Wednesday, November 5, 2008

November Goals' Update

I posted my November goals the other day and sadly one of them is not achievable in the way I want it to be.

We went to our credit union to apply for a home equity loan. We were approved. Our condo is worth approximately $32 K less than I thought. I used Zillow as my guideline realizing that it may be slightly off base. I didn't think it would be off to the tune of $32K less!!!!!

This calls for plan B. Which is really plan A before I thought of plan B (home equity loan). Back to the drawing board of throwing as much money as I can at my debt while still being able to eat and pay for gas to get to work. I think I found an additional $400 per month though. The hubs and I are going to temporarily stop contributing to our 401(k), get rid of our third cell phone (the house phone) and reduce our Netflix subscription down to 2 at a time instead of 4 at a time.

Based on this new schedule I should have the following paid off...

Credit Cards
Macy's - Jan 2009
Chase - May 2009
Capital One - Oct 2009
BMW - Feb 2010

Loans
Personal Loan - Oct 2010
Car Loan - Jan 2011
Hubs Student Loan - Mar 2011

Roughly two and a half years. The real kicker for me is the credit cards. I will feel so much better once those are gone. This does not include any sort of saving which I'm certain will happen along the way - somehow. I am more inspired than ever to find alternative sources of income to make this time line shrink.

On a positive note - already two no spend days this month and one day in the elliptical. After I run up to my neighbors and eat dinner there will be a second day on the elliptical.

4 comments:

debtfree2009 said...

I hate my car payment about as much as you hate the CC. Can't wait for it to be paid off.

Just a couple more months and you'll have one down.

Roland Hulme said...

Every time I read your updates, you can't help but be an inspiration. Keep up the good work!

change is a good thing said...

Great plan! You will get there before you know it. When I was paying off my debt (not my current loan owed to my parents) I was gazelle intense about it and it became a game to find more ways to save money and reduce expenses. I'm doing the same thing again to finish scraping together the money to pay off this loan to my parents. Before you know it, we will both be writing posts about how we no longer owe anyone except the bank that holds the mortgage.

Holly said...

The day when you have paid those debts off will come quicker than you know it and even though it seems like you've lots of things to pay off, each time one is gone you'll be spurred on to clear the rest!

You're doing great!