Speaking of Goals

I’ve noticed a lot of bloggers taking on weekly goals.  It’s interesting to read.  I find myself cheering them on, and feeling inspired by them.  I may have to copy them because I am all about lists and goals and organizing, but not just yet.

I realize as 2008 zooms right past me that my husband and I are getting very close to one of the biggest goals of our marriage.  It will have taken us about 5 and half years, but by the end of this year we will be completely debt-free.  No credit card debt.  No car debt.  No loan debts.  Everything will be paid off.  As of right now we have one credit card and one car loan to pay off, both of which are already paid down to where we will be able to pay them off this year.  The only bills we’ll have are living expenses like electricity, cable, and rent.

Over 5 years of paying off credit card debt, paying for cars, paying for loans.  All gone.  I’m ecstatic!!  Over 5 years of doing things like saving up our money to pay for our furniture – no easy feat – with cash so that we wouldn’t owe more money. 

This doesn’t mean that we’ll be able to go nuts with our money now (although hubby has some much deserved plans on a big screen tv – paid for with saved cash, of course).  It’s been years of having to check the bank account before we go on a big Target spending spree, or saving our money AND waiting for a fantastic deal for a sofa.  It’s tough to not just pull out a credit card, not only for things we want, but also for what we need. 

However, and what makes me so happy now, is that when all this is paid off and our adoption is finalized we can focus on two very big things that we have pushed aside to do this.  Buying a house.  Saving money, both for retirement and for our children’s future.  Both things we have been really just wanting so badly for our lives, and both things we’ve been putting off to allow ourselves to pay off all of our credit cards and any money we owed on loans, including our cars. 

So we’ll still be doing the same things like paying for our big purchases with cash, saving up for things that we want, but we’ll be able to do those two things.  Credit is a reality.  We need it in order to qualify for things that we may want in the future.  What we’re thinking is having one credit card and using it to pay for either bills or gas for our cars.  We’ll set the money aside so that it’ll be available to pay off the card every couple of months. 

Five years ago it seemed so hard to get up to this point.  I used to wonder if we were ever going to do it, or if it would take a decade or more.  I’ve watched friends crawl up to tens of thousands of dollars in credit card debt.  It is so hard to get out of it.  We’re priviledged to be able to get out of debt because I know people who can’t afford to get out of debt and can’t afford to live on what they have and so they just get deeper into debt.  So at the end of this year I’ll be breathing a sigh of relief.  It will be a huge weight off of our shoulders, a really nice one to pull off of ourselves.

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3 responses to “Speaking of Goals

  1. Great for you guys! It really is a big feat. We live this way, for the most part, at our house. We put plane tickets, etc. on a credit card and then pay it off the next month. The hardest was paying for college without loans. In the end, it is so worth it. This is the year we will buy a house, our first too! Keep up the great work.

  2. It is nice to know it really can happen if you stick to it! I would like to do strictly pro bono work some day and so we would need to rid ourselves of debt and we would like to do that in the next five years! I would love to be able to teach my kids that this is the best way to live!

  3. That’s awesome, you guys! Getting down the debt is no small feat, so you should definitely be super proud of yourselves. Right now the only debt we carry is my massive student loans, but it’s really preventing us from saving up for a house. And as you know, saving up for a house in MA is another subject entirely!

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