2010 is going to be a photo finish. We will be starting the new year with lots of remaining debt. HOWEVER, the snow plowing revenue has been progressing nicely. January should be a good month to get ourselves at least current with our creditors.
Also, I have been working full time for 3 months now and it looks like that will stay steady. And my health insurance contribution has been reduced by $37/week, so that’s a little extra. The extra income from MFR runs adds about $150/month. Since our cash flow will improve in the new year, I’ve been thinking of not only how to tackle our debts, but stash some cash for the leaner times.
My 2011 GAMEPLAN:
- Get current on all utility bills
- Get current on mortgage
- Set up automatic savings in ING Direct for things we need to save for (E-Fund, Christmas, Home Repairs, Vehicle Repairs, Health/Dental, Rainy Day) Weekly or Monthly? How much each category? All undetermined…
- Set up a snowball plan for credit card debt
- Set up a repayment plan for relatives who have loaned us money
- Snowball like hell
- Start contributing to Roth IRA
- Have cumulative savings of at least $2500
I hope these plans aren’t overly ambitious. The dump truck will be paid off in October next year. Some credit cards will be paid off this year, even if we only make the minimum payments. Barring any catastrophes and as long as we don’t incur new debt, this should be feasible. I’m afraid to get excited just yet.
We have not used credit cards in almost 5 years. We’ve been aggressively paying down debt for more than 4 years. We’ve rid ourselves of all toys, vacations, and extras for more than 4 years. I’m ready for the end. I’m ready to start seeing real progress. I’m ready to start answering the phone again. I’m totally geeked that it’s finally time to start thinking about how to handle our money rather than have our creditors dictate what we do with our money.
2011 here we come!