Rory kinda messed everything up.


If you’ve been around for a while, then you might remember how we had to suddenly buy a new car at the end of July. (FYI to all my new readers: we had to buy a new car. His name is Rory.) Obviously this threw our entire debt pay-off plan off kilter, but I have been waiting to see what happened with our budget before giving you guys an update. Almost three months have passed and we are finally feeling like we have everything settled. So here’s a brand new financial goals update for you, but first let’s revisit the goals from my last post so we can refresh our memory:

Goal #1: Pay off student loan by December of 2015.
Goal #2: Pay off credit card and car by September of 2014.
Goal #3: Pay off credit line by August of 2014.
Goal #4: Build our savings back up.
Goal #5: Pay off couch loan by January of 2015.
Goal #6:  Be 100% debt free by December of 2015.

Aaaaand here are the new goals, post-car purchase:

Goal #1: Continue building our savings back up.

Just like last time, I’m not tying a number or deadline to this one. We are just trying to build up and keep a healthy savings account. Although for the next three months our goal is to save $300 a month so that we can cover all of the traveling expenses/gifts for Christmas without using our credit card.

Goal #2: Pay off student loan by February of 2016.

This goal didn’t get pushed too far out. We only lost two months from the revised goal posted above.

Goal #3: Pay off credit card by August of 2014. MET!!!

I felt like this one was worth mentioning even though it’s already met. We are el-done-o with credit card debt. Wahoo!! And we were able to pay it off before the 0% promotional interest rate expired, so double-score!

Goal #4: Pay off credit line by November of 2014.

Okay, this one has to be met but it’s not getting met in a way we would like. To make a long story short, we found out last month that the credit line must be paid off by next month, but we don’t have the cash to pay it off on our own. So we’re going to increase the couch loan so that we can pay off the credit line. We are not happy about this, but we don’t have a choice. Boooo, banks.

Goal #5: Pay off couch loan by May of 2015.

Obviously, increasing the loan amount is pushing this pay-off date back a few months. BUT, we are crossing our fingers and hoping that we get a big enough tax refund next year to pay it off earlier.

Goal #6: Pay off car and be 100% debt-free by January 2018.

Ouch, ouch, ouch, ouch. Our debt-free date got pushed back a solid two years!! But, I can’t help but admit-I am surprised that buying a brand new car only pushed us back by two years. AND, the best part is that this pay-off plan doesn’t include any potential raises or tax refunds we will get between now and then. (And we know Roman will get at least one raise when he completes the training program at his work.) So this date could be a little sooner. Of course, we all know that life happens and things rarely go according to plan. Only time will tell how all of this plays out!


Sooo, there you have it. We feel so much better having an updated game plan laid out for our financial future, and I’m so glad that we can share it all with you guys. It really helps to have that accountability and hopefully it’s an encouragement to some of you to keep working towards being (or staying) debt-free. If you’d like to go back and review the evolution of our financial goals, you can read them all here, here, here, here, here, here, here, here, here, here and here.

What financial goals are you working towards? Is a healthy savings account one of your main goals? Have you ever had to make a sudden, large purchase? What did it do to your goals?

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  1. Tarynkay

    Right now, our big financial goal is saving towards adding onto our house. We are also paying down some grad school loans and saving for retirement.

    We bought a brand new car back (VW Golf TDI five speed) when we were 22 and newly married. After we bought it, we came to the same conclusion as you are here- basically, oh, wow, this new car thing kind of messed everything up. Since we lived in a two bedroom apartment, we found a roommate. Because of her rent contribution, we were able to pay the car off quickly. If you have the space, you might consider adding a roommate at least for the short term. That decision really helped get us back on track.

    By the way, we are still driving that car! It is now 13 years old and we have driven it across the country 4 times. I now call it our mini-mini van. My only regret is that we bought a two door back then. But hey, I can fit two car seats in the back, and I like to think it keeps me agile.

    • Oooh…I dunno about the roommate thing. That makes me nervous! Haha
      My old car was a two-door as well, which was one reason why we weren’t too sorry to see it go. Hopefully the new, much roomier car will last us a good ten years!!

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