Our Debt Train is Derailed. For the love....that's really all I have to say…
Debt Free Plan for 2018
Thoughts on our Debt Free Plan for 2018. The holiday’s semi killed us. We had allotted, at the beginning of the year to spend $100 on each of our 7 children. We added some extra money for the extra people we buy for. I’m a super frugal shopper, so I feel like I did really well in my budgeting …. but ….. I spent about $140 per child. Unexpectedly, we had 2 extra boys along with the regular people we buy for.
I think I did well with that, for the most part. What I need to account for THIS year is FOOD! With Thanksgiving, then V’s bday, then Christmas and then New Year’s….food is what did us in. I went to my mom’s for Tgiving, but I also cooked Tgiving for my kids who could not be here due to work schedules. I also do Christmas baking, which is getting quite expensive. So, with all that being said, I’m going to go ahead, with our tax refund, and allot for $120 per child for Christmas (with a little extra for extra people), $60 per child for birthdays, and then a certain amount for the holiday food rush. That will help us out, tremendously.
We will also take out our house taxes, vacation amount (though we did not go on one this past year due to Hunter’s condition, so that amount will likely carry over), Vehicle Taxes, Fire, my cost of my blog, and the cow/pig (we buy a whole one every year). These will go in their respective “envelopes” so we can just pay things as they come. We will also get our emergency fund back up to $1000. That is so important.
Our extra surprise for this year is that we are planning a wedding! My oldest daughter has decided to GET MARRIED right in the midst of birthday season. So, much of Big Daddy’s OT will cover that. I’m blessed with talented people in my life that are helping me. They are loving her through this all. Thankfully, they are extending lots of grace. I will do a separate blog post giving a shout out to all those who are helping and their respective sites! This will also be mixed in with monthly trips to Louisville for Hunter and his treatments, homeschooling, and all the other fun stuff that goes on.
Goal #1 Met
As far as our debt, we paid off our van in 4 mths (before the projected payoff was 3 years, I believe), so we are still going to take that payment, add it to our next lowest amount owed bill (my student loan), our “Uncategorized” monies leftover at the end of the month, some OT, and a few other little bits of monies (ie envelopes, kids payments, etc) and we will start tackling that loan. My goal is to have this $20K loan (projected payoff is 2030) paid off by February 2019. My SUPER goal is to have it paid off by November 2018. *If* we can get it paid off in November, we will take off the month of December. This will give us a bit more freedom.
Then we start again in January with our next debt. This is our home equity loan. We will roll our paid off van payment into our regular payment. Also, we will roll our paid off student loan payment into the mix. When you add that to our current home equity payment, this will help us knock this debt out. After that, Lord willing, it will be our house. So many things can happen in between. I find comfort in having a plan. When we paid our van off, I have a light at the end of the tunnel.
Good luck on your journey to financial freedom!