I'm pleased with how we're doing this year, although it's not exactly how I envisioned it at the beginning of the year. I figured we'd just pay off our debt, which we've been doing (we're down to our 2nd mortage and credit card---we'll deal with the 1st mortgage payoff later :-D), but now we have added some investment savings to the mix, and that's taken away some of the money I'd planned to put towards debt.
Dh and I set up some Etrade accounts with checking account automatic debits for our son's college, a retirement account for me, and a retirement account for him, and then we've set up a bank account recurrent debit thingy to take out several hundred dollars each month to purchase his company stock options that will expire in 2008. I can see the "long-term" good in these financial plans we're making, but it's still hard to see that money not going towards current debt.
I know I'll be real proud when my son turns 18 and I can just smile and say, "Pick any college you want....we've got the money to send you". And I know I'll be proud when I'm of retirement age, and I know that I can afford to support my own self, rather than having to ask my son (and his possible family, by then) to help chip in to pay my bills, etc.
What I'm really looking forward to is ending 2005 and being able to look back over the year and see what we've done and what we've learned, and be proud of the progress I have made in becoming more debt-payment savvy. :-D
One neat thing I did this year was to get a season pass to a theme park here in GA that we really love. Now we have the season passes and free parking pass, and we can just go there as much as we want, all summer long, and not have to pay anything at all! It'll pay for itself in just two visits, and food can be brought and kept in a cooler in our car until we want to eat, so it's all good! :-D
I took a while t think about this. At first I only saw the negatives so I'm going to start with the positive. I have not added any charges to credit cards, 1 will be paid off in July 05 the other in August 06. My car insurance is paid, new tires, tune up. DH have restructured how we pay the bills, so hopefully that will free up some of my income.
I'm focusing on reducing my grocery bill and growing my savings.
I think we are finally on the right course. I have started actually tracking our spending, only buying neccesary things (minus the whim of the Mexico Vacation). Last monht we paid $700 on our debt. This month we will pay about $1500.
I would like to have our $14000 in credit cards paid off by this time next year if possible or at least close.
Hi, Danni. Am still new to board. Plodding thru. The biggest thing is tracking spending. Hardest thing to do. You know, stopping at gas station for soda, water, etc. On positive note: Joined credit union. Hope to have $1000 by end of year. Paid off IRS!! Had extra $$ to pay for car repairs and didnt charge it. That is a huge victory for me. Started investing on-line. Nothing fancy--not day-trading. Goal: pay off credit card by end of year. Thanks for encouragement from all. It is helpful to know I am not alone in this mess. Whiz.
Well 2005 has not been going badly at all. I've paid off the debt like I wanted and even in the time frame I wanted. I do have an emergency fund and savings set up but have not been able to put anything in it for the last couple months. Huge disappointment there. I'm not even sure when I'll be able to start adding to it monthly again. But I did get it built up fast so I guess I can look at the bright side and say at least I have one, 6 months ago I did not. So far, I've been able to pay cash for everything we buy. Have to buy a weedeater and lawnmower and are going to buy a grill too, and we can pay cash for all of it. So great!!! On the other hand, we need a bedroom suite (we sleep on the futon mattress on the floor cause the futon is really uncomfortable and live out of storage bins instead of having a dresser) and that would end up going on a cc. But, I haven't bought it yet cause I'm just not wanting to add more debt, esp when I just paid a bunch off. I guess it will depend on how tired I end up getting, and I'm pretty tired of sleeping on the floor. At this point, paying all that interest and having a monthly payment would be worth it, esp since I have constant back pain from basically sleeping on the floor. The mattress is really thin. What to do, what to do!
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I'm pleased with how we're doing this year, although it's not exactly how I envisioned it at the beginning of the year. I figured we'd just pay off our debt, which we've been doing (we're down to our 2nd mortage and credit card---we'll deal with the 1st mortgage payoff later :-D), but now we have added some investment savings to the mix, and that's taken away some of the money I'd planned to put towards debt.
Dh and I set up some Etrade accounts with checking account automatic debits for our son's college, a retirement account for me, and a retirement account for him, and then we've set up a bank account recurrent debit thingy to take out several hundred dollars each month to purchase his company stock options that will expire in 2008. I can see the "long-term" good in these financial plans we're making, but it's still hard to see that money not going towards current debt.
I know I'll be real proud when my son turns 18 and I can just smile and say, "Pick any college you want....we've got the money to send you". And I know I'll be proud when I'm of retirement age, and I know that I can afford to support my own self, rather than having to ask my son (and his possible family, by then) to help chip in to pay my bills, etc.
What I'm really looking forward to is ending 2005 and being able to look back over the year and see what we've done and what we've learned, and be proud of the progress I have made in becoming more debt-payment savvy. :-D
One neat thing I did this year was to get a season pass to a theme park here in GA that we really love. Now we have the season passes and free parking pass, and we can just go there as much as we want, all summer long, and not have to pay anything at all! It'll pay for itself in just two visits, and food can be brought and kept in a cooler in our car until we want to eat, so it's all good! :-D
Pat
I took a while t think about this. At first I only saw the negatives so I'm going to start with the positive. I have not added any charges to credit cards, 1 will be paid off in July 05 the other in August 06. My car insurance is paid, new tires, tune up. DH have restructured how we pay the bills, so hopefully that will free up some of my income.
I'm focusing on reducing my grocery bill and growing my savings.
I think we are finally on the right course. I have started actually tracking our spending, only buying neccesary things (minus the whim of the Mexico Vacation). Last monht we paid $700 on our debt. This month we will pay about $1500.
I would like to have our $14000 in credit cards paid off by this time next year if possible or at least close.
Shannon
Shannon
I've paid off the debt like I wanted and even in the time frame I wanted.
I do have an emergency fund and savings set up but have not been able to put anything in it for the last couple months. Huge disappointment there. I'm not even sure when I'll be able to start adding to it monthly again. But I did get it built up fast so I guess I can look at the bright side and say at least I have one, 6 months ago I did not.
So far, I've been able to pay cash for everything we buy. Have to buy a weedeater and lawnmower and are going to buy a grill too, and we can pay cash for all of it. So great!!!
On the other hand, we need a bedroom suite (we sleep on the futon mattress on the floor cause the futon is really uncomfortable and live out of storage bins instead of having a dresser) and that would end up going on a cc. But, I haven't bought it yet cause I'm just not wanting to add more debt, esp when I just paid a bunch off. I guess it will depend on how tired I end up getting, and I'm pretty tired of sleeping on the floor. At this point, paying all that interest and having a monthly payment would be worth it, esp since I have constant back pain from basically sleeping on the floor. The mattress is really thin. What to do, what to do!
Pages