Hey guys, I had an editing error and accidentally cut out the part where I transition between investing goals and debt payoff. So, it’s a bit weird when you are watching because I just go right into the debt numbers without an explanation. Sorry about that! Hopefully you’ll see this comment, and it will make it less confusing 😊
Katie, I remember when you made the decision to focus on debt and what a challenging mental shift is was to pause on investing. I think I even remember you saying that you were going to try it for a quarter and the reassess your focus. It’s been so exciting to see your enthusiasm for debt payoff grow and pay off in spades. Amazing amazing work. You and Mark are a great team.
Yes, it felt like such a hard decision at the time, but I’m so glad we did it! It really has allowed us to accomplish so much. Thank you for the encouragement ☺️
Lots of money focused on debt reduction, very very well done! Your lives will change dramatically once you are debt free and start crushing your investing...
Thank you, Debra! I’ve been going back and forth on 2025 goals for a while. I think I know what I want to accomplish for debt payoff, but I keep going back and forth with my goals for savings and investing…go figure 😂
Having that emergency fund is really for peace of mind, it is so nice to know you have a buffer in case of emergencies. I had to have a new roof put on due to hail damage over the years. My insurance company played very hard during the process. I was very lucky that my roofers had very good financing and I chose an 18 month zero interest program that I paid out of my emergency fund taking it down to zero. I have my emergency fund built back up but there was real anxiety not having it fully funded for a period of time because of course the car needed to have over $2000 work done at the same time I was paying back the roof. When it rains it pours.
It seems things like that always happen in multiples! I’m sorry that your insurance company was not helpful, but I’m glad you were able to do 0% financing. That’s amazing! I agree with you that having an EF is really for peace of mind. I don’t know how I ever slept at night before I had one 😩
You two and the family are on such a roll! The gains achieved this year will be there for a number of years to come even if it doesn't seem to be felt.
So true, Terry! This is helping our future, and I know I won’t always think about it that way, but hopefully in a year or two while will really be reaping the benefits of all the work we are putting in now ☺️
In Mar '24 and Q1 review, your total year's debt pay off and down target was $42,800; family income wise an eon ago. It would be my recommendation to have a serious heart to heart talk with Marc about his work schedule, hours, and type of hours before setting 2025's income expectations and consequentially total debt pay off and pay down goals. And, i would make it a June financial task to do the same while leaving it possible for an income step down in the back of your mind. Having gone through some periods of heavy overtime you go from being tired to used to it to burning out without even being aware of it.
That’s a great idea, Terry! I do worry that he will get burned out, but as of right now, he says it’s not that bad. I think it’s because he does get more time off now, and the location he works at isn’t as fast paced as the one he was at before, so that helps! It definitely needs to be a regular discussion/check in though because I don’t want him to start hating his job 😫
Katie, i think you should add another column keeping track of what marks employer is sending to the loan so you have an accurate balance. Also i think he will have to claim that as income so you should probably be tracking it somewhere. Just thinking here.
Oh yes, I’ve been tracking it to make sure they pay the whole amount, but I have that on a separate spreadsheet. I also have the dates they make each payment just in case I need it. Good call though! I am wondering about the tax implications 😫
Until and/ or if the end goal of a 6 month ahead Emergency Fund becomes a financial goal of emphasis, it would be my recommendation to inch that Enmergency Fund forward with multiple single month goals. All the more so since you do monthly reviews of your financial goal progress, quarterly goals reviews and mini-reassements, and semi-annual and/ or major milestone complete goal assessments complete with potential goal re-sets.
@@KatieoftheHouse You do have the issue of being potentially overwhelmed. But more importantly, you all have the issue of having a finite income, 365×24=8760 possible hours to work in a year each, some remaining debt, some investment goals, some additional needs and wants which require money, and so on. Thus far you have done a pretty good job of distributing the income to pay down debt while keeping an eye on the future and doing some living at the same time; yes the three are intertwined. But, keep them intertwined. In a more simplistic analogy, you currently have some funds in a high yield savings account and others sitting in more of a "regular" savings account. Leave your mind set open to more than focusing on racing to have 6 months savings sitting in the bank ready for some potential need. A lot of the dogmatic debt journey and paycheck based home financing paths are based in folks not having the discipline nor forethought to see beyond the $5k cash filled, 100 envelope savings challenge type instruments nor mechanisms. You and yours can do risk and benefit analysis beyond straight paths.
Hi Katie Listening from work. Do you pay your credit card as soon as it posts to your account or do you wait and pay multiple transactions at once before interest kicks in ?
In 2025, i would like to see your "other" income ($500 in '24) into "Other" and also "Babysitting". Keep "Other" at a lower $500-like amount which should be obtainable but also a kiss of a stretch like 2024's goal was. Make "Babysitting" a conservative amount realizing that it is completely dependent upon another family's income, needs, and money saving arrangrments. Still, if that family were to move out of the area in 2 or 4 short weeks my guess is you could find some more kids to babysit, kids to tutor, or something along those lines which is reasonably compatible with your SHAM, homeschooling, and family life style and responsibilities. Pulling "Babysitting" out will also enable you to easily re-assess if you want to keep doing care giving in some form should the family move out of the area in 2 to 4 short weeks.
I do think it would be a good idea to separate it out next year if I continue to do it. I definitely wasn’t expecting it this year, and at first, it was supposed to just be for the summer, but obviously turned into more, so if I continue it into the New Year, it does need its own category ☺️ it had been a great side hustle!
I am considering an opportunity to watch a 4 year old after part day preschool. It would be 9-15 hours per week. Any idea what I should charge? Also I would be picking him up from school but parents would pick him up from my house.
Hmm I can up with $15/hour based on what other people were charging in our neighbors group and school community, but I do think it’s on the low side, so you could probably do a little more if you wanted, especially with the driving.
Hey guys, I had an editing error and accidentally cut out the part where I transition between investing goals and debt payoff. So, it’s a bit weird when you are watching because I just go right into the debt numbers without an explanation. Sorry about that! Hopefully you’ll see this comment, and it will make it less confusing 😊
Katie, I remember when you made the decision to focus on debt and what a challenging mental shift is was to pause on investing. I think I even remember you saying that you were going to try it for a quarter and the reassess your focus. It’s been so exciting to see your enthusiasm for debt payoff grow and pay off in spades. Amazing amazing work. You and Mark are a great team.
Yes, it felt like such a hard decision at the time, but I’m so glad we did it!
It really has allowed us to accomplish so much.
Thank you for the encouragement ☺️
Lots of money focused on debt reduction, very very well done! Your lives will change dramatically once you are debt free and start crushing your investing...
Thank you! I cannot wait for that day! 😄
Congrats on hitting those goals, you're so close on some of them but I like that you changed up your extra investing and focused on the debt.
Thank you! I’m so glad we did that, too. The debt payoff makes me feel lighter and FREE!
Very good update for October. 2025 goals could be very interesting. I’m interested to hear your debt plan.
Thank you, Debra! I’ve been going back and forth on 2025 goals for a while. I think I know what I want to accomplish for debt payoff, but I keep going back and forth with my goals for savings and investing…go figure 😂
Your channel is my favorite budgeting channel.
Wow, that’s an honor! Thank you so much. You made my day 🥰
U r doing awesome! 😊excellent video
Thanks so much, Izzy! ☺️
Having that emergency fund is really for peace of mind, it is so nice to know you have a buffer in case of emergencies. I had to have a new roof put on due to hail damage over the years. My insurance company played very hard during the process. I was very lucky that my roofers had very good financing and I chose an 18 month zero interest program that I paid out of my emergency fund taking it down to zero. I have my emergency fund built back up but there was real anxiety not having it fully funded for a period of time because of course the car needed to have over $2000 work done at the same time I was paying back the roof. When it rains it pours.
It seems things like that always happen in multiples! I’m sorry that your insurance company was not helpful, but I’m glad you were able to do 0% financing. That’s amazing!
I agree with you that having an EF is really for peace of mind. I don’t know how I ever slept at night before I had one 😩
You two and the family are on such a roll! The gains achieved this year will be there for a number of years to come even if it doesn't seem to be felt.
So true, Terry! This is helping our future, and I know I won’t always think about it that way, but hopefully in a year or two while will really be reaping the benefits of all the work we are putting in now ☺️
Bringing in that side hustle income is so great! You are doing awesome keep it up!! 🎉
Thank you! The side hustle money has helped so much!
You guys are doing great! And starting young-you will benefit later!
Thanks, Niki! I hope so ☺️
Y’all are doing amazing on your debt payoff journey!
Hi, Bridgette! So happy to “see” you! Thank you so much 😃❤️
@@KatieoftheHouse ♥
In Mar '24 and Q1 review, your total year's debt pay off and down target was $42,800; family income wise an eon ago. It would be my recommendation to have a serious heart to heart talk with Marc about his work schedule, hours, and type of hours before setting 2025's income expectations and consequentially total debt pay off and pay down goals. And, i would make it a June financial task to do the same while leaving it possible for an income step down in the back of your mind. Having gone through some periods of heavy overtime you go from being tired to used to it to burning out without even being aware of it.
That’s a great idea, Terry! I do worry that he will get burned out, but as of right now, he says it’s not that bad. I think it’s because he does get more time off now, and the location he works at isn’t as fast paced as the one he was at before, so that helps! It definitely needs to be a regular discussion/check in though because I don’t want him to start hating his job 😫
Katie
This was amazing to see the update! So thankful! Thanks for sharing this with us!🌺🌸💖
Thanks for watching, Paula! Have a fantastic week ☺️
You guys are doing great!! Keep pushing! I know you are thankful friend!! Your side hustle amounts are awesome!
Thank you, Ang! I get impatient sometimes and just want to be done with the debt, but I don’t want that to ever come off the wrong way.
great video
Thank you, Heather!
Great update Katie 🎉
Thank you, Stephanie! ❤️
Amazing progress to see on your goals! 🎉
Thank you, Sara 😄
Awesome progress Katie!!! ❤🎉
Thank you, Hailey! 🥰
Katie, i think you should add another column keeping track of what marks employer is sending to the loan so you have an accurate balance. Also i think he will have to claim that as income so you should probably be tracking it somewhere. Just thinking here.
Oh yes, I’ve been tracking it to make sure they pay the whole amount, but I have that on a separate spreadsheet. I also have the dates they make each payment just in case I need it. Good call though! I am wondering about the tax implications 😫
😊❤😊
Happy Monday, Cat 💕
Until and/ or if the end goal of a 6 month ahead Emergency Fund becomes a financial goal of emphasis, it would be my recommendation to inch that Enmergency Fund forward with multiple single month goals. All the more so since you do monthly reviews of your financial goal progress, quarterly goals reviews and mini-reassements, and semi-annual and/ or major milestone complete goal assessments complete with potential goal re-sets.
I think I do need smaller goals. Just working toward a 6 month fund seems so overwhelming!
@@KatieoftheHouse You do have the issue of being potentially overwhelmed. But more importantly, you all have the issue of having a finite income, 365×24=8760 possible hours to work in a year each, some remaining debt, some investment goals, some additional needs and wants which require money, and so on. Thus far you have done a pretty good job of distributing the income to pay down debt while keeping an eye on the future and doing some living at the same time; yes the three are intertwined. But, keep them intertwined. In a more simplistic analogy, you currently have some funds in a high yield savings account and others sitting in more of a "regular" savings account. Leave your mind set open to more than focusing on racing to have 6 months savings sitting in the bank ready for some potential need. A lot of the dogmatic debt journey and paycheck based home financing paths are based in folks not having the discipline nor forethought to see beyond the $5k cash filled, 100 envelope savings challenge type instruments nor mechanisms. You and yours can do risk and benefit analysis beyond straight paths.
Hi Katie Listening from work. Do you pay your credit card as soon as it posts to your account or do you wait and pay multiple transactions at once before interest kicks in ?
I usually make a payment every week at least ☺️
@@KatieoftheHouse Okay, thank you
💕💕💕
Happy Monday, Shawna!
In 2025, i would like to see your "other" income ($500 in '24) into "Other" and also "Babysitting". Keep "Other" at a lower $500-like amount which should be obtainable but also a kiss of a stretch like 2024's goal was. Make "Babysitting" a conservative amount realizing that it is completely dependent upon another family's income, needs, and money saving arrangrments. Still, if that family were to move out of the area in 2 or 4 short weeks my guess is you could find some more kids to babysit, kids to tutor, or something along those lines which is reasonably compatible with your SHAM, homeschooling, and family life style and responsibilities. Pulling "Babysitting" out will also enable you to easily re-assess if you want to keep doing care giving in some form should the family move out of the area in 2 to 4 short weeks.
I do think it would be a good idea to separate it out next year if I continue to do it. I definitely wasn’t expecting it this year, and at first, it was supposed to just be for the summer, but obviously turned into more, so if I continue it into the New Year, it does need its own category ☺️ it had been a great side hustle!
Best advice to stay at home moms to have their own IRA's.
I wish I had known sooner! I always try to remember to share when I can ☺️
I am considering an opportunity to watch a 4 year old after part day preschool. It would be 9-15 hours per week. Any idea what I should charge? Also I would be picking him up from school but parents would pick him up from my house.
Hmm I can up with $15/hour based on what other people were charging in our neighbors group and school community, but I do think it’s on the low side, so you could probably do a little more if you wanted, especially with the driving.