I decided this afternoon that my word for the year is going to be "Balance" The last two years it was "Joy." The second year of trying "Joy" didn't work out so well- though to be fair to "Joy" it was a tough year.
I figure that I probably don't need joy - I probably need balance. This is something I have always struggled with. The sad fact is that I was raised in an all or nothing kind of way and that is how I have always lived.
The fact is that we are probably going to be paying off this debt for another couple of years and the kids will probably all be gone in 3 years. Is this how I really want life to be? I'm not so sure!
I'm going to try a monthly debt repayment of $15% and savings of 10%. I am only including my income and dh's EI (or hopefully future income) not CTB (Child tax benefit), Working family whatever rebate that comes twice a year or rent that I get from the girls. I can not count on those as 'income' and was caught in the summer when my CTB dropped by 3/4. I plan to continue putting any extra money like income tax refund and school refund against the debt.
The 'extra' money should provide a little cushion each month and allow for some fun. I told the boys that they should think of something fun that we could do this month. They are sort of out of practice, I think... It probably helps that everyone we know is in the same boat and broke. They don't feel like it is just US. Oh, yeah, and I raised the food budget to $700. You know what is fun for me? Having enough food in the house! I'll be able to do it for less in a couple months or so, but in January vegetables are just more expensive and there is nothing I can do about it.
I am going to order a Good Food Box for next month and see if they are better shoppers than I am. I have had good feedback about them in other communities, but fresh things are expensive, here, so the amount a person can get for $15 is a lot less.
Now to switch gears back to debt!
My goals for last year were:
1. Graduate both girls in 2009 - Done! In fact, I placed my hand gently on Sunshine's head this week and declared her graduated. Without the official *bop* from mom you are still a student.
2. Pay off the Am. Ex.- Done! Between Am.Ex., Direct Energy and Chrysler Finance we paid off about $15,000 in debt this year.
3. Save for the Olympics- Done, but decided to be an adult and NOT take the time off work. Part of being a responsible adult is giving up your lifelong dream of going to the Olympics and working on your other lifelong dream of being debt free. My sister, Jam-tastic is coming to stay with me for a week so we can watch it on TV.
Goals for 2010
1. Pay off the Visa ($9363 and change.) I can probably do it, but not with a 15% debt repayment schedule if dh doesn't have a job.
2. To save as much as I can every month - with 10% as a goal. Any savings are good savings, though! I want to make it a fixed expense.
3. Improve my fitness level. As a broad goal ... to be able to run 3 kms and do 5 kms in about 35 minutes or less.
So that is how things are shaping up for me in the new year- well balanced... :-)
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