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Refocusing on finances

June 18th, 2019 at 09:49 am

I finally got a chance to look at my budget spreadsheet and catch up and reprioritize. I've set a number of goals that I am reasonably sure are attainable by the end of the year. I ended up getting a 5% raise which is wonderful considering I was on maternity leave during the review process, so I thought that may influence their decision. Between that and the extra money coming in while DH is deployed, here's what I'd like to accomplish:

Debt Payoff:
1) Chase Freedom CC ($1500) - This was the credit card that my family was all approved users on. While it rarely gets used, there was about a $3k balance that was going down very slowly due to interest. I transferred half to other credit card offers and aim to pay off the remaining balance this year.
2) Chase Marriot CC ($512) - This is our everyday credit card. I'm not paying interest since we're on the float, but I'd like to get it all the way down to $0 and then continue using it for everyday spending.
3) BOA CC ($1100) - This was a 0% transfer for part of the Freedom balance. It expires 2/2020, so I'd like to have it paid off by Dec for peace of mind.
4) UAS Connect Student Loan ($1600) - This was originally a $16000 student loan. It took me a decade, but I can't wait to have it gone. It's one of the lower interest rates, but a $170/monthly payment, so it'll free up a fair amount of cash.

Savings: We're working on 2 savings goals, but I think I'm just going to focus on the first one.
1) SAHD Fund ($4500): Rather than a large 30th birthday Disney extravaganza, DH decided he really wanted to take the 3 months that the military allows before having to return to his civilian job to be a SAHD. This will help us avoid daycare for the first year and give DH some much needed bonding time with our son. On a bare bones budget, we'll need $1500/month on top of my paychecks. I'd ideally like to have $6k, but realistically, I think we're going to be lucky to hit the $4500. There's currently $750 in the account.
2) Car Fund ($???): I had wanted to save $10k to this, but I just don't see that happening. There's currently only $1500 in the account. We will need a second car when DH returns since I gave my old car to my brother (it's a coupe and wouldn't fit a car seat). The original plan was for me to get a used SUV-type vehicle, and I was hoping to pay cash, so we wouldn't have a second car payment. I'm not sure what will happen with this goal. I'd really like to avoid taking on more debt, but it may be unavoidable. If I can get to $5k and can convince my husband, we may be able to buy a bridge beater type car that we know won't last more than a year or 2 while we save more, but I don't know that I want to risk the breakdowns/my son's safety. I could potentially take my car back and just use my husband's for trips involving the baby, but we had planned for him to have the car to commute for childcare when we're both back at work, and he moves back home.

2 Responses to “Refocusing on finances”

  1. rob62521 Says:

    Smart idea on not taking the Disney vacation and savings money.

  2. creditcardfree Says:

    Great plans! I hope you can meet all your goals.

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