how are you doing on this years debt goal?
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  1. #1

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    Default how are you doing on this years debt goal?

    Next week, this year will be two-thirds of the way over. How are you doing on your debt reduction based on what you set on January 1st? My goal was to get half of my debt paid off this year and I am quite far past that! I am so glad. How about you? Did you set any goals? How far have you come???

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    Registered User PrairieRose's Avatar
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    I'm not doing quite as well as I had planned but still making good progress on our debt. Hope to have it paid off in 3 years.

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    I set a goal to have all my CC debt paid off by the end of the year. I'm still on track to have it paid off by Thanksgiving, God willing and the creek don't rise

    I'm doing really good

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    Registered User brenda67's Avatar
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    I didn't post my goals for the year...but so far we have paid off $2000.00 of our $15.000 in credit card dept...I had planned on paying all of it off by Dec...but after losing my side job that brought in $600.00 a month extra it doesn't look I will make that goal...Oh well maybe by next year it will be all gone...

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    Registered User Mom23boys's Avatar
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    We are doing better than I planned. I am happy to be where I am today. I can't wait to be totally debt free!

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    I am happy to be where we are right now. I have plans to reduce the debt further too.

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    Registered User tlenad's Avatar
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    I'm doing fairly well all things considered. I knew I wasn't going to be able to pay off much this year as I was waiting for the move home (moving always costs a bit of money) to free up some money. And of course, Murphy likes me a lot and visits quite often which has slowed down debt repayment.

    Also recently I change the way I was handling my debt to more of a Dave Ramsey view so I've gone back down to paying the minimums on my Credit Cards for a few more pay checks to get my EF up to $1000. I think I'll have it knocked out by the end of the week though so starting next month I'l have just a bit of money to throw at my debt.

    My goal is to have one of my credit cards paid off this year with the adjustment to the Dave Ramsey plan after that they'll start falling off quickly.

    All in all I'm still looking at 2008 to be out of Credit Card and Car Loan debt. I can't wait. Next year will be a great year for paying down my debt. For starters my car will be paid off come August as will three of my five credit cards and I'll have most of the fourth one paid off by January 2008.

    There is a light at the end of the tunnel finally so I'm happy and hopeful at this point.

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    Well it started off great and I've paid over $2,000 extra on the mortgage but then Murphy moved into my place so it's goign to be slow going for a while. Between the repairs on my truck, several emergency Vet bills and buying hubby a new/used truck paying off additional will have to take a back burner for a while here.

    kj

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    I'm happy with my progress so far. I actually started the Dave Ramsey Plan in April. I have over $1300 in my bef, I paid a major medical bill and I am in line to pay off a credit card by probably October. That will leave me two months left in the year to snowball toward my next credit card. I should be debt free except for the mortgage maybe early to late next summer. We'll just have to see how it goes. I also have a sinking fund set up for gifts, so Christmas won't eat into my snowball.

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    I went back through my expense tracking notebooks. Since January I have paid off $1,560.94 of debt and have saved over $1300 for my emergency fund! I'm excited to see those cc balances going down. I also have a pretty good snowball going to hit that first cc.

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    Well, We're not doing as good as I plan. We didn't have emergency fund set-up, and Murphy came visit a few times, so we end up charging some stuff on credit card and using the extra $$$ that suppose to go towards debt. A couple months ago, I decided to set-up an emergency fund first, then will try to start snowball my debt. So far, we have enough in emergency fund to cover small emergencies, so I'm now ready to start paying for those debt.

    We should get first CC paid in full by the end of September. Then will start snow-ball that amount into the 2nd CC. Should be about 10 more months before we can Pay-in-full this CC. After that, we will snow-ball to our Car loan, and then the mortgage.

    So, 2007 will be our BIG debt reduction year.

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    Registered User rebecca's Avatar
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    I am five months ahead on my car payment and two months ahead on my house mortgage. I should be happy with this, but I feel I should be putting more on my car payment. I also have an EF of 1,969. I wish I could be farther on my car payment, but I have to pay my regular bills, food (which I have cut down on considerably), gas for the car, luckily I live close to work. Lately I Have been putting every dime on my car.

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    We have achieved what we set out to do, just a little late. We came into 2006 with just over $10,000 in CC debt with a goal of totally wiping it out by the end of May. We weren't able to get it totally wiped out until the end of July, but we did make it! Along the way we also managed to pay $1000 for my medical bills (deductible) and have paid for all of DH's classes (around $800 each).

    Plans for the rest of this year include paying for DH's next class (due in two weeks), buying a washer of some kind next month (looking to spend about $1,000) and trading in DH's truck for a new car next month. And managing to make it through my 3 months of maternity leave, one of which will be unpaid.

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    Registered User rebecca's Avatar
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    Forgot to mention that I paid off my dental bill this year five months early!

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    Can't remember if I set goals, probably aiming to be debt-free.

    Had to go look it up, but since January we've reduced our debt $26,500. Got rid of $9,500 by selling a toy. Trading down in vehicle got rid of another $5,400 more. The other $11,600 is what we managed to pay from our pocket on debt reduction up to August 4th, so just over 7 months. The rest of this month went toward many dental visits between the three of us (including a root canal for me this morning, yee), paying in cash. This includes one Murphy visit last February.

    Although not completely debt-free yet, we're finishing out the year by beefing up our emergency fund to $7,000 (a comfy 3 months living expenses for us, 5 months bare bones). Next January we start hitting the mortgage with payoff within 3 years, and lastly the student loan to finish 6 months later. (is there a place to post a 5 year goal? lol) Not completely in Dave Ramsey order, but it's our order.

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