On 1/1/13, our numbers stand at:
- Retirement Loan - $31,603.91
- Student Loan - $26,314.80
- Car Loan - $10,320.08
- CC - $4,877.75
- Medical/Dental - $2,965.61
- Grand total - $77,245.15
Here is the kicker with this stuff....the Retirement Loan, Student Loan, and Car all have fixed minimums. None of them are going to go back up since they aren't "revolving". Just the minimum payments for the year equal $15,388 (give or take a few dollars for the miscellaneous cents we pay). Doing nothing else but paying the minimum pays off 22% of those loans this year. Doing nothing but what we are already doing....those 3 loans will be reduced to $52,850 from $68,238.
The remainder...that is the problem. The medical/dental will go up. As long as we continue on the payment plan we are on, it only satisfies the company that we are paying SOMETHING. Each month, the amount we are charged is more than what we pay. So that impacts the bottom line.
The CC....as long as we don't use the card, it will go down. Any "extra" we have toward debt repayment will go toward the CC. But again, the medical will go up by roughly the same amount we are paying. In the end, I don't see the CC and Medical numbers really "moving" over the coming year. They will probably end up swapped.
My as long as we can handle any emergencies (using EF, overtime money, side hustle money)....our grand total number a year from now will be about $62,000.
Let's see how it goes.
I am not setting any real goals this year financially. I do understand goals...but for me, the disappointment of not making a goal is way harder on me than the excitement of reaching a goal. I just end up not feeling good about anything. So I am not doing it this year. I will say that I am hoping that we will just be able to maintain what we are doing. Tax hikes, gas prices (we spend over $600 a month in gas....)...those will drastically impact our bottom line.
We have a few home maintenance projects that we need to complete. We would love to do some IMPROVEMENTS, but I don't see that in the cards at this junction. The few dollars we may be able to save toward the improvements won't be enough to actually complete any part, so it will just be a continuing saving effort.
I wish I could have the enthusiasm that we are going to beat debt this year! That we are going to hit it hard and intense! We are going to have a great year!!! But I have done that already....hasn't happened. 2013 is going to be the year of.....let's just get by the best we can.