Debt Free Plan for 2018
The holidays semi killed us…..We had alloted, 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, then 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 bdays, 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 blog costs, 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 and loving her through this all and is extending lots of grace 🙂 I will do a separate blog post giving a shot 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.
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 and have a bit more freedom.
Then we start again in January with our next debt, which is our home equity loan. We will roll our paid off van payment, paid off student loan payment, current home equity payment, the extras, etc and roll it all into one to pay this loan off in about 6 – 9 mths depending on what the Lord has in store for us. After that, Lord willing, it will be our house….lots of things can happen in between, but at least I have a plan and since we paid our van off, I have a light at the end of the tunnel.
Good luck on your journey to financial freedom!