Reflections on 2005
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Reflections on 2005
| Thu, 12-22-2005 - 4:40pm |
Okay - it's the holidays, and we're all stressed about the spending we've done, the spending we've specifically decided *not* to do (and are now second guessing ourselves), and the spending frenzy that's going on around us.
Taking a few deep breaths and moments of quiet reflection, and looking back over the past year, what are some of your favorite accomplishments?

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We were hit with a LOT of unexpected (and unfair) financial distress this year.
Overall, I'd have to say that 2005 was a great year!! I learned about trust and honesty in my marriage when it comes to money and hiding debt. I worked hard to regain my husband's trust, and our marriage is back to how it was when we were first married---we're actually best friends again after 13 years of marriage! :-D I laugh more, cry less. I smile a LOT more, and I have hope, which I didn't have for a long time when I was hiding and worrying about my debt. I have taken steps to regain my health that I lost track of in all my worrying and stressing over my hidden debt. My blood pressure is under control, and I have plans made with my doctor to hopefully get me off of medication for it in the next year or so. My weight is going down (although slowly ;-D), and as I mentioned in another post tonight, I'm getting my dental health taken care of also, which I'd also let slide under the numerous attempts at trying to pay down my hidden debt without anyone knowing. It was a decision of copays vs. debt reduction, and my attempts at debt reduction always won out.
For 2006, I hope to continue to focus on my debt payoff....but also on my marriage. I'm so very happy with how my marriage is right now, and I want to work hard to maintain it. I would love to have my whole credit card paid off by next Christmas, but realistically, I'm setting a goal at paying off half of it. If I pay off more, then I'll have even more to celebrate as I go into 2007. :-D
Pat :-D
2005 was a tough year for me, but I know that I'm stronger for it.
All my best,
Danni
I was just thinking about this last night. 2005 has probably been the best year, financially for me, in over 10 years. Most of that was due to the fact that I picked up a lucrative part-time position early in the year that has netted me over $10,000 extra in income. As a result, I have been able to spend more freely and still pay my credit card in full each month. I have been able to deal with home and car repairs that suddenly came up without having to worry and fret about how I was going to pay for them.
One of the ladies mentioned in another post about freedom, the freedom that comes with having a little wiggle room in your budget. That is exactly what I have dreamed of for years, and finally, I have achieved some measure of financial freedom.
For 2006, I want to focus more on saving and building up my emergency fund. I also want to set up a Roth IRA in addition to the retirement plan that I particate in at work. The best part will hopefully be starting a new position as an adjunct professor at one of our local colleges. It will be good for my wallet and a wonderful career opportunity. I can't wait!
Happy 2006 to all.
Reflections on 2005.......
In retrospect, I consider it very successful and an improvement over 2004.
Financially, I earned more $$ -- income was up 14% over 2004. Our company started a 401K and with the employer match, I'm socking away 10% of gross. That helps in my feelings of security. One of the most important things that happened is not measurable in $$'s -- yet. I found this board and forced myself to stop procrastinating and to start planning. I put together a spending plan for the future on an excel spreadsheet with a corresponding debt reduction plan. 2005 saw the end of my custody fight and related legal expense bloodbath, so that's going to be a HUGE improvement for the future. Now I will be able to focus better on debt reduction and savings.
I was able to improve our family's living arrangements. This fall, we moved into a larger, nicer home that is much better suited to our needs. My rent and utilities did increase about 20%, but I feel it's worth it--it's larger and in MUCH better condition and closer to the kids' schools.
I congratulate myself for funding Christmas spending with cash and not using cc's.
Even if this past year saw only a minor decrease in debt, I FEEL less stressed about it because I have a plan, and because other issues are more in order. Thank you for prompting us to reflect and evaluate.
Cupcake
Wow, great thread & topic...its amazing how well everyone has done & we all have this board in common so I think it gets alot of the credit!!!
I too had a great 2005. We went through some tough patches, DH quit job (back injury) our income dropped in half, survived & DH found a short contract haul that is just right for us & our budget! Plus I love having him home instead of working on the road.
We are 19 months away from being debt free except the house! We sold a jeep for $9500 & put it towards debt, we paid off vehicle loan, parent plus loan & have a cushion in our checking account & $1200 in savings. Only debts left last parent plus loan $10,000 & vehicle loan $15,000...we are getting there!!
I feel so fortunate DH is on board for paying off debt, I received a nice Christmas bonus at my job, we are happy & looking forward to a great 2006!!
Enjoy the Holidays!!
cindylee
Great post Danni! I have to say 2005 has been pretty good. My accomplishments:
- this is the biggie: I paid off my Visa in September! The same one that 3-4 years ago had caused me months, if not years, of stress and anguish. The one that I had maxed to the limit countless times, and just kept on using anyway. The one that was killing me with a whopping 19.5% interest rate before DF let me transfer it onto his 5.5% LOC in 2003. IT'S DONE!!!!
- my $5000 Student Line of Credit, which I took out for my first semester of university in 1996, is officially down to $879. At $300 per month, it will be gone in March 2006. WOO HOO!!!!
- at the close of 2005, I will have just over $1800 in my savings account. Yeah! That's never, ever happened to me before.
- this past Fall, I bought a wedding dress ($682), a bridesmaid dress ($206 + $36 for alterations), and a pair of hockey tickets for DF's birthday ($170), all on credit. I've already paid off every cent.
I can hardly belive that I've accomplished that much - it almost sounds like we have money coming out of our ears, but that's certainly not the case. I've simply learned how to control my spending, put my money where it's most needed, and create plans and stick to them. If I can do it, anyone can!
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Hello whiz2005,
Regarding paying a little more on your mortgage, have you considered paying twice a month? Sometimes it's called bi-weekly payments. You still pay the usual *total* amount, but it's divided into two payments that can be scheduled to fall on paydays. I have an $830 monthly mortgage payment. Because there are sometimes months that have three paydays, (aren't those nice) I end up making an extra payment several times a year without doing anything special.
My paydays are always every other friday, so I have my paycheck sent to my checking account by direct deposit, then the mortgage payment is debited from my checking account later that day. Because it always happens on payday, I'm basically guaranteed to be paying on time with no bounces, unless something really unusual happens with our checking account or job.
Regarding my accomplishments:
* My husband was laid off from his job in September. He recieved a large severance payment, which I deposited in a savings account (3.75% interest) and have basically lived off of my salary, only taking a little out of the severance savings when we absolutely have to. A car repair, sudden roof replacement, and unexpected medical bills were handled with some of the severance.
* As of today, savings account still has $17,000 in it. I'm hoping that when my husband applies for unemployment, that we can add to that balance rather than diminishing it.
*Completed 10 speeches in my Toastmaster club, earning a CTM Award (Competent Toastmaster)
*Completed an Associate's degree from University of Phoenix Online
Sincerely,
Lindsey Schocke
Take a Virtual Ride in a Ferrari!
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Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Great thread Danni!
In spite of all the challenges and curves I've been through, this year still turned out to be a great year of success and realized goals!
My STBX and I managed to buy our first home and be able to comfortably afford it when we could have bought a bigger house. We did get back into debt for house related items however I am not letting it affect me as I have been debt-free and know exactly what I need to do to become debt-free once again.
I have a great job and got a 10% raise earlier in the year, I got to travel a bit and handle assignments that were unrelated to my regular responsibilities so that helps my career a lot.
I managed to actually take complete legal ownership of the mortgage and condo so I am now a single 29 year old who owns her own home!
It is really empowering for me and it helps me to validate in part that I made the right decision for me regarding the fact that my marriage was not working for either of us.
I have an amazing family and friends network that has been there for me during my separation/divorce.
My STBX and I are on positive terms and are being very mature to close this chapter of our lives in the best way we can - that is a success in my book.
Most importantly I have rediscovered my passion and joy for life, that had lain dormant during many years of my marriage...after a long time away from music, I have started to sing professionally again and I am contemplating going back into commercial modelling. I have learned so much about myself and what I am capable of, I am more confident and happy than I have been in years and for that I am grateful.
I hope this positive trajectory will continue into 2006.
I wish everyone the best for the new year!
Kassandra
Kassandra
"It is said that life has its peaks and valleys. The challenge is to accept them equally and experience them
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