My daughter and I had a heart to heart this evening about dual enrollment, high school graduation and the looming milestones approaching…drivers license, college or technical school after high school. And that brought up a long term dream of mine, to build a home.
And her statement was that in all these years that I have spoken of my dream, she always thought she would live there, in my dream home. And the reality is, that won’t happen. Building a home isn’t even on the board right now.
But it did get me thinking about the future. And using a Dave Ramsey based spreadsheet full of formulas based on the snowball method, I decided to look at when my debt free date might be. Using my December debt numbers, an estimated $2,000 month debt payment and the priorities I listed earlier this month, this is when my debts will be paid off. (My current monthly minimum payment is $806 including $100 per month towards the student loans.)
Guys, I could be debt free in exactly 2 years. Completely and utterly debt free. And how perfect would that timing be. Princess is set to graduate in May, 2021. And being debt free, I would be in a much better place to help her with the next phase of her life (and myself, of course.)
This is very motivational. And really gives me a concrete goal to strive towards. It’s no longer a pie in the sky.
My ultimate goal is now to be debt free by 2021! What a great way to start this coming year! What are your financial goals for this year?