Note- I apologize for the radio silence. We’ve had a nasty cold going around our house, and being the severely understaffed operation we are, I had to set aside blogging in favor of keeping germs at bay, diapers on LM’s butt, and food in everyone’s tummies.
Having goals helps us focus on our long-term goal of being free from debt, and gives us a sense of accomplishment normally reserved for paying off debts. We find it’s a great tool that helps keep us on track! Here’s a look at how we did with our March goals:
- Pay off $2000 of debt. We actually ended up paying off $1,707.36. I blame myself for this mix up, since my math last month was a leetle bit flawed. A more realistic goal would have been to pay off $1800 of debt, which I still fell a little short on.
Pay off Hubby’s truck.We officially paid off Hubby’s truck! It’s liberating to have the title for one vehicle in hand, and to have one less debt. We celebrated with juice boxes that we bought on sale with a coupon! Deal with our maturing CD.Our CD matured, and we got $1,277 from it. We took $100 and used it to open a new CD at +4% interest. This was the minimum amount allowed to open a CD, and we’re continuing to contribute $100 each month to this account. $907 went to paying off the truck, and the remainder went to paying off our next highest interest debt, which is our Line of Credit. We’re pleased with how this all worked out! Revise our debt payoff plan. We originally planned to continue putting $900 a month towards debts until we were 100% debt free, but we recently found out Hubby will most likely not be eligible for re-enlistment. Since we have no forseeable source of income after the Marines, we’re focusing on paying off any debt that is higher than what we can get in returns on aggressive savings (debts with interest rates above -4%), then continuing to make minimum payments on our lower interest debts while putting the remainder of the $900 we were putting towards debt into savings. We won’t have a huge safety buffer saved up with this plan, but we won’t have 6 monthly payments to keep up with, either. We took our credit cards and literally froze them in ice, so we can’t use them. We didn’t cancel them because that would affect our credit to debt ratio, which would hurt our credit scores, and I don’t want to cut them up until we have an emergency fund set aside, since (as much as I hate to say it) those cards are currently our emergency plan. Review and adjust our retirement account. Since we’re young (21 and 22), we have our retirement funds entirely in stocks. Stocks are inherently riskier than bonds, but they have much higher returns. Remember, risk and return go hand in hand. We’re planning on shifting to a more conservative portfolio when Hubby turns 30, but for now we rebalance our TSP every 3 months or so to maximize our returns.
- Have two yard sales. This did not happen. The first three weekends were very rainy, which is a garage sale killer here, and the last weekend we were very sick. I’m hoping to do this next month instead.
Discuss our job options post-military.We didn’t discuss job options, but we did discuss where we would go, so I’m counting this one as a win. We’ve decided to move based on Hubby’s choice of school, so it looks like we’re headed to Arizona.