January update

Goals Update

• Review

  • Financial

    • Credit card debt totaling $1,414.60 (up $622.68) (goal $0)

    • Loan debt totaling $2,142.78 (down $101) (goal $250)

    • Car loan totaling $10,277.92 (down $207.49) (goal $5,485.41)

    • Emergency fund totaling $1,254.07 (up about $254.07) (goal $7,500)

    • Roth IRA contributions to date: Me: $208, Wife: $208 (in savings, up $418) (goal $5000)
      

  • Charitable

    • Total hours volunteered: 0

• Financial

  • Use some of my wife's bonus to pay off credit card

    • Credit card debt has actually increased to buy another quarter's worth of textbooks for my wife. However, her grandparents have offered to reimburse her for her books, so they will send a check for the value (over $500! Textbooks are expensive!)

    • My wife has to take an Army Physical Fitness Test (APFT) to reenlist and receive her bonus. She is due to take the APFT next month.
      

  • Use some of my wife's bonus to pay off loan

    • After talking to the credit union, it was determined that we should pay off a big chunk, but don't close the loan just yet, as it will increase our debt/credit ratio, and hurt my credit score. I have renegotiated the loan, dropping the APY by 2%, and will pay off a large amount of the loan.

    • Also, my wife has determined that she would prefer to spend her bonus on some other items for herself. Of course, it's hers, and she's earned it, so I defer completely. She has agreed to use part to pay off the credit card, and to donate to savings, but she wants the remainder for her own use. Specifically, she wants a Wii.
      

  • Deposit $2000 of my wife's bonus to savings account

    • Waiting on the bonus

  • Deposit at least $250 to savings account from pay

    • Completed.

  • Deposit at least $418 to Roth IRA

    • Sort of done. Once a contribution is made, that's it. You can't take it out, except for certain reasons, and even then it's not easy. Instead, I'm setting up a sub savings account and put the money in there. That way, it's more liquid, but separate. Then, I can make the contribution in a lump sum. That way, I can still put the (rather large) amount to the side without getting in trouble later.

  • Contact credit union about car loan refinance

    • I have done this. The credit union will refinance for 8% (from 14%), but they will not cover the entire value. So, I will wait until my own bonus, and pay the difference as a down payment on the loan.

• Educational/Professional

  • Submit AMT BOR packet

    • The packet is still missing. I have found another AMT member who will sign the application for me

  • Assemble and submit E-6 packet

    • Still needs to be done

  • Send off and follow up on life credit packet for BS

    • Still needs to be done.

• Physical

  • Start training for marathon on January 15th

• Charitable

  • Volunteer at least one day to a charitable cause.

    • I'm looking at some charities now. I need to find a charity I can really support, and who needs my volunteer work. Habitat for Humanity, and other charities like that are already quite popular, and have enough help. I want to go where I'm really needed.