Now that we're getting so close to being debt free but mortgage, I'm dreaming about and planning what comes next. If things continue to go well, this could happen as early as May, most likely in June. That's not that far away! From there, it's time to beef up the emergency fund. My goal for that is $8K by the end of the year. We're at a little over $2K right now. We could save $1K/month from July - December and hit our goal. Our budget right now affords us to push anywhere from $1000 to $1500/month towards debt right now.
I'm thinking that I'll stick with $1K/month towards the emergency fund and then anything I can snowflake on top of that will go to a new INGDirect subaccount that I'll create in June/July. It's going to be the Basement Finishing Fund.
Chuck and I really want to finish our basement. We'd have a 4th bedroom/work out room plus another 3/4 bath and an official office area (our office area is in a corner of our bedroom right now) plus a media room. Right now our exercise equipment is in the middle of our cement block wall basement. It's downright dreary down there when we go to work out. We've been dreaming about this since we built this house in 2005. We always said maybe next winter, next summer, next, next, next. Now that we're getting closer to having our financial house in order, we may actually get to finish that basement!
I'm estimating we'll need about $25K to finish the basement. As soon as we can start saving money for it, we can maybe start a few things here and there (put up a vapor barrier on the cement walls, designing the spaces and start putting up stud walls, etc.). I'm so excited and want to get started now!
Just one more reason to snowflake every single extra cent we have to the HELOC right now!
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2 comments:
Congratulations on being so close to debt free! You guys have done an amazing job!
That is a terrific milestone, and it leads me to wonder how distant this goal felt when you started climbing out of debt? I know that when we started, we felt like there was no insurance whatsoever that we would ever reach it. Now it's a lot closer (not as close as you, but still), and it's so gratifying to see the progress. Congrats on your discipline and hard work!
Jerry
www.leads4insurance.com
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