Hi everyone. My dh and I are in a 5 year, 100% plan that now has 10 payments left. t. We have really stuck to a budget and never deviated unless there was an emergency (and because we stuck to the budget there was something there to get us through the emergency). I've always believed that since we were given this second chance to get our life back in order, we were going to do things right and not put ourselves in a situation where we felt deprived or hard done by and that meant some sacrifice. Surprisingly life is so much calmer and peaceful and that alone has been worth not having certain extras or feeling life just can't go on without certain things that I gave up to make this work
.
Along the way we've made extra little payments of $100 here and there. We are now at 10 payments left - due to complete at the end of
Jan/17. Overall we are paying back $130,000 (all unsecured). The thought still makes me ill, but what is done is done and what was done will never be done again.
I've been faithfully reviewing our budget (and savings, something we didn't have when the plan started) and we are in a situation where we can pay out our plan early (anywhere from 2-6 months). Some would ask why would we do that and I say because it will allow us to start fresh on January 1st, 2017. We already have made plans that there will be major increases made to both of our pension plan contributions and HSA savings. We really sat down and looked through things and this will be a great way for us to go. We have no plans for large purchases and will increase our monthly living allowance some but the majority will go to making retirement a reality in the next 14 years. This change of where the money goes is going to be a simple transition (we never had extra before, we've paid the plan and now the money will go to our pension) and I am so happy that we have this opportunity
.
I know we will end the plan 2 months early. Enjoy December out of debt for the first time in forever and then increase the retirement savings in January.
I just wanted to share this with the many wonderful people here who have been here for me through the last 4 years, and to offer encouragement to the new members who are starting out. I'm not there yet but I'm close and I can see the finish line.
.
Along the way we've made extra little payments of $100 here and there. We are now at 10 payments left - due to complete at the end of
Jan/17. Overall we are paying back $130,000 (all unsecured). The thought still makes me ill, but what is done is done and what was done will never be done again.
I've been faithfully reviewing our budget (and savings, something we didn't have when the plan started) and we are in a situation where we can pay out our plan early (anywhere from 2-6 months). Some would ask why would we do that and I say because it will allow us to start fresh on January 1st, 2017. We already have made plans that there will be major increases made to both of our pension plan contributions and HSA savings. We really sat down and looked through things and this will be a great way for us to go. We have no plans for large purchases and will increase our monthly living allowance some but the majority will go to making retirement a reality in the next 14 years. This change of where the money goes is going to be a simple transition (we never had extra before, we've paid the plan and now the money will go to our pension) and I am so happy that we have this opportunity
.
I know we will end the plan 2 months early. Enjoy December out of debt for the first time in forever and then increase the retirement savings in January.
I just wanted to share this with the many wonderful people here who have been here for me through the last 4 years, and to offer encouragement to the new members who are starting out. I'm not there yet but I'm close and I can see the finish line.
Bankruptcy Wizard
paying it back early is definately a plus.
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