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New Year's Resolutions for Debt

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    New Year's Resolutions for Debt

    Please post some resolutions for your debt for 2010. Here is mine;

    Ideally I was going to be out of debt in 2010, but we just found out we are pregnant. With that in mind it is my resolution that we will pay off our three remaining credit cards and start to make a dent in the student loans.

    We all have 365 days to make good decisions that will help change our financial lives, what will your decisions be?

    #2
    Our goal for 2009 was to be debt-free (not too difficult, we just had some wedding expenses left on CC's) and to have a net worth of $20k by 12/31/09. We hit both of those easily, so debt-free isn't really a goal for 2010. Instead, we're hoping to get the net-worth # up to $35k, including $15k saved for a house down-payment.

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      #3
      Our only debt is our mortgage and in 2010, I want to start chipping away at that more aggressively. Any profits I make from ebay/half.com sales will go to the mortgage and 20% of my survey income will, too. That will be on top of the $100/month extra that I already pay. Also, once the Roths are funded (probably by May), the portion of my weekly savings that was going to them will get redirected to the mortgage. All together, I should be able to pay down 8-10K of the principal in 2010.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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        #4
        I will take on NO new debt! The only debt I have right now is a car payment that I can easily pay off in full.

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          #5
          Mine is to knock out about 17K in debt (car, auto, personal) by the end of 2010. It's going to be a tough challenge to get it done, but I'm up for it!

          The game plan is to:
          A) Work as much overtime I can at my job
          B) Find as much freelance/part time/odd jobs as I can to generate extra money
          C) Find ways to Save money and reduce spending in all aspects of our life

          Comment


            #6
            Originally posted by am_vanquish View Post
            Our goal for 2009 was to be debt-free (not too difficult, we just had some wedding expenses left on CC's) and to have a net worth of $20k by 12/31/09. We hit both of those easily, so debt-free isn't really a goal for 2010. Instead, we're hoping to get the net-worth # up to $35k, including $15k saved for a house down-payment.
            Congratulations, I wish my wife and I had started off that way. We got a 104% mortgage on top of about $30k in credit cards and student loans. Most of it was for loans for me to complete school. I hope you make your goal this coming year.

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              #7
              Originally posted by disneysteve View Post
              Our only debt is our mortgage and in 2010, I want to start chipping away at that more aggressively. Any profits I make from ebay/half.com sales will go to the mortgage and 20% of my survey income will, too. That will be on top of the $100/month extra that I already pay. Also, once the Roths are funded (probably by May), the portion of my weekly savings that was going to them will get redirected to the mortgage. All together, I should be able to pay down 8-10K of the principal in 2010.
              Sounds like you have a sound plan to pay off your mortgage. What is your "survey income"? Do you do online survey's for cash?

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                #8
                Originally posted by elessar78 View Post
                Mine is to knock out about 17K in debt (car, auto, personal) by the end of 2010. It's going to be a tough challenge to get it done, but I'm up for it!

                The game plan is to:
                A) Work as much overtime I can at my job
                B) Find as much freelance/part time/odd jobs as I can to generate extra money
                C) Find ways to Save money and reduce spending in all aspects of our life
                That sounds like a great good plan. Have you checked the forum for "Ways to Make Money"? That has some great ideas, some are not for everyone.

                Do you have cable? I canceled that and save about $125 a month. We get the internet for about $75/month and we watch shows and movies on netflix. We also keep up-to-date on shows via the network websites. This helped save so much. Good luck on your goals.

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                  #9
                  We will definitely decrease our debt in 2010. We will pay off our home equity loan, which has a balance of $3,999, by March. Then we will focus on paying off the loan on our Honday Odyssey.
                  My other blog is Your Organized Friend.

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                    #10
                    I pretty much avoid resolutions and my only debt is mortgage and it's getting small. I may try to conquer it.
                    "Those who can't remember the past are condemmed to repeat it".- George Santayana.

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                      #11
                      Originally posted by GREENBACK View Post
                      I pretty much avoid resolutions and my only debt is mortgage and it's getting small. I may try to conquer it.
                      I avoid the resolutions that involve limiting food. Good luck on getting your mortgage paid off.

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                        #12
                        This year we've been saving lots of cash and we plan on continuing that in 2010. At this point the only debt we have is our mortgage.

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                          #13
                          Originally posted by GREENBACK View Post
                          I pretty much avoid resolutions
                          Same here, but in the way of noteworthy financial goals, I'm planning to finish off my EF this year (I have $9k of $15k so far), and will be continuing to pay down a personal loan by about $6k (not rushing this though, since it's only 1% interest)
                          "Praestantia per minutus" ... "Acta non verba"

                          Comment


                            #14
                            Originally posted by payoutless View Post
                            What is your "survey income"? Do you do online survey's for cash?
                            I'm a physician. I have the opportunity to do numerous medical surveys online and occasionally in person. These are not available to the general public and they pay quite well, on the order of $100/hour or more. I typically bring in $5,000/year or more.
                            Originally posted by GREENBACK View Post
                            I pretty much avoid resolutions and my only debt is mortgage and it's getting small. I may try to conquer it.
                            Actually, I don't make resolutions either but I do set goals and create plans. Goals with plans tend to get accomplished. Vague resolutions don't.

                            "I want to pay down debt" is a resolution.

                            "I'm going to put 3% of each paycheck toward my mortgage as extra principal payments" is a goal and a plan.
                            Steve

                            * Despite the high cost of living, it remains very popular.
                            * Why should I pay for my daughter's education when she already knows everything?
                            * There are no shortcuts to anywhere worth going.

                            Comment


                              #15
                              I'm completely debt free, but I also don't have a home to call my own. I'm going to need that though, so the goal is to continue to keep up savings in anticipation for such a day.

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