Financial Update

2015 has been a year of financial wins so far. In February, we paid off Husband's car. Last month, we paid off our renovation. It was totally exciting, because it meant we only have

one

loan

left.

That's right. Well...it's right if you don't include mortgage, which Dave Ramsey doesn't because that's step 4 or 5. And since Dave doesn't, we don't.

At various times over the last 8 years, we have had anywhere from two to five loans, with a grand total of six. And now? We only have

one

loan

left.

Our original goal was to have this paid off by the end of the coming summer. HOWEVER! We have been able to put so much down this month that we have bumped our date up to the end of the school year! This means that in seven months' time, we should be DONE with this list!

1. Establish an emergency fund of $1000 CHECK
2. Pay off Loan #1 - car. GOAL: Paid off by September 2013. CHECK
3. Pay off Loan #2 - credit card. GOAL: Paid off by Christmas 2013 CHECK
4. Pay off Loan #3 - other car. GOAL: Paid off by end of school year, 2014 by end of summer, 2014 by February 2015 CHECK
5. Pay off renovation - GOAL: Paid off by end of summer, 2015 CHECK
6. Pay off LAST LOAN - Undergrad. GOAL: Paid off by August 2016 May 2016

Now, we have started to look at Step 3 (Step 1: $1K in the bank, Step 2: pay off non-mortgage debt). Step 3 is establishing an emergency fund that covers 3-6 months worth of EXPENSES. So if it cost $2K/mo to live (HA!), you are looking at $6-12K in the bank. I think this is also where sinking funds come in (which is good because I'm pretty sure that one or both of our cars will be giving out right around this point…). Anyway, it's exciting to see progress!