January 2008: Working Towards Being Debt Free About This Page:

[DawnDenise]

Hello everyone!! A new year approaches, and there are several members working to become debt free in the year 2008. The road is far from easy and we all could use support. I'll be posting monthly sticky topics for those interested in supporting one another in the quest to become debt free.

So, post your ideas, your successes, and even your stumbling blocks!! We've already have some ideas running in the forum already for January.

No Buy January

Wishing all those working towards being debt free the best of luck!!

[lukeandbrookesmom]

This is great - thanks Dawn!

[rescuesk]

Thanks so much, Dawn!

[Marybeth]

[rescuesk]

OK, so toady is 1/1/2008, the first day of our new "pay-down-the-debt" year! I have my monthly bills sorted, as well as my income, and we will see how it goes. I am working today, and as much as DH wanted me home (he is off) it is time and a half, too good an opportunity to pass up for debt reduction!

[lukeandbrookesmom]

We're off and running with our "No Buy January" thread - here are some theme ideas for February -

Cupid Loves Frugality (low cost and free ideas to celebrate Valentine's Day)
Free Fun February (free recreation ideas)
The Groundhog Saw the Light - Get out of Debt Darkness (cost cutting ideas for the month)

Any other ideas?

[DrDolphin]

Thanks Dawn!!!

[mcc0313]

This is such a great idea....and having everyone doing it together already makes the prospect sound all that much better.....

[stefffe]

Yippeeee !!!!!! our very own "sticky" !!!!

Happy new year all..... and to all a debt free year !!!!

now to business.....the budget has to be on paper.....going to write it all down in a notebook.... and spend our next years money on paper......


my personal goals......

to have both cars paid off by the middle of feb.
to have the majority of the credit debt gone by my 41st birthday (apr 6)
to have 4-5 months of emergency savings put away in an IRA somewhere by this day next year!!!!


you guys have any personal goals set for your families???

[KimM]

This was a tough year for us. DH was out of work for 2 months and we were unprepared financially. We finally got caught back up on all our bills. I'm determined to do my best to be prepared before another emergency comes. DH and I sat down and discussed setting some goals today (I know it's a little after 1/1 but I'm proud of us just the same!).

Here's what we decided:

1. Pay off two credit cards with low balances ($1600 between the 2) by April 1
2. Start putting $50 per paycheck into a savings account (I set up my ING savings account to take money out each week - DH and I get paid on alternate weeks)
3. Pay off a loan from my 403b plan (~$2500) by August 1

After that, we're going to start working on saving towards our emergency fund (at least 3 months of expenses) and paying off the one last credit card with a larger balance.

I am also trying hard to stick to No Buy January. I am doing pretty well so far. Went to Bed, Bath and Beyond the other day and managed to only get what I went for - a new shower curtain rod. I did spend a little on DH for his birthday, but I did try not to go overboard. And I bought practical presents - a new eye mask (he can't sleep if there's any light) and a few books.

Good luck to everyone! I'm so glad we're all here doing this together.