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10-30-2008, 02:40 PM #1
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I decided that I desperately need to write down MY financial goals, HIS financial goals, and OUR financial goals.
First and foremost, getting out of debt. I have a lot more debt than he does, and we have no combined debt. Yet.
I have Student Loans, credit cards, medical bills.
He has a truck payment, 2 credit cards, and the lawyer bills start today.
My goals are the following:
Start IRA for myself. Contribute regularly.
GET OUT OF DEBT.
His goals are the following:
Pay off truck
Pay off both CC.
Pay off lawyer.
Start IRA. Contribute regularly.
Our goals are the following:
Start 529 Plan for Michael, 3yo. Contribute regularly.
Start EF. Contribute regularly.
Start House fund. Contribute regularly.
Start savings acct for Michael. Contribute regularly.
- 11-03-2008, 05:15 PM #2
Putting goals in writing and posting them where you can see them daily really does help. I have mine in short term goals and long term goals and very long term ( which is getting closer than I like)
my very long term are the things I need done to retire like pay off the house and all debt including having a car fund put aside.
Last edited by itlw8; 11-03-2008 at 05:23 PM.11-03-2008, 05:22 PM #3
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yes, without goals in writing I am powerless ! I have all my debt on a spreadsheet and I visit with it at least 4 days a week. The only goal I have at this point is to get to a place where I can breathe financially.
We are really under water now but have been so for a year and a half so I actually feel much better and in control than I did last year at this time. Having a plan is so awesome !!! I'm doing just a little Thanksgiving and a little Christmas this year but the reward will be big ~ I won't put myself into more UGLY DEBT !
good luck OP ! You can do this, just write it all down & make it happen ~11-03-2008, 06:02 PM #4
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- May 2008
- Edmonton, AB Canada
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That looks like a pretty good set of goals to start with. It's nice because you both accept ownership of your debts and that's one of the steps to being financially free.
Our main focus in our family right now is making sure that we don't go into overdraft with anything. That was a large problem but after months of getting things together and being more mindful of our spending, it isn't a problem anymore. We had the EF funded a few months after we started budgeting and we really haven't had to touch that. We're pretty thankful for the fact that we haven't sank ourselves into a hole and having to use that EF. Ours is only $1k but we're looking at the larger EF once the debt is paid off.
You're liable to hit some snags, but your determination to pay off your debt and become financially stable will be able to help you through the rough times. Our family wanted to do a debt snowball for our debts and while it worked, it was solely based on any extra income coming into the house and only works when we've taken care of anything like our CC payments and our computer debts. We've decided to freeze the debt snowball until after Christmas and then hit it pretty hard from there on out. We don't want to dig a hole we can't crawl out of when it comes to buying stuff for Christmas and trying to pay off the debt in the largest amounts possible.
It's good to see you have a plan to tackle your debts!
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