Date: Wed, 5 May 2004 18:00:38 CST
From: "ks" 
Newsgroups: misc.invest.financial-plan
Subject: Re: Need to start saving/investing!
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> Nowhere in the stuff you read does it say that debt and paying all
> that high interest is healthy.

Point taken

>I wasn't on your case for paying off
> the debt, I was on your case since you seem to think that spending
> is a god given right, and everything be damned.  When you are in debt,
> you need to shut off everything, and not spend so much as a nickle
> on anything other than debt repayment.  If you don't attack the debt
> like a mortal enemy, you are going to be in the paycheck to paycheck
> mode for the rest of your life.  If you don't get it, it will get you.

I guess that's where I differ a little.  I made a conscious decision last
year that by this fall I wanted to have all unsecured debt paid off, in
order to begin saving for the wedding.  I am currently on pace to achieve
this goal without having to make any huge changes in my life (ie... selling
car, selling house, selling other stuff...), all I had to do was be more
responsible with my spending.  I'm sure there are still more things I could
give up, but so far I am meeting the goals I set.  Anyway, after saving and
paying for the wedding (without incurring any other debt!), I have three
main objectives:

1.  Payoff vehicle loan early. Without any CC debt, I can start making
double or triple payments and pay it off in a matter of months.

2. At this point I will no longer have CC debt or a car payment..... so I
can start putting $$ into savings.  I want to start with enough for 3 months
of expenses.

3.  After that, getting rid of any balance on our HELOC will be next.

4.  After that, maybe a seperate savings for things like trips or stuff for
the house (basically things we used to use a CC for).  Also I want to start
an IRA with payroll deductions, and possibly bump up my 401k contributions.
But accomplishing goals 1-3 will be a great start.

But, I am DONE with CC debt.  Not sure why it took me so long to realize I
was getting in over my head.  Thank god, I didn't lose my job or something
else.

In the next two weeks, I should have my card under $4000 (still on pace to
pay it off in Nov).  Not bad considering I had almost $11,000 in various
cards last summer.