.

My shortest term goal now is to pay $11,000 into H's and my IRA's (I'm hoping H's year end bonus will cover this - though he doesn't usually get this until Feb).

Beyond that, next calendar year I would like to 1) pay off my daughter's student loans (that H cosigned for) - $24,000, 2) cash flow my new catering business, and 3) hopefully build my emergency fund to at least three months of our income.

iVillage Member
Registered: 10-28-2009
In reply to: mandy982005
Thu, 11-15-2012 - 9:03am

I use a blend of Dave Ramsey, Suze Orman, and my own ideas :)

I began my debt journey in 2003 with over 50K in debt. I used the snowball method and made my last debt payment in 2006. My next goal in line was to save for a house downpayment, that also took me three years. After I purchased my home, I set several savings goals, to insure that my attempt at home ownership would be a success.

Currently, my goals are to pay off my mortgage in as short a time as possible, while saving for retirement and also saving for a car ( that I hope I won't need for many more years).

I was overwhelmed and very stressed in 2003, but I am proof that this journey is very possible!

iVillage Member
Registered: 04-08-2008
In reply to: mandy982005
Thu, 11-15-2012 - 12:15am

great question :)

Short term goal: to NOT go into any more debt in the next 2 years. Dh is working PT, I'm going to school & we have 2 young children that need babysitters. So we have a $90/mo shortfall going to $477/mo.

Long term goal: pay off car loans! It was $31K in Jan and it is STILL $28K. It has been agonizingly slow bc we never expected to have 2 car payments, 2 insurance payments, etc. My work was taking 1.5 hours to get to by transit and it was only 20 mins by car. They were suppose to move to my neighbourhood (that was what I was told when I accepted the position) but it was cancelled for budgetary reasons.

I keep telling myself it is ONLY going to get better. DH is going to be getting very small raises every 6 months for the next 2 years and he will be getting FT hours then too.

Slowly but surely!

Dee

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