8 Ways to Cut My Net Debt in Half in 2008
I am determined to cut my net worth in half by 2009. Since my net worth is negative, this is actually a good thing! Sounds absurd to aim for a net worth of -$30k, but that’s my goal and I’m sticking to it.
I’ve updated my Net Worth IQ for December 2007 and I’m very happy with my progress. I found myself thinking I sure can’t wait until that number is postive! Then I thought Gee, I wonder when that will be…
After careful consideration I have tentatively scheduled it for 2010.
If I can manage to get half way there with every force of reverse compound interest working against me this year, then it will be cake to get there and beyond. This is the most ambitious financial goal I have ever set for myself and here is how I’m going to do it. I tried to put these goals in realistic, measurable numbers that are consistent with my planned budget and tracked (and declining) spending habits. See my "SMART" goals in italics. I’ll be keeping track of my progress here for accountability. Without further ado…
8 SMART Ways to Cut My Net Worth in Half in 2008
- Credit Card Debt
I am going to pay off my $14,939 credit card debt by putting $1400 per month towards it. First and foremost, I have to eliminate high interest credit card debt. The sooner, the better. In my original Financial Resolution for 2008 post I described made my plan. Since then my $17k goal has been reduced to $15k but my plan remains the same. My budget has been cut down to bare essentials. I’m going to start making more time to tutor and keep selling my stuff for extra income. - 401(k)
I am going to increase my 401(k) investments by at least $4000 by contributing a minimum of 5% of my gross income. My employer match will kick in about half way through the year to help me out here. This is the easy part. Additionally I plan on increasing my contribution to 6% next time I get a raise.
[Site: Me vs Debt >>>>]
Related posts:
- Hongwei Technologies half year financial results
- Debt Story:You can do this
- The day you make it back to zero debt is the best day of your life
- Of Starhub’s ENORMOUS debt explained
- Food Junction 2008 Full Year Result Analysis
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