My debt reduction plan is based on Dave Ramsey’s teachings. There are some changes to it because in my situation, some accounts are beyond the ability to accept monthly payments (although I’m still working on it). I am paying on two cards right now. I hope to increase that as my income increases. My number one goal right now is to increase my income so I can do all of these items quicker.
1. Build Emergency Fund – $1000
– I struggle with this one on a regular basis. Just when I build it up I find that I need it. Right now, It’s a matter of increasing my income!
2. Pay off Dell –
$700 $550 $375 $250 PAID in FULL!!
3. Pay off 5/3 Mastercard –
4. Pay off Paypal Mastercard –
$1500- making monthly payments of $30 right now. Paid off!!
5. Pay off Capital One – $2000 – not currently paying on
5. Pay off Chase 1 – $2200 – not currently paying on
6. Pay off Chase 2 – $5000 – not currently paying on
7. Pay off Discover – $6000 – not currently paying on
8. Be free of credit card debt!!
9. Start paying myself first – 10% of income. In Progress!
10. Begin Roth IRA account.
11. Pay off Student Loans
12. Become DEBT FREE!!
13. Build a savings account equivalent to 6 months expenses.
14. Start saving for my children’s college education.
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