2008 - Goals and what I did in 2007
Well it’s almost here, so thought I would write my goals and thoughts down and see next year how close I get. First off this year has been somewhat stressful, and great at the same time! Stressful because of all the debt and still trying to get a final answer on our house, but we made hugh progress because of my unexpected bonus and hope to continue making progress in the new year. A recap -
My debt started at about $140,000 - not including any of the houses we own. To date this is what has happend:
14K - 401K loan - they told me I defaulted on this, (read my other post, basically I think they just screwed me but I’ll deal with it and move on) I will have to take the hit on my taxes this year so - $14,000 - gone
25K car - got this down to $23275 - and will keep making my payments
4K - other CC’s - paid these off
1K - reserve line - paid off
12K - Business CC - down to $11750 - will keep making payments
72K in CC - debt settlement - settled one for $6376 - settled 2nd one for $4100 - total $10476 - which leaves two cards -balance for both of these is about $49K - but I think I will need 20K to settle.
So using what I truely “owe” at this stage and the total of CC in debt settlement I know owe: $96025 and reduction of 31% of our debt - now using what I think I can settle the last 2 CC’s for about $20K - total debt would be about $67025 a reduction of 52%. Pretty good, but still not good enough, our house is still killing us so I need to get this back on track and then put every cent into this debt so we can try and work on our HELOC. I want to get our bills down to the point of just my income, not using any other sources. This would be a hugh relief.
So my goals for 2008:
Pay off Business equipment loan - currently at $8741 - I made both Jan/Feb payments to just stay alittle ahead
Pay off Business CC - $11,755
Pay off 2 cards in DS - $20,000 estimate - might need less maybe more
Make regular payments to Car (0% interest) year end balance would be $17995
Also- if we get to keep our house (working with the 1st lender now) try and pay at least 5K towards the 2nd loan - this also involves bringing it current and then paying down 5K on principal.Pay all the medical bills from my hubby’s surgery - Estimated 5K
Put $300 away per month in other investments. Total for they year - $3600
Total I need - $59,376
Well considering I only “take home” for the year about $60000 (after taxes, 401K etc) seems I have an uphill battle, but I’m thinking of getting another less phyically demanding job, also looking to my hubby to get a part time job, and my take home doesn’t include any of the bonus type things and embroidery $ we get through out the year. So all those funds can go straight to this plan. Lofty goals I know and if I don’t make it I’m not going to beat myself up about it, it did take time to get all this debt so it will take time to get out of it. But at least I finally made progress! Our debt is finally going DOWN! after years and years, having a plan, reading the Women in Red boards to keep me accountable and the DebtCC forum for all kinds of great information and watching what we are spending, we are finally seeing some progress. But I’m not perfect and with the new year also brings new temptations, so need to keep that all in check and move in the right direction.
So happy new year everyone! 2008 is going to be great!
Oh yea - one last personal goal - start working out again, I did so well until the end of Oct, lost 10 LBS now I need to get back on track and lose the last 15 I’ve wanted to for some time. Financial and personal well being, that’s a great 2008 goal!
December 27th, 2007 at 5:14 pm
Wow, I feel like I need to have better goals after reading yours. I want to achieve my goals so I picked a value for debt repayment that I knew I could hit. That’s probably the wrong approach. LOL
Anyway thanks for the comment. I got the job, so I’ll be moving again so my debt won’t be going down as much in January as I would hope but it will be going down, thats for sure.
I look forward to keep reading about your progress. GOOD LUCK!!!
December 27th, 2007 at 6:13 pm
LOL - well like I said “lofty goals!” not sure how close I’ll get, I think at this point if I even made it to a half way point I’d be happy, good luck with the new job! I’m so excited for you and once you have this last move, get settled and I’m sure you’ll be back on track! Look forward to seeing your progress as well! we can do it!
December 28th, 2007 at 8:07 pm
You will make your goals. You have to because you are my inspiration! 2008 is going to be an awesome year for us! It has to be. I will have it no other way.
December 29th, 2007 at 8:21 am
Jen you have done awesome in 2007; next year is bound to be a better year with your plans and goals. When you are under financial stress it’s sometimes hard to take care of yourself; I’m glad to see that is part of your goal. You are a true inspiration and I will be watching your progress and know that your achievements will help me to succeed as well.