Some new goals
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| Sat, 06-06-2009 - 2:49pm |
Since phase one of my plan is complete(paying off a $30,000 unsecured credit line) I need new focus. I have been thinking about things this week.
There are so many things I want to do and save for and pay off. I have decided to prioritize.
As some of you know I own a store in small rural town in Canada. I have mentioned in the past how stressful managing my store credit line can be as when things slow down or something happens my credit line gets too high and I start to worry(like it is right now). I now have a $5000 efund for my store that I dipped into $1900 to pay off my unsecured personal credit line listed above. So my first priority is to get that back up to $5000 asap! (I hope to have that back up to date by the end of July)
I do have a Land and Building loan on the store that is currently $17,335.27. This has a monthly payment that pulls from my store credit line every month. I have decided to save and see how the summer and fall goes. If I can get this loan paid off it will be one less thing drawing on my store line of credit. I don't think I am able to make snow flake payments on it but I could save to pay it off all at once as well as with the regular payments. Having this done by sometime next year would be great although like I said, I have to see how everything goes.
I do want to save to help with my kid's education however, I have decided to give myself a year, perhaps a year and half and get my store in a better position so I am not stressed out. This is where I make my income and a very important part of my life. I think a more financially secure mom is a good option to start with. Then I will still have 4-5 years to save for my oldest's education and 8 years to save for my youngest's education. I have never planned on funding them the full amount but I would like to help.(Their dad has said he will help too)
At the same time as saving for my kids education I will start retirement savings for myself.
My boyfriend and I are able to save a little each month for the house we want to build in 6 years. And we will be able to save a lot when our car is paid off in 3 years. Plus any extra money coming in will go into that fund.
So, I think this is a good start and I am hopeful for the future. Things may come up, they always do but I am going to give this a shot and see how it works.
I hope everyone is having a good weekend!



I know how hard it is to decide where to prioritize once you are at this point.
I have also been thinking along the same line - prioritizing.
Norma
"Patience is the best remedy for every trouble"- Plautus
Sarah