What will you do?

iVillage Member
Registered: 07-10-2003
What will you do?
13
Tue, 05-18-2010 - 12:31am

When you get your debts all paid off, what will you focus all the energy

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iVillage Member
Registered: 04-10-2003
Tue, 05-18-2010 - 7:43am

I'll play.


I have a car loan ($280 a month) and two student loans ($261 a month combined) left in non- mortgage debt.


When I am done (hopefully 5 years or less) I will:


a) Increase my savings. I am still young enough that adding an extra $100 or $200 a month to retirement will make a big difference (I already contribute 5% and my employer matches 4%)


b) increase my car sinking funds so that I am prepared to handle car expenses and save for my next car and


c) Have some fun!!!


If I stick to my plan I can be debt free (other then mortgage) in 5 years. Thats assuming I just make those monthly payments. So my goal is to increase those payments so that I can be debt free earlier!


Bex -

iVillage Member
Registered: 08-24-2007
Tue, 05-18-2010 - 7:54am

I've been debt-free for about 10 months, but I'll play anyway!


What I would love is 3-6 months living expenses in a savings account.

Kate


empty purse

iVillage Member
Registered: 03-27-2005
Tue, 05-18-2010 - 8:35am

iVillage Member
Registered: 10-01-2008
Tue, 05-18-2010 - 8:40am

I've already got a dream of being a stay at home housewife.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 01-20-2010
Tue, 05-18-2010 - 9:31am

ooohh. i want to play, too! LOL

we have a long way to go, but it will go by so fast.

when we are done with consumer debt (cc's and cars) we will save 5 months of living expenses. we are doing a lot of this in preparation to welcome baby #2 in 2012 (hopefully!!). we should have cc's paid off in july of next year and the cars a couple of months after that. then it's onto saving for maternity leave/ emergency savings. i hope that we can save enough that after maternity leave we will still have 3 months living expenses in the acct. at the same time we will up our retirement contributions. after that? well- what the additional daycare doesn't eat will be thrown at the student loans.

may not be glamourous, but i am on the way to getting my ducks in a row to welcome baby #2 to a credit card debt free home.

iVillage Member
Registered: 11-14-2008
Tue, 05-18-2010 - 2:23pm

Hmmm, I like this game, sort of.

I don't even know, is Student loan debt considered consumer debt? BF and I don't have any credit card debt but there is still a chunk of student loan that needs to go.

By that time I am hoping my credit line at the store goes down significantly as I would like to operate without one some day.

In the mean time I am focusing on building retirement funds, building education funds for my kids and we will be saving for a down payment on a house when the Student loans and the car are paid off.

The reason I said sort of, is because we have long way to go. We will get there at some point, its gonna be years though.







iVillage Member
Registered: 03-31-2010
Tue, 05-18-2010 - 7:31pm

Great thread!


I would love, love, love to have 6+ months of living expenses saved.

Robyn CL- Debt Support Group


iVillage Member
Registered: 12-10-2009
Tue, 05-18-2010 - 9:27pm

Wow it has been really interesting to read everyone's post. It seems like there are a lot of mature resposible goals out there :).


Our current plan is that once our car loan is gone we will focus on our fix up loan for the house. I would like to up our retirement savings, specifically mine

Liz

student loan paid off 2010

Bathroom remodel loan paid off 2013

Pending Car loan to be paid by the end of 2014!!!!!

 

iVillage Member
Registered: 07-10-2003
Wed, 05-19-2010 - 12:33am

I posted this question for a couple reasons.


1) If all you have are the goals to get out of debt, sometimes thinking ahead to what you will do after can help keep you moving forward

iVillage Member
Registered: 08-24-2007
Wed, 05-19-2010 - 7:31am
I agree, auntydoxzz!

Kate


empty purse

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