What will go in 2005?

**britbunny** · 01-19-2005, 09:50 AM

This year one of DH's student loans will be paid off, and although we have other debts, the money from this will go into our savings account as part of our aim to save at least £2500 this year.

The reason we are not using this money to pay off the other debts is that they are mortgage and student loans, the student loans have an early payback charge so it's not worth it and we have an end date for these debts already and so we can see the light at the end of the tunnel.

We want to save £2500 this year as my parents paid the deposit on our house and we were saving to give it back to them. They have since told me that they don't want the money back, so we are saving it anyway in order to boost our savings.

After this (at the start of 2006) we'll be putting all our extra money towards paying the mortgage off with the aim of paying it of by the time DH is 35 (he's 26 now).

So my question is which, if any of your debts will be paid off this year and what will you do with the money afterwards?

**AmyBoz** · 01-19-2005, 09:56 AM

Well, it is our hope/goal that our home equity loan will be paid off in 2005. It's the debt I refer to in my signature line. Once that is gone, we may save half and put the other half toward the van payments. The van is due to be paid off in 2006...I'd like to get that out of the way early so that when Julia goes to kindergarten, we can take all that extra money (Van, daycare, home equity) and put half in savings and continue to pay down the mortgage.

I LOVE saving money!

**seadream** · 01-19-2005, 10:12 AM

My goal is to get my car paid off this year. I have 13 more payments on it, but since I have always sent in extra money each month and I'm 3 months ahead I am sure it will happen.
The extra money will be used towards paying extra on the mortgage.

**nodmicks** · 01-19-2005, 10:13 AM

I'm setting a goal to pay off our smallest of the two credit cards. The balance is 4422

**PrairieRose** · 01-19-2005, 10:15 AM

We have a note on our warehouse and shop buildings and we're paying those off quickly. We hope 3 more years instead of 10 on them. I'll be doing the big ol' happy dance when that note is gone!

**Mom23boys** · 01-19-2005, 08:28 PM

Our goal is to have my car paid off and to pay off a CC we had to use when DH's hours were cut.

**thrifty gal** · 01-19-2005, 09:37 PM

WTG to all those paying off debts this year!

Fingers crossed- we will have all credit cards paid off this year. We owe $3000 in credit card debt, and we are hoping that our tax refund will pay it all off-or at least most of it. If not, we will continue to snowball our debt.

**Chea** · 01-19-2005, 10:09 PM

I haven't set any goals yet this year!! Well -- no c.c. debt. I guess our next debt would be to pay off the Blazer. I'm not sure how to figure when that day will come though.

I think padding the savings acct and paying off that personal loan I owe my mom. Its down to $1000 right now.

**gkp1031** · 01-20-2005, 07:04 AM

My goal is to have our credit card debt paid by June, then I will put that $$ into savings.

**RuthNY** · 01-20-2005, 07:04 AM

I hope to have all my debt gone this year.

**FrogMom** · 01-20-2005, 02:07 PM

We are working on our last medical bill. Then will start on our big emergency fund.

**jettsmom** · 01-20-2005, 04:59 PM

I'm not real sure what we'll do. Probably pay off the two or three small cc when the tax return comes. We may cut the cable to basic which would save $30/month and may trade in the van for a cheaper car that could save $200/month plus maybe a small savings on insurance. That should help reduce some of our debt.

**Ellise** · 01-20-2005, 07:00 PM

Car will be paid for in July.
Pay off CC's by the end of summer.
The money from those 2 debts will go into a savings account for a down payment on DS's graduation present (2008).

**LadybugDreams** · 01-22-2005, 03:16 PM

Well, so far we have gotten rid of Direct TV! +$50! for us! We will be getting rid of the American (a tv and furniture store) 0% interest (but the payments are a killer) CC in the next couple months. Only $638. more to go! Hoping to have another one or 2 CC payed besides that!