financial goals for 2007 2008 and 2009 debt reduction

August 21st, 2007

Financial Goals for 2007, 2008, and 2009 – Debt Reduction

I decided it was time to publicly set some firm interim debt reduction goals for our family. We still have the overall goal of eliminating our credit card, student loan, and car loan debt by December 2010, but I wanted to set some goals for December 2007, 2008, and 2009 on the blog to help monitor our progress a little more and keep us on track.

I’ve revised the number I think we can pay to debt each month. My past calculations were based on $975/month to debt, but I think we can manage $1025. It will be a little bit more of a stretch, but that is my new goal number. It actually would have us out of debt in October of 2010 but I am not going to revise that date yet.

I also am going to at the end of 2007, look at the actual numbers we paid to debt each month and see what on average from July to December that number is. At that point, I am going to print another calculation based on the snowball calculator and start tracking our actual debt totals vs the projected totals according to the snowball sheet from month to month. I think at this point, it would end up revised too often to be useful since we are still figuring out what a reasonable yet ambitious number to pay to debt actually is for us. By December we will have 6 months of data to look at so I think that will give us enough to work with to make good assumptions.

And of course I’ll be posting and discussing that data here. :)

Without further ado, on to the goals!

Goals by end of 2007:

-transfer credit card balance to 0% interest offer (ASAP – hopefully done by Labor Day)

-credit card balance under $4000 (snowball calculator projects $3980 lol)

Goals by end of 2008:

-credit card paid off (target August 2008)

-spouse student loan under $10000 (calculator projects $10030)

Goals by end of 2009:

-car paid off (expected March 2009)

-spouse student loan paid off (calculator projects December)

-my student loan under $10000 (calculator projects $10120)

So, the goals are ambitious (I used $1025 as my monthly payment number and that is slightly more than we have hit it July or August) but I think reasonable and attainable. Barring anything unforseen… and of course there will be a few of those I am sure! But we can always readjust. As long as we keep focused on moving forward.

~J

If you enjoyed this post, make sure you subscribe to my RSS feed!

You can also: Stumble It!  
Bookmark  
Submit to Reddit  
Submit to Tip’d


21 Responses to “Financial Goals for 2007, 2008, and 2009 – Debt Reduction”

  1. Enjoy reading your site. Good luck with your goals. Meanwhile, would you mind saying how much your student loans are?

  2. A little over $12,000 each at this point (my spouse and I), the exact totals are under the “Current Numbers” tab near the header.

    Thanks!

  3. Cool site… I am just going through all your archives and have really enjoyed the content. Good luck with the debt reduction. It seems blogging has been a very successful way of reducing debt because of the sense of community and accountability it creates, while maintaning some privacy. Good luck and look forward to more great content!

  4. Great goals! I really think you’ve really thought through your goals too. You have a plan of attack. I love reading about your progress!

  5. Thanks! Glad people are enjoying the site :)

    And it is good it seems I have a plan – I know I do but at the same time, my brain is (sometimes?) a jumbled disorganized mess. Heh. Thanks for the encouragement!

  6. #6K in 3 years ! you can do it. Depending how big your household income is. The main thing you wrote down your goals and are sticking to the details.

  7. Well we think we can. It seems like a whole lot but apparently we used to fritter a whole lot too lol. :)

  8. Wow, you’ve done so well! Keep going!! The end is now very much in sight.

Trackbacks:

  1. Welcome to Carnival of Debt Reduction #102 at Mighty Bargain Hunter
  2. Think Small, Dream Big | I’ve Paid For This Twice Already…
  3. Two Monday Carnivals are up for your reading pleasure! | I’ve Paid For This Twice Already…
  4. Great snowball calculator « Mya Moola
  5. It’s only $35 a day…. | I’ve Paid For This Twice Already…
  6. My Son Starts Taekwondo Today | I’ve Paid For This Twice Already…
  7. I Commit Publicly To… | I’ve Paid For This Twice Already…
  8. Tell All Tuesday ~ Extra Paycheck At Work | I’ve Paid For This Twice Already…
  9. 10 Small Ways To Make A Big Dent In Debt | I’ve Paid For This Twice Already…
  10. Looking Back at My 2007 Goals and Ahead to 2008 | I’ve Paid For This Twice Already…
  11. Debt Reduction Goals for 2008 | I’ve Paid For This Twice Already…
  12. SMART Financial Goals | How to Set Goals That Actually Work
  13. The Mom Crowd » A New Year and a Financial Fresh Start for 2009!