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I am only a couple days away from receiving my annual bonus and this is the first year that I will be putting it into savings instead of paying down debt. I no longer carry any credit cards in my wallet but I have adequate funds in my Checking/Operating Account for any Irregular Expenses.
From my bonus and a little extra money that I put aside, I am going to deposit $2,000 into a separate emergency fund and $7,000 into my HSBC account for Short-Term Savings. I have a $10,000 goal for Short-Term Savings so I will be 70% to goal. I plan to deposit any tax return that I receive into this account as well so I should be close to 100% by summer.
All of my $23,000 in credit card debt is consolidated on one card with an average interest rate of 3% through 1/2011. I plan to reduce this balance by $500/month through 2010. That is the best that I can do with my current budget.
All of my student loans will be in repayment by June 2010. Right now, over 75% are in repayment with a monthly payment of $850.
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1 comment:
Keep up the good work. While it is slow and painful, your efforts will pay off. Good move, by the way on getting all your credit cards consolidated. Thanks for your comment on networthIQ (I am CrossoverPoint). It is encouraging to know that others out there are trying to do the same thing.
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