| Goals for 2009:
1.) Roll debt snowball onto student loans starting in March, pay off at least 1/2 of the $66,000 balance by year end.
2.) Find additional sources of income.
3.) Get baby emergency savings to $2K.
Did some home repairs/maintenance/improvements in January, hence the credit card balance. This will be paid off in March once the 401(k) home loan is paid in full come February 23.
After paying off the 401(k) home loan and the last of the credit card, my debt snowball will be at $3,400 (which includes additional income from the 2009 cost of living adjustment which was a net increase of $200/month, which was added to the snowball). All this will roll onto the student loans; I should be able to pay them in full in 20 months at that rate.
I must say though that with all the bad financial news, it is tempting to forget all about accelerated debt payoff and just save, save, save. Or maybe I'll have to strike a balance between the two. Those student loans have been hanging over me for so long, and the end is so near if I keep up the snowball, that it is hard to fathom stopping now. We'll see if I can keep my resolve. |