Goals Expanded

Okay, after much thought and reflection, I have decided to update my goals. As I learn more about this blog stuff, I will create a side panel showing goals and progress. Unfortunately, I do not know, as of yet, how to do that. Anywho, here are my “short-term” and “long-term” goals and current financial positions… Cash: Emergency Fund Savings: 1000 dollars Allocated Savings (annual bills): 1000 dollars Checking Accounts: Approx. 1000 dollars Total available Monies: 3000 dollars 403b Retirement Savings: 13000 dollars Total of All Debt: 11510.22 dollars My short term goals are as follows: Pay off debt, using approx. 1700 dollars a month. This should pay all of my debts off, 2 autos and 1 ccard, by the 10-10-2005.…

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Debt Story

Current Debt Situation

Here is a summary of my current debt situation… Auto 1: 2,656.33 Auto 2: 3,255.23 Credit Card: 5,598.66 Total Debt: 11510.22 dollars I am trying to pay off all my debts by 10-10-2005, just 7 months from now. I will need to dedicate roughly 1700 dollars a month towards debt payments. I am excited about the idea of having no debt by October, and almost certainly by December. We live in a house provided to us by my job, so no rent or mortgage. My goals, after saving up my emergency fund and funding retirement accounts, are to save enough money to replace our cars every 5-6 years, send our 2 children to college (ages 1 and 5, right now),…

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Debt Reduction

Wow, Visitors Already!

So Cool, the incredible Neville, from Neville’s Financial Blog, was the first to post a comment. Awesome. A quick rationale behind paying off debt by smallest to largest balance, and not largest to smallest interest rate. It is pretty simple…It gets you motivated. When you see that first small debt gone, and then you see that next debt gone, it motivates you to keep going. I know that the “math” side of the brain says, “pay off the higher percentage first.” And some people will be perfectly capable of getting out of debt this way. But tons and tons will just give up because they don’t see any “progress.” This is less about the “nerdy” part of paying off debt,…

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