Getting Out of Debt in 2009 - What are your financial plans?

[cooktre]

Great thread! I love reading the success and hard-work stories!

We started with Dave in July, and we have already paid off 10,000 dollars!!! I just can't get over it. DH and my combined income is about 70,000 so I just cannot believe we paid off 10,000 in debt in 5 months. I NEVER would have thought we could do it.

We also have the 2,500 emergency fund from baby step 1 (we went over because I am a chicken!). And NO MORE credit card debt!

Of course, we still have 60,000 to go (DH is a journalist and I'm a professor so we have college loans like I have razors in my CVS stockpile...heh...). Still, I think we'll be able to be debt free in 2 years.

My goals for 2009:
1. Finish up with DH's car loan (10,000)
2. Pay as much off on our student loans (50,000... we should be able to knock at least 15,000 of this out)
3. Keep HCW-ing and saving and living frugally!

Easy to say, harder to do, but completely worth it! Good luck to everyone!

[amys]

We have under $4000 left not counting our mortgage.

My goal is to have that gone in under 6 months. We have been snowballing, but we have not adhered to it very strictly. We just paid off our car loan - which felt so good!

We are so low on the income pole and I am hunting a part-time job, any job, but slim-pickins around here.

Once the $4000 is done, all the extra $$ will go to the mortgage.

[cody82414]

Hey all! So I'm going to join in here.

Our total debt is (grab your britches) $232,298.38.
That's right!!

And DH is not supportive of my couponing and budgeting,
but I feel like I need to do what I can to take care of this burden.

Any and all support, hints and tips are appreciated!!

[momof4inmi]

Wow cody82414...I know that you can do it. Maybe once you start making a dent in the debt DH might get on board.
Good Luck!!!

[Alexdur85]

Right now.. we have about $6,000 in credit cars and $22,000 left on the car. We're also in the process of buying a house.. so then we'll be about $230,000 in debt. The credit card will be paid off by Dec 09 because we make $350 dollar payments. Included in that $6,000 is one of my credit cards of 1,000 that I plan on paying off before the end of escrow on our home.. if we even get into escrow (crossing fingers!). The house and the car are to be focused on in 2010. lol

[Krystalily]

Hubby and my debt is at $38k. (NOT including the mortgage, which we pay bi-monthly)

I'm hoping to pay off at least 2 loans next year and pay off DH's car. That would be about $12k. I pray that we'll make it. About $26k of our debt are student loans. So annoying! But we'll get those cut down in 2009 a bit too. I'm just anxious and nervous about the economy.

[slb1023]

I am so on board with this, I am going to sit down and figure out everything and put my plan on paper and show it to DH, that should wake him up. I am going to take some good advise from you all and I will update my post as soon as I have it all on paper. Off the top of my head not including mortage, student loan, or cars it is around $20,000 my goal is to have that paid of by the end of 2009!!!!!

[dgarza]

Its kind of shocking to sit down and work this all out but we have:

35k Student Loan
8 K UK Student Loan
16k CC debt (27%- 34%) UK
4k CC USA (8.9%)
7k houshold debt
5k car
2k personal loan

We have $20 in savings, and live on one teacher's salary. I stay at home with kids, coupon, daycare (baby sit) when needed. If I were to work I would make just enough to pay the daycare. So we have decided I am to stay at home.

The above dosen't even include the 85k mortgage either. Sooo my plan for 2009 is to decrease the CC Debt (already cut up).The loan will be paid off this month as have refund coming from overpaying the midwife - phew. I also plan to write a small check to a charity before I write the first bill check. Just to remind me I am fortunate and have many things to be thankful for. It is also a reminder that the CC debt and household debt could have been avoided, and if we don't pay attention now, we may be out of our depth. I wish all of us luck in our quest to get out of our financial load.

Sigh .. mounts up quick. On my blog I have a clip from Suze orman show about can you afford your life ... I have to answer no right now :sad:. But I will, it just takes a year at a time .... roll on 2009.

[soapstone]

What are your financial goals for the next year? Here are mine:

1. Max out both of our IRAs.
2. Save four month emergency fund.
3. Save husband's entire net income when he starts working in September.
4. Get grocery budget down to $200/month.
5. Stay out of credit card debt.
6. Take a small vacation and pay for it in cash.

Feel free to share any non-money goals you might have as well!

[Cynthiabutterfly]

1. Stick to my grocery budget.
2. Keep my 401k funded at the max my company will match.
3. Add 10% gross income to savings.