We're Married!

on Wednesday, March 25, 2009

So there it is... the wedding is over. That means our largest cash drain is no longer weighing on us. We can now begin to pay off our debts quicker and increase our savings. While we didn't get a ton cash for gifts we did get a decent chunk. We have decided through much deliberation and debate that we are going to save the entire amount in our travel fund for our vacation to Germany next spring. We know that there are probably better things we could do with the money but we feel it was a gift and should not be used to dig us out of commerical debt because we didn't properly handle our credit cards.

I also received my last tax refund from the government as a single person with a child. It was more than anticipated and I was able to use the entire refund to pay down my credit card debt. While the credit card is not paid off, the amount I owe has been dramatically reduced. I should have this paid off by the end of April. This is exceeding our goal in this area tremendously.

We are not combining all of our finances just yet so he is responsible for paying his credit card at this time. This means my next goal is our emergency fund as soon as my credit card is paid off which with God willing will happen next month. I have read many different things about how much should be in your emergency fund. The most agreed upon amount to start is $1000 but I read an article the other day at No Credit Needed that said $500 per family member. I think this is good logic. Therefore, my first goal is $1,500. I am hoping to accomplish this by August. I need to update my sidebars accordingly but will probably wait until the March Roundup to do that.

So, we have had a lot going on in March. Hopefully, our networth will show a possible gain in our March Roundup next week.