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The Official Plan

June 27th, 2008 at 10:06 pm

So I set aside a plan to have us free of credit card and car debt within the next 2 years and 4 months.

This was allowing some room and saving $350/mo for an emergency fund. I debated NOT doing that and using the $350/mo to pay our debts down sooner but my goal is to try to find a plan I can stick with. If I have that $350/mo cushion plus the $20 challenge, then even if I have to dip into it for an emergency... my plan to pay off the debts is still on track.

And this was also allowing DH to pay for a motorcycle in cash next year. HUGE concession on my part, but its one that gives him enough room to feel like he's not depriving himself... while also allowing us to stay on track. Kind of like allowing chocolate cake on a special night out.

I feel like this is a good plan... I'm going to print out the amortization schedules I created and put them on the fridge - just to remind myself that 2 years and 4 months - we'll owe our cars outright and be credit card free.

So in June '09 the credit card will be 100% GONE

October '09 his car will be paid off

And October '10 my car will be paid off... and we should have $10K in savings... so long as we don't have to use the EF, but if we do - we'll be covered.

I'll still pay for my master's degree in cash and in May 2010, I should graduate with that.

I'm also going to start volunteering at the stables on Sundays for 4 hours. For every 8 hours I volunteer there, I earn a free lesson. I figure this way, I can earn free lessons either for myself or my daughter. But its also therapeutic for me... I don't even have to ride but being around horses is one of those rare times for me that I'm "there" completely. I've fallen victim to mommyhood where I've become SUPER obsessed with multi-tasking... being around horses erases that for me. I'm not thinking about what I'm going to make for dinner, the report for work, etc... so it'll probably be good for me just as therapy in that respect... even if I end up getting dirty in the process (which is HUGE considering my neurotic OCD self)

5 Responses to “The Official Plan”

  1. creditcardfree Says:
    1214600874

    Any plan you can stick to is a good one. Way to go!!

  2. JanH Says:
    1214607095

    That's so smart having a way to get away and just be yourself for awhile! And, sounds like you've got a great plan in place!

  3. fern Says:
    1214611616

    Posting it on the fridge with your payoff dates is a good idea. I like to keep my mortgage balance updated here on my blog for the same reason. It keeps me motivated and my eye on the ball.

  4. Apprentice Fun-Frugalist Says:
    1214616059

    I know what you mean about horses... I love being around them too... plan to budget regular lessons into my budget when I reach my interim target weight as a motivation !!

    Good Luck with the plan !!

  5. klbb90 Says:
    1214652595

    Its great that you have found something, horses, to help you feel that way!

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