A blog to help me document my journey out of debt.
I'm the CFO of a three-adult, two-child, two-cat household. There's me (CJ, age 44), my husband (NT, age 44), my wife (AS, age 39), and our kids AA (age 7) and SL (age 5). Oh, and the cats are named Whiskey and Clue.
Until July 2007 we hadn't been serious about financial stability, but then we started focusing on paying down our massive debt, building an emergency fund and saving for retirement. In October 2010, we finished paying off all of our credit card debt--over $70,000! Adding in student loans and mortgages, we've paid off more than $250,000 of debt so far. In June 2015, we used a windfall to pay off all our remaining non-home-related debt!
Creative - get a novel publishing-ready. Step 1 (Jan): online class--done
Step 2 (Feb) create a plan for rest of year--done
Health - limit drinking on everyday nights.
Jan: 1 day a week of 0 glasses. DONE!
Feb: 2 days a week-- Done!
Health - limit screen time outside of work.
Jan: 1 night a week of no computer/phone use after work.
Feb: 2 days a week--done
Health - Try relaxation/destress tactics on nondrinking/no-screen-time days--tea? Meditation? Reading?
Jan: Used tea and reading.
Feb: Also used guitar practice
Pragmatic - emergency preparedness. Research on cdc.gov, ready.gov & dps.mn.gov. Make a kit, make a plan, get informed. First aid training, e.g. CPR.
Jan: researched kits, plans and classes; bought some preparedness supplies for kit; cleaned out basement to make room for eventual emergency kit.
Feb: no progress
Work/professional development: Look for class on Agile; see if work will pay for it.
Jan: No progress
Feb: No progress
Work/professional development: Start to limit social/personal internet at work.
Jan: No personal internet/phone at work one day per week. DONE!
Feb: 2 days per week--done
Financial: Retirement assets to $475K (Starting point: $390,774). Net worth to $650K (Starting point: $581,608). Bump NT's 401(k) up 2%.
Jan: Retirement at $404,682; net worth at $596,482, bumped NT's 401(k) up 1%.
Financial: Kids' savings up to at least $1K per year of age. (SL: $6,000. AA: $8,000.)
Jan: Balances SL $3,081.60, AA $5,921.32
Home: Full kitchen renovation. See what other improvements we can save up for after that.
Jan: Savings at $21,075
Vacations: UK family trip after Xmas. Solo trips for adults. Weekend at lake. CJ family reunion in June/July Niece's wedding in Va. in August.
Jan: some planning, nothing booked
Feb: time off booked for June/July and August trips
Big picture goals:
$512,564 in retirement assets by March 2019
Balance as of 1/31/2018: $404,682
Ultimate goal: 8x annual income by retirement
Explore selling UK flat and buying a rental property in Minneapolis