Monthly Money Tuesdays

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Welcome to Monthly Money Tuesday, it used to be on Mondays, but I've moved it to Tuesdays because of Monthly Aspirations. Monthly money is a once a month talk about our journey out of debt and the expenses of our daily lives. It is posted on the first Tuesday of the month. If would you like to join in please do, I am looking at making this a collaboration and monthly link up! Connect with me here. This month I am focusing on my year money goals and as such I am breaking down the categories.

Canadian Debt

As of January 1st our progress bar sits here

I hope to have this bar at 20% by the end of 2016. This is a little high. If we made just our monthly payments every month for the next year we would be sitting closer to 16%. I hate bad debt and as such my goal is to get it paid off as quickly as possible. If we can do 20% in 2016, means we have the potential of cutting off 1 year off my debt repayment plan! And the more I can cut off the better.

The biggest question is, do we focus more on the small line of credit and pay it off faster than the other one? Or both at the same time. Interest rate is the same on both so there is no benefit. Let me know thoughts, I'd love to hear how you would tackle this problem!

Bills/Finances

My goals here are pretty basic

  1. Don't get in any consumer debt
  2. Stay on top of payments
  3. Save up enough to pay off Car and Renters Insurance for the year verses monthly payments.

Technically we did this already for Renters Insurance and I would like to continue that path. Car Insurance however is a little different. We aren't allowed to pay for the year, only every six months. But I would like to have this saved up, so we have less monthly payments.

Christmas

Discuss a realistic Christmas Present Budget

Discuss a realistic Christmas Travel Budget

What I would love to do, is tell everyone not to buy or send us presents but to save up for Christmas Trips and make that everyone's present to everyone. Christmas then becomes an experience and everyone worries about their own budget. I am unsure how to approach people in this though...

Savings

Begin building a six month Emergency fund

Review Kevin's 401K and my Retirement Plan

Get spending money for both Kevin, myself and for us. Weird that this is in the saving tab?? I would like to put half my spending into a savings account for myself so that I can save up for some big key items. I am terrible at this. It's also important for us to save up for big-ticket items as well.

What are you 2016 Finance Goals?