Going over my goals...A few months later...
Ok, time to assess how I'm doing on the goals I set a few months ago. When I set the goals, I was fully employed making the best money I have ever made in my life, be it modest income by some people's standards.
So goal # 1 was to "get out of credit card debt"...but I am going to change this to simply "get out of debt: current student loans, credit card debt, money owed to family"
How do I go out meeting this goal? What steps do I feel I can take to reasonable fulfill this goal?
1) do not add to the balances on either credit card.
***I Have done well on this step of the goal. I have been good with not adding anything to the balance of any of my debt. I have not borrowed money from my family, I have gotten my student loans out of default and back into good standing with lenders, and I am not charging anything to my credit cards. I did notice that there is a monthly $16 charge ending up on 1 of the CBS that I have to call and dispute as a charge back because I have not authorized a $16 auto payment to anything.
2) commit to paying at least $200 a month minimum towards the balance.
***since I am unemployed I have had to modify this a bit. I am working to pay at least $100 a month to each credit card and if/when possible, pay anything extra I can spare.
***On student loans, I am working to get payments reduced to the lowest possible minimum required payment and then an u thing over and beyond will be paid towards the principal. This strategy will lower my upfront interest payments and pay down the principal, thus compounding and allowing for less interest paid because of the loans getting paid off faster.
***Regarding paying family back, I given my dad a set of checks that he can cash each month which ensures he gets a little each month and pays down the amount owed. At this point I believe I have 4 months of checks left until he is paid back in full.
3) when able, pay more than $200 a month towards the credit card balance.
***I have already noted that I had to lower the amount I am paying back monthly because I am unemployed, but am trying to pay as as much as I am able to each month.
Goal # 2 - take a year or 2 off from working to travel the world.
1) I can work to reach this goal by getting out of credit card debt and putting any extra money away.
***I am working to open a separate savings account ear marked specifically for this, so that I do not simply forget to save for this goal. I do not expect to be putting a lot of money in the account since I am working to pay off debt, but a goal like this still needs to start somewhere.
2) I can plan for this by scouring the internet, books, magazines, blogs, etc for tips.
***I have begun reading journals/blogs by people who are currently doing this and saving internet articles and travel websites that help me with this planning. I have bought the book vagabonds to read and see the author's philosophy on long term world traveling.
3) I can begin planning / penciling in ideal places I'd like to visit.
***This is an ever evolving list that will never end even once I end my year long around the world trip :)
Overall I feel that the goals have been going well even with a few hiccups. I have committed to the goals and have worked hard to keep up with them. I look forward to seeing where I stand with them in a few months.
So goal # 1 was to "get out of credit card debt"...but I am going to change this to simply "get out of debt: current student loans, credit card debt, money owed to family"
How do I go out meeting this goal? What steps do I feel I can take to reasonable fulfill this goal?
1) do not add to the balances on either credit card.
***I Have done well on this step of the goal. I have been good with not adding anything to the balance of any of my debt. I have not borrowed money from my family, I have gotten my student loans out of default and back into good standing with lenders, and I am not charging anything to my credit cards. I did notice that there is a monthly $16 charge ending up on 1 of the CBS that I have to call and dispute as a charge back because I have not authorized a $16 auto payment to anything.
2) commit to paying at least $200 a month minimum towards the balance.
***since I am unemployed I have had to modify this a bit. I am working to pay at least $100 a month to each credit card and if/when possible, pay anything extra I can spare.
***On student loans, I am working to get payments reduced to the lowest possible minimum required payment and then an u thing over and beyond will be paid towards the principal. This strategy will lower my upfront interest payments and pay down the principal, thus compounding and allowing for less interest paid because of the loans getting paid off faster.
***Regarding paying family back, I given my dad a set of checks that he can cash each month which ensures he gets a little each month and pays down the amount owed. At this point I believe I have 4 months of checks left until he is paid back in full.
3) when able, pay more than $200 a month towards the credit card balance.
***I have already noted that I had to lower the amount I am paying back monthly because I am unemployed, but am trying to pay as as much as I am able to each month.
Goal # 2 - take a year or 2 off from working to travel the world.
1) I can work to reach this goal by getting out of credit card debt and putting any extra money away.
***I am working to open a separate savings account ear marked specifically for this, so that I do not simply forget to save for this goal. I do not expect to be putting a lot of money in the account since I am working to pay off debt, but a goal like this still needs to start somewhere.
2) I can plan for this by scouring the internet, books, magazines, blogs, etc for tips.
***I have begun reading journals/blogs by people who are currently doing this and saving internet articles and travel websites that help me with this planning. I have bought the book vagabonds to read and see the author's philosophy on long term world traveling.
3) I can begin planning / penciling in ideal places I'd like to visit.
***This is an ever evolving list that will never end even once I end my year long around the world trip :)
Overall I feel that the goals have been going well even with a few hiccups. I have committed to the goals and have worked hard to keep up with them. I look forward to seeing where I stand with them in a few months.