Debt free FINALLY!!!!!!!!!!!!!!!!!!!!!!
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| Sun, 02-28-2010 - 12:02pm |
I am so excited to report that I finally paid off the final credit card!! Woohoo!!! My husband's company got bought out by another company, so things have been a little shaky during the transition to the new company. He got paid on Friday and it was $1000 more than I was expecting. They didn't deduct for 401K yet, which is part of it, nor did they deduct for insurance. I am guessing all of that will start mid March, but it was so nice to be able to finally pay off the final CC!! Then we went to AT&T and bought iPhones (something we've been wanting for a long time). We realized that with the discount of 19% through this new company, it's actually a better plan than our old plan with regular cell phones through Verizon. They also waved all the activation fees. And when my husband went to pay for it he said "Put it on a credit card?" and I said "NO!! Put it on the debit card. We have enough to pay for this." I was so excited. What also helped is that when they transitioned, they paid off everyone for their vacation that was accrued on the books, so he got a nice chunk of change there and we put most of it in our savings account for our e-fund. So, I'm happy to say that the only debt we have is our first mortgage, which is an excellent rate for 30 years and a second which we have to pay off in 5 years and since it was a loan we made ourselves from the 401K, we are paying ourselves interest on that and it is automatically deducted from his paychecks.
Anyway, yay for us! I'm excited because I don't think we've been debt free from credit cards in over 15 years.
Kathryn


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Good Question!!! I opened an other savings account. My first one is off to a good start and that will be for vacations and such. The second savings is a college savings for my kids. My oldest child is in 7th grade so i feel the need to start saving now for college for her. My second child is in 5th grade and has some special ed needs. She can go to college if she wants to, although I'm not sure she'll want to. I'm hoping she'll at least go to a community college for 2 years. If she doesn't require much in terms of tuition, then maybe we'll use some of our money towards helping her in some other way. My youngest is in 2nd grade, so we've got a ways to go, but it sneaks up quickly!!
Kathryn
It sneaks up quickly! Oh tell me about it. My ODS is in grade 7 as well. When I sat down and did the math it scared the crap out of me.
I will give you an example of what goes through my head.
65 more months until he graduates yikes.
65 x $50=$ 3,250
65 x $100= $6,500
65 x $125= $8,125
65 x $140= $9,100
I know there may be some interest compounded over the 5 years but I wanted to save $10,000 for each kid and it isn't a whole pile of time. My youngest son will graduate in 8 years as he is in grade 4 right now.
Anyway. It is amazing how much less you have to put away each month when you start when they are born. I just don't know how people do it that put two or three kids through school entirely. That would be a huge chunk you would have to put away each month. I just started my retirement saving too.
I have such a long way to go. Flake, flake, flake. I will do it though. It is important.
Good luck, you have to start somewhere.
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