Creating a timeline for arriving at Debt Freedom.
As I mentioned in my last post, I am feeling an immense urgency to pay off our debt. Unlike being under a timeline like we were with our housing situation, my hubby and I have never set an official estimated time of arrival (ETA) for our destination of Debt Freedom.
So as not to confuse what Debt Freedom means to us, this is paying off all of our non-mortgage debt. If you’ve just stumbled upon my blog, we are following the Dave Ramsey baby steps and are currently on Baby Step Two. It is a sad thing to admit, but we cannot remember a time when we didn’t have some form of debt. Being in our 50s, this isn’t a good thing. Thankfully we finally wised up and are doing something about it!
Getting back to my sense of urgency and creating an ETA, I think it is something we need to have. Much like having monthly goals, it will help keep the gravity of the situation front and center. For us to retire debt free, we must stay on track. Unlike the younger crowd, at our age, we no longer have the advantage of time on our side. We must get this done ASAP!
When we initially started on our journey now almost six months ago, I recall us having a loosely projected ETA of around two years. We never wrote it down; the number just sounded attainable without ever giving much thought to the math. We started out with (choke) over $57K of debt. Ouch, I know! That is still very painful to admit. As of today’s writing, our debt is now in the 46K range. I’ll be updating our numbers later this week. So what does all this mean for setting an official ETA? It means that our ETA for our destination of Debt Freedom is looking to happen sometime in the latter months of 2019.
With all that in mind, we have set our ETA of no later than Jan 1, 2020. Fortunately, our destination permits early arrivals, and we will keep pushing to arrive as early as possible! From what I have read from others who have already succeeded in getting to Debt Freedom, they say the pace usually picks up speed the closer one gets. I’m praying that will also be the same in our case. Meanwhile, I feel we now have a deadline to reach. No time for slacking! Good thing I’ve always been one to work well under pressure.
Have you set an ETA for getting out of debt? If you haven’t, I encourage you to do so. For those of you who are already there, how long did it take you to reach your destination once you set out to do so? I’d love to hear the story of your journey!