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!
I don’t have one and I too have been in debt all my married life. (38 years). I think the reason I don’t is that I have ran the charts so many times and have failed that I just cannot do it again and fail. Something always happens. I mean big happens, not the $1000 emergency fund thing but big as in $18,000 sewer collapse, or totaled car, or sick kid. I am doing what I am doing and that is working, I think I have tried every strategy there is by now. 🙂 I could write a book on how to fail at paying off debt.
Oh my, you have had some very rough times 🙁 Keep plugging away. That’s all any of us can really do!
Same as Kim for me. I have tried and tried and tried. We are still not at a point where we can even get an estimated time of arrival. We won’t until this house is built. Right now, we are trying to spend as little as possible, and save as much as we can because we know some big bills are coming up.
I cannot wait to get in this house!
I agree that it with building a new house, trying to get an ETA would be near impossible. I hope you get into your house soon!
My ETA goal was always the end of 2017, but it was dependent on selling our old home. Since that has been postponed until 2018, my new goal is the end of 2018 (ideally spring though.) Of course murphy seems to like to come knockin’ quite often for my family, so we’ll see lol.
You’ve had a lot on your plate, Jane! The good news is that you are still making progress and keeping your eye on the prize!
7/1/2018 – Not counting the vehicles…..It’s my goal to not have to pay any interest on the darn CareCredit
Good luck everyone!
Getting closer! I am thrilled you are making such good progress!
We have set an ETA of July, 2019 to have our mortgage paid off.
That is not too far off! How exciting! Keep us posted!
I don’t have a set in stone ETA, but I feel like I can’t make a serious dent in our debt until we finish paying for college, which we are trying to cash flow. I have a wish to have my mortgage paid off in 10 years, but it’s going to take some serious sacrifice on our part.
Sorry I missed your comment, Dana. That is great that you are able to cash flow paying for college. As for your mortgage, 10 years really isn’t that far off! You can do it!