During Spring I said good-bye to over seven thousand dollars of debt. Here’s how I did it and here are my financial goals going forward through the summer.
Quarterly Financial Review
Goals are a great thing to have. I typically like to break goals down between monthly short term goals and quarterly long term goals. The seasons are the easiest way to keep track of long term goals. Seeing as how summer just started, now is a great time for you to set up goals for the summer going into fall. It’s also a great time to take a look at the past few months. What worked? What didn’t? What changed? Where do you go forward for the next few months of financial planning?
From Spring To Summer
When I first started this blog it was right around Spring. Since I posted my first balance and got to know my debt, I have paid off about $7, 746.35 in debt. My primary goal is to begin my debt snowball method. About one third of this debt was paid off by my Federal and State Income Tax returns. The rest was done by working one extra shift each week at work. Over the course of the month this equals anywhere between 24-30 extra hours of pay each month. Although I have not reached the snowballing method yet, I feel pretty good looking at how much I have
Debt Goals Going Forward
I posted a while back that my wife and I were separated for a while and trying to work on things. Unfortunately, things don’t seem like they’re going to come together and we’re likely facing a divorce. In lieu of that I will need to see what kind of fees I will have coming up in regards to divorce.
- Divorce fees?
- I’m going to have to work on furnishing a one bedroom apartment. My goal is to do this without adding anything on credit. So, however long this takes I’m going to do it. I already have quite a few items from a house that I used to own with my wife. However, there are still quite a few big ticket items that I need: a television, television stand, bed frame, and nightstand. I realize that those are more wants than needs. Because they’re wants I can look at them an wait for the best possible deal that I can find.
- Continue to pay down my smallest student loan with small increments of money.
- Continue to save to buy a property with what I can so that I can get out of the rental market and build equity.
All of this of course sounds like a daunting task but possible if I