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?!
2 comments:
It almost sounds as if you are using the Dave Ramsey method of getting rid of debt.
Are you?
My husband and I are just starting with his method and are very excited about it!
Yep, we're trying! I've read the book and listen to the radio show every day, and we're doing our best. :)
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