by Tricia
For the end of January, I am happy with how we did. Heck, I’m happy whenever we have an increase in our net worth! That means that we are still getting somewhere. We even broke below the $30,000 mark with our student loans. I don’t really talk about them much, but they are still there and we are only paying the minimum on those. To see all of our debt, you can always check my NetWorthIQ profile.
I was thinking about something today. There are only fifteen months between now and our goal date of May of 2009. While I still have some hope that we will be able to meet that date, I have to be a little realistic here. It will be very difficult to pay close to $1,100/month towards our credit card debt. Last month, we were able to come close to that, but that was cutting things close.
In fifteen months, a lot could happen that could help or hinder our debt reduction. I hope that things happen that will help it. But right now I am feeling a tinge of pessimism. $1,100/month is a lot to ask right now. I guess it is only a goal after all, and there’s no harm in not reaching it.
But I do want to make it. If anything, just to have a goal that was reached. So I’m not giving up just yet.
Just thinking about our own debt journey and goals: If you shoot for the stars and only reach the moon… you’ve still reached the moon! As opposed to, say, staying exactly where you are.
Even if you don’t reach it *completely* by May 2009 you’ll still be SUPER close, probably less than $5K in debt, which is amazing.
Regardless, it looks likely that you could start 2010 with $0 in credit card debt. Not too shabby. 🙂
ALSO! Your net worth is the highest it’s ever been. Your previous was -$36,393.
🙂
Hey, Tricia,
That’s just great! Keep working on it and tracking it; you’re just taking off!
–
Ryan
I agree – a goal is there for a reason – if you miss out by a few months, you’ve still got there, and think about how much debt you’d have now if you hadn’t been working so hard to pay it off!
Keep up the good work!
that’s great. continue the pace
If you and your husband want to meet your goal badly enough, surely you can do it. This just means you both needs to do whatever it takes in terms of additional work to bring enough $ into the house to allow you to make those larger payments. I know you have addressed your husband’s work choices and your work choices in previous postings, and I know there are many reasons (or maybe excuses) why your husband in particular doesn’t work more (in any capacity – not just his preferred profession), but sometimes it’s worth it to suck it up temporarily to meet a goal.
Tricia, you’ve got a very admirable goal that as you say is possible though it might be a touch hard to hit. But the reality of the situation is you even if you miss it by a month and have everything payed off in June or even July you’re free of the debt trap.
Another thing to consider is the fact that as you pay down the debt the interest that pulls back on what you’re accomplishing decreases. Not to mention you might be able to pay more than the $1,100 this time next year.
Just keep reaching for your goal…You could really surprise yourself!
Good luck!
Tricia:
Your husband’s inability or unwillingness to get a job is the number one reason that you are not making substantial progress. It just is not as high a priority to him as it is to you.
Until he is motivated to do this, you will continue to chip away slowly by yourself. Even if he delivers pizzas at night and works a minimum wage job during the day, you could easily clear the credit cards and get a running start on the student loans by May 2009.
From the way you talk about him, it sounds like he is your second child, not your equal partner. It’s reasonable to excuse childish behavior and irresponsibility in a child, but not in a spouse. From what I read here, he needs to grow up. To help him do that, you need to have the expectation of him that he behave like a responsible adult and partner.
I think you should keep your goal! You may or may not be able to meet it, but I bet you’ll get down to zero debt by December 2009, and wasn’t that your original goal?
A goal is there to push you along, and it’s okay if you don’t meet it by a few months or so. But think about it this way, if you hadn’t moved up your goal to May, you might not be at less than $16,000 right now.
You really are doing great! Don’t give up, it will be worth it!
Even if you don’t meet your original goal, you’ve still done amazing, and you’ve helped keep unknown numbers of other people motivated.
You can do this!
I like your take on student loan debt….it is the most daunting one for me because my student loan debt is both lower % than credit card debt and lower % than the current return on my investments. On the other hand, there is something I hate about having student loans hanging over my head. Anyway things are lookin good for you guys 🙂
our debt payment to reach our is about 1100 a month as well. it’s quite a bit of stretch, but it helps us aim high so we hit high, even if we don’t hit the mark. give it your best shot. we’re rootin for ya!
I think you’re doing great, Tricia! And the funny thing about goals is, if you just keep them in mind, they have a way of coming to fruition. I would be willing to bet that a few unexpected things happen that make it possible for you to pay off your debt!