Category Archives: PAID OFF

Just Keep Swimming

Posted on our fridge is our Family Financial Goals which is a fairly constant reminder of our plans for our financial future.

Our short term goals are all about getting out of credit card debt, our medium term goals include paying off a car loan and a personal loan from the in-laws for IVF, and our long term goals include saving for things. It’s a list of needs versus wants. We need to pay off our credit cards, but we want to finish our basement.

It works for us. Which I think is the most important piece of all. If it doesn’t work for us we don’t do it.

The best part of the paper affixed to the fridge is that we get to cross things off. We can see our progress from across the room. In big black sharpie we have each had the opportunity to strikethrough a debt… twice each! I cannot tell you how good that feels and how anxious I am to do it again.

The ever evolving list of needs and wants now looks like this:

goalsNOV20132

I’ve added items like Lasik eye surgery for me (someday – when we can pay in cash!) and put more emphasis on others (like Baby Boy’s college fund). The copy on the fridge will probably (hopefully) become tattered and a marked through mess but that means we are making progress!

3 weeks in

Time for a check in! 3 weeks in and I’ve finally gotten over my fear of depleting my savings account. It does me no good to earn $4 a month when we are losing $70 a month to interest charges on credit cards. So… I took my savings down to $3,000 (after much discussion with my husband this is as low as I we are willing to go. So our Emergency Fund is established time to kill some debt!

So far this month we’ve been able to cross off 4 (yes FOUR!) credit cards. It feels amazing and is making this whole process seem much less daunting. I know it will be a while before we are debt free but each step makes me feel reenergized.

So here is where the money has gone as of yesterday:

piechart

 

PAID OFF!

Love those words.

Yesterday I paid off the CitiCard and Best Buy card.

YAY!!! I originially planned to pay down other cards first because the Best Buy was interest free but it felt so good to have one paid off I asked Hubby his thoughts. He said it definitely sounds better to have 2 paid off than just one. Sounds like motivation to me!

I also sunk $1000 into the next CC on the list! Let’s go snowballin’!

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