Friday, May 28, 2010

atTENding to Our Finances in 2010 May update

Time once again to update our financial goals, which I posted at the beginning of the year.

Last month, we were able to meet two of our goals, thanks to a lot of saving and a financial windfall.  Now, we have our third and biggest goal to complete, paying off our home equity line of credit.

This month, we paid off 4% of the debt!

It was so nice to be able to throw a big chunk of money at the debt.  For the past year or more, we've paid only the interest accrued, because we were saving for other goals and expecting a job layoff.  And before that, we were taking our own sweet time in paying it off, maybe throwing an extra $100 or $200 toward the principal.  This time we were able to pay a lot more - though not as much as we hope to in the future.  This month also had some other things to pay for - travel for an out-of-town wedding and summer activities for the kids.

As nice as it was to pay off 4%, I figured that if I keep paying that much each month, it will take over 2 years to pay the entire amount.  I want to pay it off much, much sooner!  So I'll be looking into ways to boost our income over the summer, as well as tightening up our belts even more.

How are you doing on your 2010 financial goals? Post them (or a link to your blog) in the comments.

Check out more financial goals at Saving on a Shoestring @ Cha-Ching on a Shoestring and Coupon Teacher.

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