Friday, December 2, 2011

Cyclical Personality

My mind works in cycles. Every December I start thinking about budgets, financial goals, to prepare for the next year. I'll lay out the financial goals and then show you my problem:

early 2012: add $1000 to our savings

early 2012: pay off all credit cards (because my husband is a student, we do find these devil cards necessary from time to time

late 2012: pay off ATV (we currently owe about $2400 so this should be relatively easy to do)

early 2013: pay off truck (we currently owe $7300)

early 2013: put an additional $3000 in savings

mid 2015: buy Todd a new truck (hopefully paying cash)

early 2016: save an additional $10,000 (3 months income which by then hopefully will last longer than 3 months if our expenses no longer include debt)

mid 2016: start saving for college, retirement, honeymoons and land. You see I'd like to contribute a portion for my boys college, while we won't be paying tuition, we'd like to pay for books, laptop, printer and some general "extras", when they marry we'd like to be able to help with the cost of a honeymoon and provide them each with 5 acres of land, and of course we'd like to retire comfortably.

starting to see my dilemma? Our older boys are now in the 2nd grade...they'll graduate in 2022...that only gives us 6 years to save up for their college...I don't believe that will be enough time to save as much as I'm going to want to help with. I guess I have some thinking to do. Any suggestions?