I outlined our financial goals in a post back in the early part of January and it seems about time to post an update!1. Continue to pay off credit card debt focusing on one card at a time. We currently take any extra income and put it all toward this goal. I am setting a goal to payoff all credit card debt by January 1, 2011. We've made some headway this past month and continue to use all "extra" money for this goal.
2. Pay off Auto Loan by May 2010. We have set ourselves up so that this should be easily accomplished. This will mean that in May we will own two cars completely. We will then take about 1/3 of our current car payments and put that money into a savings account for car repairs and/or a new car when the time comes. One car is older and we hope to drive it as long as possible, but you never know when it might quit, so we want to have some savings to deal with anything that might come up. We hope to increase the contributions to this savings account once our Credit Card Debt has been dealt with.
No Changes here. Everything is still in place.
3. Research options for Health Insurance. We are currently covered under a plan that will no longer be available to us as of this fall, so we need to start researching our best options for coverage and cost.
I've started a little research on this and it looks like we might do this through our business. There are some plans that look like good options and would also allow us to offer insurance to our employees.
4. Explore opportunities to earn extra income. Any extra income will help to reduce our debt faster.
We've spent a lot of time getting things "in order" around the house and I feel great about that on the organizing front. I've got some work lined up for one full week each month, now thru April. That means guaranteed extra money for the pay-down of debt. I hope to list a few items on ebay this month and will continue to explore other options.
All in all I'm feeling pretty good with our progress. We will need to step it up a little to hit the goal of eliminating credit card debt by Jan 2011.