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financial goals - payments*Within the next five years we...

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Kathryn Beddow Short Term Goals ( <1 year) *Reduce Student Loans: reducing my student loans will decrease “debt” and improve my credit. I make a payment each month in order to reduce what I owe. *Pay off my credit card before it begins gaining interest in January 2012. I make more than my minimum monthly payment, and do not exceed my limit or leave my balance high. *Make my truck payments to reduce what I owe. I make my payments monthly, on time and apply a second payment to the interest.*The first and third goals are to reduce not eliminate, so they are highly attainable and realistic. The second goal is to pay off my credit card; I pay $100 (max) a month, so even if I do use it between now and January, it will be paid off by that time. Intermediate Term (1-5 years) *Within five years I plan to have my student loans paid off. As long as I continue paying $75.00 per month toward what I borrowed and $45.00 per month to the principal my loans will be paid off in 52 months. *My truck payments are for 60 months, so I five years I will be making the last of those
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Unformatted text preview: payments. *Within the next five years, we will sale my motorcycle and begin saving for a house (which we will buy in 10 years). Also, we will continue to save for our son’s college fund, and while adding to our family, we will form college funds for each additional child. Long Term (>5 years) *In five years or more, my student loans and my truck will be paid off; we will have college funds for each of our children; we will be buying land and building a house (desired: 5 acres, a four bedroom/3 bathroom/2 car garage), and hope to buy a boat after completing the house. As long as I do not accumulate anymore debt (and neither does my husband) all that we owe will be paid off in 82 months or less and we will only save from then on (while saving between now and then as well). All of these goals are realistic and attainable, as long as the current trend is maintained in our household....
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