One of my many goals this year is to pay down our debt as much as possible. With two kids in college come this fall, we need every spare penny! My husband is an essential worker, so even with all the current (and probably coming) craziness in the world right now, we’ve been able to depend on his income.
However, I am definitely planning ahead and trying to make sure if more strange things happen this year (murder hornets?!) that we are prepared financially – as much as we can be, anyway.
We refinanced our house earlier this year and were able to lower both our interest rate and our payment, which has helped a lot. Our refinance also netted us some cash, so we were able to stick that into savings.
I think the last time I posted about our budget, we had the mortgage, a car loan, a bank loan, and 4 credit cards. Yikes! In March, we paid off one of the credit cards. 😀 We had some expenses that I thought were going to be on that card, but we ended up being able to pay those directly, so now that card is paid off.
In addition to that, we had been putting more money towards the bank loan, because it had one of the highest interest rates. We used part of our tax refund and put it towards this loan. Because of that, we were able to pay off that loan this month!
I am still tracking the rest of our debts on my snowball tracker, shown here:
My next goal is to pay off two of the credit cards. They are big box store cards that we used to get 12/18 months no interest and we are close to paying one of them off. I’m hoping to have the money to do that this month as well.
If I can do that, it will leave us with just 1 credit card, the mortgage, and the car loan. Which would be AMAZING! Our house loan is only a 15-year loan and even though the payment was lowered with our refinance, I am still paying the old loan payment amount each month. This will help us pay it off even faster.
Doing this would also let us put more money in savings every month. We’ll see how we manage – my husband’s hours have been cut back and I won’t be getting a paycheck while I’m off for the summer. So paying things off may be a bit trickier, but I’m still determined to get there.
What are your financial goals?