9.26.2012

Financial Goals for the Next Few Months

If you've been following along with our debt payoff journey, you'll remember that we had paid off our major credit cards and are now at work on paying off two store cards and one medical card.

Over here you can find my latest update, which leaves our August end of the month total balance at $2,075. 

We're paying a total of $300 a month to these cards, paying the minimums of $25 each to two cards and $250 to another card.  Once we knock out one card, all money will then be rerouted to the next card to continue our debt snowball.

With this plan we should easily knock out two credit cards by the end of this year. This is super important to accomplish because in the next few weeks we'll be buying a new car and will soon have a car payment to add into the mix.

Hubby is driving a 2000 Focus and it's going downhill. We need to replace that, as we've been putting it off for awhile now and we don't want to have to invest alot into an old car for repairs and such.

So once we pay off those two cards, that extra money will be rerouted to put towards our car payment.  And then we'll gradually knock down and pay off that last card.  It has 0% interest on it until August 2013, so we'll pay it off by then.  Obviously the sooner the better, so we have less debt to tie us down and to worry about it.

We're also in the midst of hiring someone to replace our driveway with concrete.  We have an old blacktop driveway that has seen it's sad last days.  It was put in wrong by the previous homeowner 10 years ago or so, and it's in bad shape.  We have already paid a deposit for the work and materials and we have the balance in savings.  Yay, for not going into debt for a much needed project!

So our goals for the next few months include:

1.  Saving up for a down payment on our new car (to go along with a possible trade-in)
2.  Paying off two credit cards (#2, then #1) by the end of the year
3.  Continue to purchase Christmas gifts (a few at a time to make it more affordable)
4.  Use saved up cash to have a new driveway installed

Nothing too crazy difficult, just alot going on around here. We'll see how the next few months go for us!  How about you?  Do you have any financial goals planned for the next few months?