Tuesday, October 9, 2007

The Big Plan

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:

  1. We'll be out of debt, other than the mortgage, in two years or less. (2009)
  2. At which point we'll be able to build up a $10,000 emergency fund in one year or less. (2010)
  3. And we'll begin saving 6% of our income for retirement. (On top of the 9% given/matched by company.)
  4. And we'll buy more life insurance.
  5. 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?!

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