The American Dollar
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One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)



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Wednesday, August 16, 2006

Getting Motivated!


We are really motivated to knock out our debt in the 2nd week in September. So motivated that we have been setting up plans for what to do the 3rd week in September. I was thinking we deserve a break for being so good at clearing our debt and being debt free except for the house. We wanted to spend on some new clothes, new shoes, maybe an expensive dinner with drinks at an upscale restaurant. Then as it gets closer to actually having that money in hand instead of paying down debt, we are planning to jump right into needed home upgrades (aside from us socking away about $1000/month in an emergency fund until $10,000 is reached). Here are the things which we calculated to be an estimated $5200 total in home upgrades.

1) Cedar Privacy Fence with 2 gates in backyard $3200
2) Interior doors for 3 bedrooms + 3 closet door sets with included parts $480
3) New assembled extreme weather shed $500
4) One bedroom recarpeted $100
5) Main Hall Bathroom Sink/Cabinet replacement + installation $430
6) Garage Door opener + installation $280
7) Landscaping front/backyard (grass seed/aerator) $150
8) Upgrades that we've wanted to do for 2 years but couldn't since we were in debt - PRICELESS

That's alot to do over the course of a couple months. We definately want everything completed in October (outside stuff)/ November (inside stuff) or hoping to get really close to finishing. I think the main reason why we are pushing so hard to get these things completed is because well, the baby is coming in late Feb/ early March. This way we are able to build funds for maximizing our retirement accounts, baby's college fund, baby items, etc. But that is the direction we are going after we are debt free. So you see, planning ahead is motivating and fun!

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Emergency Fund
40%
$25,000
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