introduction (warning long)

iVillage Member
Registered: 12-10-2009
introduction (warning long)
7
Thu, 12-10-2009 - 7:52pm

Hello all I just wanted to introduce myself. I am a young Mom of two lovely girls ages 3 and 1. I work part time out of the house and at home very part time. I stumbled upon this message board a couple of days ago and I am glad that I found it! It is really motivating to see how people have been able to pay off so much!


So far we have no credit card debt but lots of "good" debt that dosn't feel good that

Liz

student loan paid off 2010

Bathroom remodel loan paid off 2013

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

 

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 12-10-2009 - 8:39pm

Welcome to the board.

iVillage Member
Registered: 12-10-2009
Thu, 12-10-2009 - 8:57pm

That is good advice. I forgot to add that my checking account automatically takes out $50 every two weeks into savings. I had been taking the money

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: 12-04-2006
Fri, 12-11-2009 - 6:09am

The thing that jumps out at me is that you are putting extra on the car payment and also putting extra money on the home improvement loan when you can. Personally based on what you said about wanting the car payment gone first, I would put any extra money that you would normally put towards the home improvement loan towards the car until its paid off (the car payment should disappear faster that way).

In terms of the unexpected expenses, try to look at whether they were truly unexpected or were really those expenses that aren't monthly and as a result weren't budgeted for. If you can recognize an expense as a non-monthly, but expected expense then you should be able to find a way to fit it in the budget so that its not unexpected next time round.

Lyn

bpeblink.gif picture by beautifulmandaPhotobucket


Lyn

iVillage Member
Registered: 03-27-2005
Fri, 12-11-2009 - 9:41am

My first thought is that an emergency fund is for emergencies. Putting it into a Roth is retirement planning, not emergency fund.

iVillage Member
Registered: 11-14-2008
Fri, 12-11-2009 - 12:45pm

Welcome to the board.

You plan looks good. I would concentrate on the efund first. There are differing opinions but I would get it to 1000. Then you add to it and pay down the debt if you want at the same time or just pay down debt.(If you don't use if of course)

Tracking you spending for a few months is a good idea. $160 (what you have left over) would be incredibly easy to blow with a young family if you don't know where your money is going. Check your budget to make sure you have every category covered ie:clothing, gifts, spending money all insurance, as well as the proper amounts in the categories? For instance, do you constantly go over on groceries? once the kids are out of diapers this will be easier so hang in there.

Good luck! Post often!


iVillage Member
Registered: 12-10-2009
Fri, 12-11-2009 - 4:39pm

Hello everyone!


Thanks for the advice so far!


Somethings that I am going to change is

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: 08-04-2008
Sun, 12-13-2009 - 3:04pm

Sounds like you are well on your way!