Friday, November 4, 2011

Elevate Your Finances in 2011 - November update

Welcome to Elevate Your Finances in 2011!

It's time to update our financial goals, which I posted at the beginning of the year.

Our main financial goal is to pay off 50% of the balance (as of 12/31/10) of our home equity line this year.

In November, we were able to pay another very small chunk of the debt, plus the interest of course. So far this year, we've paid off 14% of the amount.

Like Dave Ramsey says about college loans, this debt is becoming a pet.  I really want to get rid of it much quicker than we have been so far. It is getting really frustrating.  Though we have made some progress, we need to make a lot more progress, and soon! I think we're going to have to do some belt-tightening and some selling of stuff in the near future.

How are you doing on your financial goals this year? Leave a comment below!

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Trish November 4, 2011 at 2:05 PM  

My goal this year was to pay off my auto loan and start putting that money toward my credit card (sadly, the interest rate on the car loan was more than the one on the credit card!)

Wouldn't you know it, the same week I paid the car off our other car completely died. I felt so sick about having to go get another car and have another payment, but I realized how fortunate I was to have worked so hard to pay off the other car. If I hadn't, I don't know that we could have afforded another reliable car.

So now it's back to the drawing board and my next goal is to get my credit card paid off. It was going to take about 6 months under my previous plan, but now probably more like a year. That's okay. At least I'm working at it!

Anonymous,  November 5, 2011 at 4:38 PM  

This year our goals were to pay off credit card debt of almost $22K We did it !!!! Start saving for a large down payment on a home! Yes, we have even started doing that! We also paid in cash for (when Murphy moved in) a new stove, a new dishwasher,brakes for the car, a new water heater, back surgery for hubby and a new HVAC for the house. It has not been an easy year but we do have the credit cards paid in full and 10% of what we have in mind for the down payment on a home. With Life or Murphy getting in the way I would say we have done fairly well!

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