Sunday, May 8, 2011

It's All in the Timing- Part 2

This whole financial stuff is a lot to process. Yesterday when I posted my blog, I forgot some very important timing information.

We have a goal. A very specific goal. We want all of our debt to be gone by the end of 2015. That would seem impossible if you knew how much my student loans were. But first of all, mathematically, it is absolutely possible. And second, it is just too convenient of a goal.

As my first very first blog indicates, my life has fallen into neat decades. I know the world doesn't really work that way. I know it's a coincidence. But.

In 2015:

-I will turn 40.
-Ryan and I will celebrate our 15th wedding anniversary.
-Lily will start first grade.
-All of our debt will be gone. All of it.

After that, the retirement and college savings can begin. Frankly, I had assumed it was too late. We all have heard stories about people who start saving in their twenties. I just thought that ship had sailed. Then I saw the charts in "Total Money Makeover" that indicated how much a person should save monthly for retirement depending on starting age. And there it was. 40. And it wasn't even way down at the bottom of the list like a Point of No Return.

The next encouraging chart had a similar savings plan for college educations. And there was age 6. Sort of towards the top. Not too late.

So not only is it time to start, it will be a great time to finish. Ready.... go!


  1. Came over here from Michelle :) i just wanted to encourage you on this quest! my husband and made the same decision about six years ago. we've been debt free for two years now. not a single debt other than our mortgage. we not only don't use credit cards, we don't have them anymore. if we want something, we save for it. i cannot explain to you the liberation. it's a freedom that defies limits. we looked around at how many people in our lives were enslaved by huge amounts of debt and living far beyond their means. we saw how the economic situation was crushing them. we didn't want that for ourselves. especially not for the sake of acquiring "stuff". so we drive older (paid for) vehicles, live in a small house that we can afford and watch every penny. but i can honestly say that this economy has had little effect on us. that makes it totally worth it. good luck!

  2. Thanks for the encouragement! Our debt is mostly student loans- we have very little credit card debt and don't plan to use credit cards any more. (Haven't for years.) But we'll have our one car paid off in a little while, I can pay cash for our next car (because I'm a freelancer. I get paid in chunks. But we would have used it as a downpayment rather than a whole car in our "old life." and I am VERY MUCH looking forward to the day when our (giant)student loans are gone, too!!!