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Revised debt repayment goal

April 3rd, 2012 at 01:16 pm

Yesterday when I updated my monthly debt progress, I upped my monthly debt retirement goal from $1,000 to $1,050.

I was thinking about how that $1,050 number was pretty much pulled out of thin air. I didn't base it on anything other than my gut feeling that it was an amount I thought I could handle without stretching myself too much. I thought I should base that figure on something real. Like, my average monthly debt retirement over the past year. I've already confessed to over-analyzing things.

So, I went through my monthly debt retirement figures over the past year. I omitted the month where I got my tax refund, and I averaged the remaining months. And it turns out I came up with $1,052. Darn close to what my gut feeling was yesterday.

Is it really a good goal to match last years debt retirement? Probably not. So, I will set a new goal. My new goal is to pay off debt at a rate of 5% more than last year's average - or $1,105 per month principal payment.

Posted in Budgeting, Credit Cards, Debt, Personal Finance, Credit Card Debt, Financial Calculations | 2 Comments »

2 Responses to “Revised debt repayment goal”

  1. LuckyRobin Says:
    April 3rd, 2012 at 03:21 pm 1333466489
    1333466489

    Good luck with that. As long as you can stretch your budget to make it happen, it seems a reasonable goal.

  2. creditcardfree Says:
    April 3rd, 2012 at 06:27 pm 1333477641
    1333477641

    Good luck with the 'new' debt payoff!!

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