A few years ago I read “Smart Couples Finish Rich” and did my best to follow its advice. We created a filing system, which has only vaguely been maintained, raised my pre-tax retirement withholding, and set some goals for getting out of debt.
Miraculously, I seem to be in a position to meet my first or second round of goals, and should be debt free later this year. I’ve tried to keep my costs down, but really my success has come from a few specific things: 1) Nora has helped by subsidizing our household bills. I pay less of those, she pays more, so I can pay down my debt quicker and 2) my lifestyle has stayed essentially the same since we returned from our honeymoon while our income has grown.
My mind keeps drifting into the promised land of debt-free life. What will I do then?
1) Increase my pre-tax withholding, probably to 20% (I’m at 15% now)
2) Start paying my full share of the mortgage, if not more.
3) Start putting money into a simple savings account. We really should have a few months of fluid savings in case of calamity.
There are also some fun things I have in mind:
1) Join the next generation of gaming. I did buy an Xbox 360 shortly after launch, but it was for scalping, not for playing. I made a profit of around $150, if I remember correctly. I’m also considering the PS3, but still leaning toward the 360.
2) Go out once during the week. We used to have dinner and/or do something else fun midweek. After we bought the house that dropped off, mostly for financial reasons. I’d like to do that more.
3) Upgrade my computer. My current one does fine, but it’s a hand-me-down. I’m not sure between laptop or desk-top.
4) Buy a digital camera. I completely broke the last one while trying to ‘fix’ a less serious problem.
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