A few things are coming up which should dramatically speed up our debt pay off. These include:
- A reduction in Christmas saving, as we'll have all year to save for next Christmas = $33.00 more dollars for debt
- Changing our withholdings so that we don't get the big tax return = $300+
- The adjustment of our budget payment plan for our utilities = $88
With this plan:
- We'll be out of debt, other than the mortgage, in two years or less. (2009)
- At which point we'll be able to build up a $10,000 emergency fund in one year or less. (2010)
- And we'll begin saving 6% of our income for retirement. (On top of the 9% given/matched by company.)
- And we'll buy more life insurance.
- And begin saving for the kids' college. By the time E is 18, we'll have about $130,000 saved.
And this is if our income never increases. Um. Wow?!