I don't know if many of you have the goal of becoming 100% debt free eventually (including the house). That's our goal! It just seems like a vicious cycle. Work, work, work...pay interest...work some more.
The main reason for us...our future! Our children's future! It's a different world now. When I was a teen, worrying about your future financial being wasn't a big worry for the adults in my life. They also contributed to their 401k or IRA plus had SS to rely on. It's not that easy anymore. By the time we pay our "bills", what's left to save? We tuck away a bit of a savings, only to have to dip in it for an emergency!
I've completely changed the way I budget. Every regular expense is in the budget....eyeglasses, yearly Realtor fees/dues, clothing expense, birthdays/gifts/Christmas, vacation, car repair, house repair/yard work, medical expenses, plus all the regular household expenses. When I truely put these numbers together, it's no wonder we don't have much extra money in the savings. That was a real eye opener for me! I called this my TRUE budget.
I know this isn't going to be easy. Especially only dedicating $1500 month towards our loans (car, equity line and mortgage). According to my snowball calendar we can pay all this off by 2019...of course that's providing nothing happens...which we all know will! I'm giving myself 2 extra years.
Anyone else have a real eye opener?