5 year plan…

5 year plan…

I just have to do a little bragging tonight on my husband and myself.  To do the bragging, I need to tell you about the five year plan.  In January 2006, right after we bought the house, things were really tight financially for us.  We both came in to the marriage with some credit card debt.  We both had vehicle payments to make and now we had a house payment.  We ate a lot of hot dogs the first few months after buying the house.  But, anyway, we decided to begin a journey out of debt, so we came up with what we call the 5 year plan.  We set up a plan to pay off all of our debt in 5 years (not including the house).  It has been a long time coming, but we paid off my last credit card tonight.  D still has one that we will have paid off by September.  I am so happy.  It is hard work, but it has been enjoyable as well.  It has given D and I something to work on together.  We have celebrated all of the little accomplishments along the way.   Our 5 year plan will be completed in a little over 3 1/2 years.  We are not done at the point.  Then we will begin working on the 10 year plan.  The next step is to put away 6 months worth of expenses.  When that is done, we will begin working on paying off the house early.  If things go as planned, the house will be paid for by the end of 2014.  The coolest thing about that is that having it paid off that early will save us around $55,000 in interest.

I am so proud of D and I.  Life is so much easier now that we are not swimming in debt.  I am looking so forward to September and the completion of the 5 year plan and beginning the 10 year plan.

Go Team!

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