Goals of a Different Sort

I love lists.  I admit it.

And goals are part of list-making.  After all, what are goals, except dreams with deadlines (at the most optimistic) or things that must get done for your mental health (more practical).

I read several different blogs, not always of the same viewpoint as me.  That's OK; it helps me learn viewpoints and stretches my world view.  It also can provide new avenues for me to reach my goals.

Sometimes I've had goals.  I wanted to own a home and either be very content or married by the time I was 30.  (Marriage was not a requirement - just a goal - and not one to compromise on.  I've been married for 23 years.  I got married when I was 25.)  I wanted to get my MBA by the time I was 40; I turned 40 in my last term of school work, a goal that I shared with many, and many celebrated right with me!

And as I get ready to send my girl off to college, I am realizing I need some new goals.  One goal I've had percolating for a while is to be out of debt by the time I am 60.  I turn 49 next month.

OK, I thought, that's do-able.  We refinanced the house a few years ago. (Always have your spouse meet you at the paper signing meeting with milkshakes.  OMG what a wonderful treat!  My love language is the little things and this is one of his top gestures!)  Anyway, we had been here 10 years and I changed it from a 30 year to a 15 year,  I knew I was close to the done-at-60 goal, and since the payment comes straight from my paycheck (mortgage through work's credit union), I make one extra payment per year.  I did some recent math on my mortgage to find out I have 12 years to go.  Not much adjusting to make this 11 years to finish on time.  However, I consider this managed.

Next up are cars.  Just finished paying off Ted's car.  I ask for 12 months of no payments from the driver before they ask for a replacement car.  I believe Ted will try to go all 4 years of Renee's college career before asking for another car.  He wants an SUV next time, as it is getting harder to bend down into a car.  Additionally, he and I love to roadtrip for vacation, so I am OK buying a nice vehicle for this purpose.  Hopefully we can replace and pay off his next car before I am 60.

Then there are the 2 Sonics.  Renee and I each have Chevy Sonics - hers is a 2013 and mine's a 2015.  They were bought used.  My car is to be done in 2 years and hers in 3, but I am making advanced micropayments on hers to make it finish when mine finishes.  For me, I've learned that when a car is 10 years old, I need to turn it in because then it's good money after bad.  So in 2025 I will get a new car, used no doubt, and probably another small Chevy, and have it paid for by the time I am 60.  For Renee, the goal is for this to be the only car we buy her.  She knows this and she knows she needs to replace her car a few years after she graduates.  (If something happens, we are willing to evaluate that situation as it happens.)

That leaves credit cards.  Well, that is always hard to handle.  I always overpay each month.  I try to get the other two to limit purchases but the struggle is real for all 3 of us.  Renee has moved over many of her fun purchases to her own accounts so that has been a help.  I keep reevaluating things and it will another thorough review once we adjust to life as empty-nesters.  Another financing thing will also end in 4 years, so that helps as well.

But the big goal - OMG, the Big Goal - will be the Parents Plus loans for Renee's education.  It's like buying Chevy Sonic every year for 4 years straight.  Please note she is taking loans as well, so she is not getting a free ride from her parents.  She also earned a scholarship for half her tuition and the other half of her tuition is a benefit from Ted's work, as her school and his employer are in the same university system.  These loans have a 10 year period and when she is done with school, I will be 52, so that does not make my plan.

This is where I am racking my brain.  I'm not deferring payment - let's get the show on the road.  Ted's car payment is done, so I can afford her payment for now.  But I want to just shorten the life of the loan.  I think I might do micropayments every 2 weeks.

The way I micropayment is to take the monthly payment and divide it in half.  Then round that up to the next $5 (no pennies.  just no.)  Make that payment every 2 weeks for 3 months.  Each quarter, I add $5 to those biweeky payments.  While it doesn't seem like much, I do make one whole extra payment per year, plus all those little $5 extra payments add up.   I've been doing this with Renee's care and I am 6 months ahead on it.  At this rate, I will be done with her car in 2 years.  So I am a firm believer in micropayments!

OK, that's a lot of what I am doing.  But yesterday I was on one of those blogs that is different from me and they pointed me to another blogger who, while the polar opposite of me, has some great money-saving, money-stretching ideas.  She also acknowledges not everything works for everyone, but everything should be worth a try.  Fair enough. 

She blogs at theprudenthomemaker.com, and the most intriguing thing is the idea on feeding her large family for 40 cents a day on average.  While I will never get that low, I wonder how low Ted and I can go.

And the challenge begins.  She talks a lot about being mindful, and while I won't post every week, I will post every once in a while on this...