Getting Serious About Debt

The husband and I have sat down on many occasions and talked about getting out of debt but we've never REALLY put any effort into it. Today, while naps where being had, we sat down once again and discussed what it would actually take for us to pay off a large lump of money in the next 15 months. By December 2013 it is our goal to have around $7200.00 paid off. It is our plan to use our taxes this coming year to pay off at least one of the credit cards - we currently have $3800 in two cards - until then we more than double our payments on each one. For the hubby we owe roughly $15,000 total and we will be working on his first for the next two years and then focus on mine which is around the same amount. His credit is much better than mine and his items are easier to work with which is why we are focusing on his first.

This is huge for us. Not only will it make our monthly budget much harder to work with but it is about 1/4 of our annual income! There will be no room for play for us, and I know they say you should leave room for that but we want to get this done! If that means sacrificing or living a minimalist lifestyle for the next year or two then we will. We know that the future outlook is much brighter, not only for us but our children as well.

This time next month will be paying out an extra $235 a month, which may not sound like a lot to some of you but when you don't have a lot left over at the end of the month anyway, it really is a large sum. I will be sure to update every so often on how it's all working out!