Well, in addition to the weight loss (updates continuing - all honesty baby...) countdown to June 5, 2007, I also want to start my debt reduction countdown.
There are so many inspirational bloggers out there who continue to motivate me, and I will use them as my resources, but these are my plans:
1. Utilize MyEnvelopes to it's fullest, I have already paid for a full year and am already behind in keeping it organized.
2. Write all debts down on a white board and keep track of them. I also want to keep an excel spreadsheet of all the debts and the finance charges I incur each month - and watch them SHRINK!
3. Write a budget for D and I - and stick to it!
4. SELL some of the things we do not need, including a multitude of Longaberger baskets and a kayak and sailboat. Put all this money toward debt reduction.
5. BE AGGRESSIVE about this, eating out far less for lunch at work, using crockpot, planning menus
6. Use all extra money towards debt reduction, including tax return and company bonus
7. Start saving for 2008 trip to Cambodia, GOAL: take Doodle and Meesta and NOT charge it to a credit card (without paying it off that month); this will be at least $7,000.00 for plane tickets alone (unless we get a good deal and go the right time of year, then it will be cheaper)
8. Create a detailed plan to determine how long it will officially take to get out of debt, I have generously given myself 6 years, which will be the amount of time until my husband is "officially" a Navy Chaplain and we take off, hopefully much faster.
9. As soon as debt reduction is complete, aggressively fund college funds for the kids, I can't rationally see the sense of paying more in interest on debt than I would be earning in college funds. College is very important to us, and we will do whatever it takes to send our kids to school, neither of our parents had ANY money to send us to school and we both have Bachelors and Master's degrees, with D working on another as we speak.
10. Try to keep this all in perspective and remember to enjoy life, vacations are allowed, just plan for them (one reason why it just might take so long to become debt free). We want to show our kids the world.
Okay, beginning January 11th (once we return from our little trip - I know, I know, not exactly planned for....), the plan will be implemented and I am truly so EXCITED. We got a taste of this and it felt good, the holidays got me out of the habit and spending too much again, just ask Am Ex...but I am ready!
January 11th, here I come!
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3 comments:
I love your debt reduction goals. They seem so healthy and well-balanced and well thought out! Good job! You've inspired me, yet again!
Wow, talk about your new years' resolutions!! I think those are great, concrete, do-able goals/steps... I'm very impressed. :-)
Thanks Nicki and Chris, this is truly going to happen, D and I are both on the same page and excited to live without debt hanging over our head. Most of the debt was obtained for good reasons, but it is still debt nonetheless.
Less Fat and Less Debt - 2007 is going to be a fantastic year!
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