Monday, February 1, 2010
Tax Return- Debt Repayment
Being of a lower income and having 3 children we have been getting some pretty hefty tax returns since we have been married. We enjoy this extra money because it helps us get closer to our goals. With this tax return we were able to pay off 2 of our 4 credit cards and pay my mother back. Paying off the credit cards is nice but paying my mother off money that I borrowed more than 5 years ago feels even better. I feel so lucky to be able to repay her and not owe her anything any more. We have two more credit cards and our van to pay off to be completely debt free. I figure that the other two credit cards will take about a year to pay off and the van should be within the year following that. I really wanted to be debt free by January 2011 but I have come to more of a realization that while we are living in England we need to experience the country as well as repay our debts. With our enjoying England and repaying what we owe I think It should only add about 6-9 months of payments to my original January 2011 date. This will also be paying our van off about 3 years prior to the original payoff. I must say I feel really blessed that life is going great and that even though I was scared England was going to leave us totally broke, it hasn't and we actually have more now and new experiences.