Monday, December 23, 2013

The Master Plan

Next month is a turning point. It's the beginning of a new year for sure but for me it's also the beginning of a plan I've been working towards for months.
I have lovingly called in my Master Plan. :)

This plan sounds simpler than it is. I'm going to undo the mess of this past year financially by finding all the flaws. I will track in detail every penny and where we are over spending. Knowing this I will dedicate the available funds to getting out of debt! This entire plan will take 3-5 yrs but it includes paying off two cars, all various financial obligations and student loans. Among this will also be selling the house. :)

To help me with this I'll be using a financial tracker from and teaching myself to help stretch my money farther.

By 2019 I will be rid of the follow:

  • A house payment (renting better suites our lifestyle)
  • 2 car payments (leaving me free to save cash for a new car if I want)
  • Credit card payments
  • Furniture/appliance payments
  • Entertainment electronics payments
  • Medical bill payments
  • Student loan payments
So what will this mean? It will mean that excluding rent (since I have no idea what that will cost) and fuel (since that depends on travel needs)Taking into account what we currently pay in utilities, cell phone, insurance and groceries we will pay $851 a month instead of around $1,700+ ! That's a savings of about $863 a month-- over 10K a yr!

And no, I'm not worried about needed credit for a good credit score. Paying my rent and utilities on time does the job just fine. :)

So why is it called the Master Plan? Well, it's a play on words really.. with this plan in action by the time I'm 40 I will be the master of my future..not the banks! I will have no true financial obligations to anyone except if I chose to have a contract for my cell and tv/internet. No more mortgage to tie me down, no more outrageous interest rates! It won't be easy or pleasant at times but it's more than worth it! 

Join me! Make your own master plan and free yourself from that long list of bills that keep you up at night!

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