Our 3rd plan will have to wait temporarily as we had a little hiccup in getting started. Plan #3 is our financial plan. We desperately need to get out of debt and start some serious saving so that we have some emergency money and a good amount for a down payment on a house. While we are living in my dad's house right now (one of his rentals) and will be able to live here comfortably with 1 or 2 more kids (depending on gender), our goal is to be able to buy our own house in about 5 years. That's what's the earliest, realistic, possibility for us right now. That gives us the time we need to pay our debts off, or at least all but our student loans, and have some time to save.
Part of our big plan to help all this happen was going to be starting our Financial Peace University class this past Saturday at a church near my parent's house. I was really bummed to get an email telling me that the class was cancelled due to them not getting the kits in. I don't understand why they don't just postpone it a couple weeks while they get them in and then have the class. The Saturday morning class was really the only class that would work for our schedule right now. We are just too stretched and maxxed out right now to add a weeknight class and we need our Sunday nights to prepare for the work week. Plus, in a week and a half I'm starting a new women's study at my church where we will be going through a book called "The Worn Out Woman". How appropriate! So to add FPU class while I'll be having a mid-week Bible study group would be too much. I want to be able to do the FPU class well and give it the time it needs so we will look into starting it a little later on in the summer.
Here are some of our short-term and long-term goals (I'll label them ST or LT)
- save up $1000 as our emergency fund (ST)
- create a budget (ST & LT)
- use the envelope system successfully (ST & LT)
- pay off the medical bills left over from having Brooklyn (ST - by the end of the year)
- pay off my credit card debt (LT)
- pay off the PT Cruiser (LT - we have 4 years left)
- save up to get everything that needs fixing on the van done (ST)
- create a working system to get bills paid each month on time (ST)
- save up 3-6 month's worth of salary (LLLLLLLT - lol, this seems like a pipe dream to me)
- live on much less than we earn (ST w/ LT effects)
- stop using any form of credit (ST - we've pretty much not used any credit since November of 2008)
So there you have it. I'm sure most of you have some similar goals as these and may have already achieved most of them. If so, I'm jealous of you! We are definitely living beyond our means and living paycheck to paycheck and I'm just so tired of that! I want financial freedom! I can't wait to take the FPU class and have some accountability and go through this with others who are struggling with the same issues and facing the challenge with us.
What are your financial goals? Which of the ones I've listed have you achieved? Which ones that I haven't listed that were your own personal goals have you achieved and are excited about? I'd love to hear some success stories, those always get me psyched up and motivated!