Thursday, April 26

One Significant Goal

It has taken a bit of soul searching, but I'm going to set one financial goal. It's going to be a long term goal and progress is going to be slow. However, it is the thing that weighs on my mind There's never enough of this... when I consider financial issues.

My goal is to pay down approximately 20K in loans. These are loans that aren't backed by a corresponding asset. They are pure debt. Several other classes of debt have already been wrapped up and taken care of, but not this one.

While telling the world my financial details is somewhat difficult to do, I think slapping this goal front and center will be liberating. I had thought to make some less revealing goals, such as perhaps goals related to compliance, where it would be easy to maintain a high percentage.

Oh well, no use fooling myself, here's a real goal...

10% of $20,000 repayed
Pay back $20,000

Shoot, the gradations on my meter aren't even going to allow movement on a monthly basis! Ah well.

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Frugal Guy said...
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6 comments:

D said...

Hey Frugal Guy, maybe you could post on how you hope to acheive this goal. By increasing the minimum payments or making multiple monthly payments or cutting out costs else where.

Frugal Guy said...

Hi D, thanks for the note. Yeah, that's a good idea... I'd say more but that would ruin any potential element of surprise, minimal though it may be.

Christy said...

Hey Frugal Guy! I think this is an awesome goal. I have done some stupid things in my life (like claiming BK at 27), but you live and learn. Am I any smarter about money, NO, but I'm trying. One thing that may help you to
achieve your goal is organization...ok...maybe you are the organized type, but there are so many that are not. I know that disorganization can kill any well laid out plan. Imagine if you are like me and you have a bad habit of losing your mail. I average $100.00 per month in LATE FEES!!! Being organized can help you to not "lose" your mail and prevent the dreaded late fee charge. Hopefully you have the organization thing under contol! Keep up the good work and good luck!

Frugal Guy said...

Christy, thanks for the thoughtful comments.

Organization is vital and certainly does help with respect to planning, avoiding late fees or even miscalculating to the point of minor overdrafts and the charges they entail also.

Maine Mama said...

I'm working off about 34K myself. We're down to about 10k now. You CAN do this best of luck! I'm clicking on one of your google ads...now your a few cents closer!

Frugal Guy said...

Maine Mama, great work on paying that down! I do have to say please don't click on an ad unless you are truly interested in it. Thanks for the vote of support.