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2016 Goals (aka A Girl Can Dream)

DebtBgone

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We should be out of BS2 by the end of February, Lord willing, if work holds out for dh over the winter (home improvements). We have $10k in savings and owe a lump sum payoff of $15k. I have been averaging between $2-3k/month lately. I'm listing my goals and dreams so I can look back at the end of 2016 and see how we did.

 

2016 Goals:

 

1) Pay off BBT

2) Open and fully fund two Roth IRAs

3) FFEF of $12,000

 

Dreaming of.....

 

1) Refinishing the wood floors on the first floor of our house

2) Installing wood floors in the upstairs bedrooms ($2k, diy)

3) Dormering out the upstairs of our cape cod to make walk-in closets for each bedroom before our 23 yo house needs a new roof (diy)

4) Refacing kitchen cabinets and painting them (dh would make new doors himself)

5) Replacing falling apart dining table/chairs

6) Attending FPU with dh in an attempt to win him over to DR

7) Attacking the mortgage. I feel shackled by our $1200/month house payment, and it is a constant reminder of our stupid tax of refinancing and borrowing wildly against our equity. After 23 years, we owe $185k on our $92k house. Grrrr.

 

Just accomplishing the goals will take about $28k, so I pray I can get as many hours as I can at my part-time job (which I love, is flexible, and I don't sign up for shifts when the kids are out of school). Also praying for work to stay steady for dh all year so we can continue to save 100% of my paychecks.

 

Onward!!

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You can do this! The mortgage amount (due to stupid tax and all that) is wild! I can see how that would be a burden on your shoulders. One goal at a time.. I will pray that your DH attends FPU with you (you never know!) and maybe you guys see more eye to eye on DR/finances :D

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Thank you, prayers are always welcome!

 

Refinancing several times, borrowing more and more money from our house allowed us to live beyond our means. Makes me want to bang my head against the wall every. single. day.  At one point, we took $50k out because we were going to live off that while we built our dream house...on the lot that is now foreclosed on because we changed our minds about living there, whittled away at the $50k over the years, and couldn't keep up the $500/month on the lot.

 

Enter Dave Ramsey, my hero.

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You have goals!  Major step in the right direction.  We all kick ourselves over stupid things we have done.  All any of us can do is start where we are at. You will get there.:)

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Well, work has slowed significantly for dh this winter, and my paychecks helped pay January's budget and the same for February so far, so we will not be paying off our loan at the end of this month. But I am picking up lots of hours at work and feel very blessed that all our needs have been met. Looking forward to spring when 100% of my paychecks will go into savings again, when his work typically picks back up.

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Getting excited...we have $11k in the bank to pay off BS2. I think we are only one paycheck away from BS3. Finally! Anticipating BS4 by October if all goes well and work holds out for dh.

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Well, just a little update. I made a $12,500 lump sum payment, and after one more $1,500 payment (due October 7th) we will officially be out of BS2. I am feeling such relief!

 

We are also going to be inheriting some money soon, but I don't know how much. I am speculating it could be $100k-ish. 

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Word on the street at work is we're getting raises soon. Super excited about that! I'm feeling really intentional about saving up for BS3. I even picked up two night shifts this weekend that were offering a $50 bonus per night incentive. 

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And the raise was $0.42/hour! Hey, every little bit helps. Even 1.5% (that's the most they were giving).

 

BS3 is complete...for now. Dh is barely working, so my paychecks covered December's budget. Thankfully I have been able to get overtime.

 

2016 taxes are looming. We have $13k coming from fil's insurance policy on dh we are cashing out.  Fil's house is up for sale, we should have access to the proceeds from his estate next spring. Hopefully we can put 100% of that money into the mortgage. 

 

If dh is working steadily, we can put $1k/month into Roths and $2k/month as snowball for the mortgage and have it paid off within 3 years. Then snowball $3k/month into retirement. Anything I make above the $3k can go into savings/sinking funds.

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