I've enjoyed learning new things, and putting practices to use in our everyday lives. We now sit down on Sunday nights and discuss what we need/want to spend money on for the week. We also revisit our bigger goals, in order to stay on track. I am happy to announce that ...
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WE ARE OUT OF CREDIT CARD DEBT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
For the first time EVER, we used our tax refund for a worthy purpose. Usually we just buy something new, like a hot tub for the deck. This year we used our federal refund for paying off all credit cards. And it feels really, really good. I'm tickled beyond belief. I feel like we are finally making very smart decisions about our money and future.
Next on our our list is our 3 months of living expenses in an emergency fund. For us, that is around $15,000. Our monthly budget is around 5K, including everything from student loan payments, to eating out, to the water bill. I can't wait to have the security of knowing we just have 15K sitting around in an emergency account. So, that's our next goal. All of our extra money is going to that savings fund. One thing at a time; that's what I keep telling myself. We don't have our state refund yet, and that will get our emergency fund off to a really nice start. I can't wait!
You have to wait and see what the goal is after the emergency fund has 3 months worth in it. Patience is a virtue. I will say though, it's a goal I like alot. I can't wait to get to that point. But first things first!
3 comments:
That's wonderful news!
Congrats!!!
I am jealous that you received a tax refund... we are totally getting screwed from the government!
Tell Eric to get over himself and Dave Ramsey is smarter :-) :-)
OH isn't it great! The month I paid the credit card off was one of those life changing moments...we have NEVER had debt since! (minus the house). We finished our emergency fund before TTC, and max his 401k and both our IRAs every year now plus some monthly money into stocks..... and now we are trying to buy another house for a rental (we are starting up an LLC for real estate!). I feel so empowered in my life knowing that I'm getting set for life! If you don't mind me asking---what are your guys plans for college (will you be paying all/part/none-what do you use for it if you are--529/savings/cd/etc?) We are thinking state 529 plan that we control so we don't pay them to do it...then just putting in my Upromise.com money and gifts from family and let that be their only college money (we want to pay their last year of college only). Keep up the good work!!!
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