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2020 Goal Setting

January 8th, 2020 at 02:34 pm

DH and I have been having lots of money talks, and we've come up with some 2020 goals. Full disclosure, we're working on a refinance that would give us the cash to handle the house projects in addition to removing PMI and lowering our mortgage payment by $300. If for whatever reason, it doesn't work out, then the home projects will be removed.

Debt Payoff:
1) Pay off big student loan - Original balance was $16k. There's a measly $225.22 left which will be paid off this month.
2) Pay off one student loan - The 8 remaining loans range in balance from $1100 to just under $4k. I plan to have the $1100 one paid off by summer.
3) Catch up credit cards - We were doing really well with the credit card use, but the holidays really knocked us off track. We currently owe about $950 on the Amazon card and $9k on the Marriott card. There is $76 and $2340 set aside in YNAB to pay to these cards, so obviously a bit of catch up to do.

1) Get back to living on last month's income - I suspect we'll need this first quarter to catch back up, but should be back to it by March.
2) Increase EF - Our EF currently sits at about $1300. I'd like to get it to $2500 by August.
3) SAH Funds - I'd like for us to be able to stay home again for a bit if everything works out with this pregnancy. Ideally, we'd have a month's expenses set aside (not counting on last month's income). This is a super stretch goal, but we'll see. If the refinance pans out, we do plan to set aside $2k of that towards savings, so that would jump start this.

Home Projects:
This is still being worked. DH and I identified 4 projects that we'd really like done on the house. We won't be able to do all 4, but with the cash we're slated to get back on the refinance, we should be able to do at least 2. We've agreed to get quotes for all 4, and then based on that, set our priorities.

2 Responses to “2020 Goal Setting”

  1. creditcardfree Says:

    Good luck! I hope that refinance works for you too.

  2. mumof2 Says:

    if yur refinancing wouldn't it be better to get rid of all the student loans etc and just have the morg??

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