Or, where I want to be when I dig out of this hole. We do all right, financially, but we’re awful savers, and we’re really good spenders. Admittedly I am pretty much the problem, but I like cute stuff! What can I say? So, with our current income levels, I’m giving us 10 years to really deal with debt. I want only our mortgage to be a bill, and I want that within 10 years of being paid off. These are the 10 things I want done before 10 years are up. Five goals is a simple one goal every two years on average. Easy peasy, right?
1. Student Loans paid off.
We have an astronomical amount of student loan debt. We both have advanced degrees, I have multiple, and husband went to a private (ie: $$$$) undergrad. There are a lot of digits in our student loan balances, and I want them gone. Now, as long as the Public Service Loan Forgiveness Program doesn’t go anywhere, my loans are gone in ten years. *poof* Hey, teaching may not pay well, but there are some benefits. H has approximately 19 years left on his loans, but with some other financial finagling (and extra money) we should be able to cut that in half, if not by 2/3.
2. Credit Cards Paid Off and Not Used.
This one is pretty typical. The average american has something like 8,000 dollars in credit card debt. We don’t have quite that much, but we have enough that it’s more of a bill than I’d like. I want these paid off, not in use, and only around to build our credit. I’ll set up an auto payment charged to the card, and an auto payment paying the card the next day.
3. Large Emergency Fund.
Spring BreakDown 2017 taught me a few things, but most of all it taught me that we don’t have a large enough emergency fund. My first goal is going to be getting at least 2000 dollars in our emergency account, and then I will move to other things. After we pay off the credit cards, I want this thing at 10K, and once we’re out of all sorts of debt, it will be even larger. But Mr. Ramsey’s piddly little 1K e-fund is clearly no match for the life I was letting happen to me.
4. Triple the Kids’ College Funds.
We diligently put money away for our kids’ college education. The money goes in automatically, it’s in a bank we have no other accounts in, and it doesn’t get touched. I want to triple the amount we’re putting away each week, and do this much sooner than 10 years, because in 10 years my youngest will be 5 years away from college. (OMG. Excuse me. I’m going to need a moment to process that.)
5. Be comfortable.
Technically, this is a bad goal. It’s incredibly subjective, and not measurable, the #1 requirement of goals. Ask anyone. But I think it is important. We need to keep this in mind as we move forward in our life. When we buy our new house, will we be comfortable with a larger mortgage? When we buy a new car, do we really need a shiny new one, or will used be ok if it keeps us more comfortable?
What are your goals financially? Where do you see your (metaphorical) wallet in 10 years? Share with me! Maybe I need your goals too!