Saturday, January 2, 2010
Paid bills last night and took a good, hard look at the finances. My goal is to pay off debt and replenish savings in an 18 month period. Divorce is hard on finances--going from 2 incomes, down to 1 with basically the same expenses, not to mention all the lawyer bills. I think I can do it. I have developed a debt repayment plan that will have my miscellaneous bills paid off in 10 months---or by Oct 2010. That will leave me with my mortgage and the largest of 3 student loans. Part of the plan involves paying off the smaller two student loans, and then applying that payment amount to the principle of the big student loan. We'll see. Also, I get paid 2 times a month. If I can set aside roughly a THIRD of each check for savings, then, after 18 months, I will have replenished my savings that I had prior to my marriage being in trouble. This is where it will get tricky--I'm basically reducing my income by a third. It's going to be tight, but I will try. I'll have to pull out some of my old tightwad tricks.