This past year has been wonderful for our finances. Having a blog has helped me stay on track and accountable. Here's a play-by-play of the past year:
Work Income:
- Worked at Taco Bell looking for an opportunity to come last year in Jan.
- Started new job at the end of February making $36K/yr
- Got a raise in September up to $39.6K/yr
- Got a new job starting this March 3rd for $45K/yr for 90 days, going up to $48K/yr after that.
- Also juggled a computer repair job, picked up mystery shopping, my wife became a stay-at-home mom, and a few other random jobs here and there.
Rental Income:
- Started with 2 rooms being rented out
- Now up to 4 rooms, with all of them rented the past 6 months
Debt:
- Over $25K worth of net debt taken care of and out of our lives
- Many of those being settled on due to being so old
- The end of CC debt is right around the corner by June
Assets:
- Actual money in our bank account equal to a paycheck! No more living paycheck to paycheck!
- 2 cars that are in pretty good shape (after we spent $1300 the past 2 months repairing them)
Here's where I see us in a year's time:
- $8-10K in an emergency fund
- No credit card or misc debts
- $750/month going into a retirement fund (15%)
- $750/month going toward our mortgage to get rid of PMI.
- Daytime salary at least $52K/yr.
- Reduced down to 3 roommates due to our daughter having her own room.
- Putting the excess into savings to start an urban farm business in 2010.
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2 comments:
Is paying off your student loans somewhere in your plan? I've noticed you wait to settle on credit cards but student loans cannot be settled for less than what was borrowed. I know how tough it is to deal with credit cards but those student loans can be even more of a pain because of how long the payments can go on. When my wife and I get rid of the credit card debt, we're going to start paying off smaller student loans and go up the chain to the larger consolidated loans. Glad the job stuff is working out for you and the extra income should help get you out of debt faster.
Yes our student loans are somewhere in our plan, but that's beyond the coming year goals. The main reason is that our mortgage is a higher interest rate than our student loans, in addition to paying PMI. The overall plan is to get rid of all this debt since I'm sick of it.
I know that the student loans cannot be settled, since they are federally backed, etc. For now they are somewhat manageable payments ($310/month for $40K), they're on our plans for 2010-2012 to get rid of.
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