I have been lurking for awhile but not posting since I haven't had much to say lately. For awhile I wasn't making huge amounts of progress due to the change of jobs and drastic cut in incomes but since then both my husband and I have recovered financially to a point where we are both better paid than we were before the whole layoff fiascos.
We are about to break the 6 figure networth mark (probably in January) and I am currently debating setting more specific goals for myself.
At the moment, our newest goal is to minimize eating out. We still have some credit card debt (11k) left from the bad old days when we were spenders and had significant drops in income so eating in will allow us to speed up paying this off. Basically, the less we spend, the more extra 1k payments we can put toward the debt. It will definitely take less than a year to pay them off but I am shooting for early summer payoff if I can.
I was thinking that once the credit cards are eliminated, I can focus more on building emergency reserves. We have a small one growing in the background right now but know that I will need a roof and furnace in the future plus I want 6 months expenses in the bank at some point.
Then there is also the retirement savings. We contribute over 10% at the moment but will up this after the credit cards are gone. Maybe up that to 15% and the rest of the extra can be to the emergency reserves.
Still thinking. Later when I have more time, I will post the debts and budget so people can see where we are at and weigh in.
Need to set new goals
October 15th, 2012 at 02:03 pm
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