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Massive Updatiness

January 9th, 2011 at 04:33 am

We have set a goal to have all of our unsecured interest bearing debt paid off by the end of the year. As such, I am determined to start blogging again for real to help us in accomplishing this. The last year has been really unfocused and I need to find that focus again. I know we can do it, but it's going to take dedication and the determination not to be lazy about things.

So where we stand at the moment as far as total debt is concerned (minus the car):

$ 93,000.00 medical debt
22,326.63 mortgage
38,323.87 personal loan
+ 29,133.45 credit card debt
$182,783.95 total

So we have paid off quite a bit this year. And considering when I started this blog we owed around $250,000 I think we are doing pretty well.

The credit card debt is spread over 4 cards. We will be paying one of them off this month and we will also be paying off the entirety of the personal loan this month, which will bring that debt total down to around $123,000. We should be able to pay off a second card by the end of March.

The $93,000 is a non-interest bearing loan from my mother. We are paying her back at a rate of $1000 a month. At that rate it will be 7 years and 9 months to be paid off. She doesn't want us paying it back any faster than that, because she wants a steady influx of cash to live on each month. I'd prefer to add more to it, but I suppose once all other debt is paid I can always just put any extra in a savings account dedicated to paying her back.

My husband is working for a new company and it came with a substantial raise in income of about $2000 more net each month. He started there in November. He's guaranteed work (on contract) for the next three years so we are going to make hay while the sun shines.

We need to finish fixing up the house by mid-Spring so we can put it on the market. At this point I don't care if we get the true value of it, I just want to be rid of it. I'm tired of maintaining two households. As long as it pays off the mortgage and gives us $50,000 in the bank towards our next downpayment on a house, I will be happy. I think if we price it right and as a fixer upper we could probably unload it faster than the other people selling houses in our area. They have so overpriced their houses for the location and the depression.

We've got somewhere around $20,000 left to pay on the car. It's about three and a half years left. I'm not sure of the exact amount because it is on autopay and so I kind of don't pay attention to it or count it in the overall total. I should, but I don't. I know we are three months ahead on it, though. It will be the next focus after the unsecured debt is paid off. I think we can finish paying it off by the end of 2012.

I'm not sure when we'll start looking for a new house but it's not going to be this year. It's not something I'm prepared to even try to do until the unsecured debt is gone.

We've got $8000 in the emergency fund and I will add to it a little bit at a time, but not aggressively, this year. Just mostly saving change, throwing in whatever I cut from the grocery budget, and adding $100 or so a month consistently. Eventually I'd like to have $50,000 in there as a long term goal.

Okay, I think that about sums up where everything stands. Now if I can get myself back into the habit of doing this again on a regular basis I'll be a happy camper.

6 Responses to “Massive Updatiness”

  1. Savings Queen Says:

    LOVED reading about your great accomplishments so far!! Great KUDOS to you! I too am trying to use this blog to keep myself on task. I hope we BOTH do that in 2011. I wish you very well w much prosperity in 2011 and beyond. May the sun keep shining on you!

  2. Ima saver Says:

    Great goals!!

  3. creditcardfree Says:

    Good goals...now to make them happen. I bet you can do it!!

  4. Thrifty Ray Says:

    Looking forward to seeing that hay harvested!! Wink

  5. Looking Forward Says:

    You've come a long way already! I think you'll do great, good luck. Smile

  6. LuckyRobin Says:

    Thanks, everyone! It's always good to have some encouragement from others.

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