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New Year's Resolutions for Debt

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  • nmboone
    replied
    I should pay off my car in the middle of this year (nearly a year early, yay!). Problem is, I need to move as well and find a better paying job than I have. I'm minimally paying on student loans until car is paid off. I'm grateful for no credit card debt.

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  • cptacek
    replied
    I want to pay off one credit card, my student loan, and the pickup loan DH's grandma gave us this year.

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  • Slandgie
    replied
    eh, it's still early enough in the year to make a resolution for 2010. Right now, we have about $11K in credit card debt, I want to see it at $6K by the end of this year.

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  • shibabigk
    replied
    Our goal for 2010 is to pay off the last CC.
    We currentl owe $3500 on this very last card, and I am proud to say that in the beginning of 2009 we owed over $10K on several cards, which seemed absolutely impossible back then. We also both started Roth IRAs and my husband is contributing to te TSP. Its not much right now, but we are at least starting to get on the right track.
    That will leave us with two car loans and one personal loan. I won't be working anymore as I will be a full time student, so the goal is to stick to our budget and once the card is knocked out to keep saving and working on the three loans one at a time. It won't happen as fast as last year since our income is cut in half essentially, but we are both motivated and not owing the cc copmany anymore will feel so darn good!!!

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  • bigredmachine05
    replied
    My question is for disneysteve. Being a physician, what surveys do you do for $100 or more an hour? Would I qualify for them even though I am not in primary care medicine. I was looking for some surveys to do while I am in my office waiting for a case to start.

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  • MamaBird06
    replied
    We want to be completely debt free except the mortgage by the end of this year, and have 12000 in savings! Last year was a very difficult year for us, but we still managed to pay off 21500$ of non-mortgage debt. My husband was in an accident, so we accrued some more debt in the summer and right now our current debt with the medical debt is at 35200$. We will be getting some type of settlement which will take care of the medical bills and probably more, but that could be another 6 months from now so we are still working on taming this debt slowly each month.

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  • EconoMutt
    replied
    We want to increase our EF from 3 to 6 month's expenses and pay down $10,000 toward our massive debt.
    Last edited by EconoMutt; 01-03-2010, 02:02 AM.

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  • Snodog
    replied
    We have 80% home equity and a low fixed rate so I'm not looking to pay any extra on my mortgage. No other debts to speak of. I guess my goal for this year is to max out a 401k and two Roth's. Last year we came up a few thousand short on the 401k because we replaced my wifes car.

    That being said I'm not real fond of setting financial goals because too many things can happen that are out of your control.

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  • fruitbowlk
    replied
    My main one is to fund my EF 6-8 months of monthly expenses quickly due to the upcoming lost of my Job.

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  • payoutless
    replied
    Originally posted by HistoryChick View Post
    Attack my student loan debt with the force of angry god...thor's hammer, the bolt of Zeus, Joan Crawford's wire hangers...basically just go ballistic
    That is hilarious. That is the only way to knock out debt. My wife is finally on board with the idea after almost two years. She truly wants to be out of debt now that we are expecting.

    When a person is passionate about something they will usually find innovated ways to make it happen. DisneySteve also hit on a great point, goals must be precise. The more precise the goal the easier it will be to know when you achieve it. For instance if my goal is, "Save money in 2010", I might not be as serious about it. I can also put five dollars in the bank and achieve it. However when I qualify the goal such that it becomes, "Save 200/month for a total of $2400 in 2010", I have defined a finish line. Being exact can give you motivation if you do not set your goals too high.

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  • HistoryChick
    replied
    Attack my student loan debt with the force of angry god...thor's hammer, the bolt of Zeus, Joan Crawford's wire hangers...basically just go ballistic

    Leave a comment:


  • Broken Arrow
    replied
    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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  • disneysteve
    replied
    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.

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  • kork13
    replied
    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)

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  • minnie1928
    replied
    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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