We had a very good Christmas but I admit being glad its over so I can get down to business...

I have been setting 2006 goals this morning..I haven't put a lot of thought into ways of accomplishing #2 and #3 goals but I have a plan for the first goal. I'm not just setting Financial goals but those are the ones I will keep up with here.

Financial Goals- Just my top 3 for now...

Payoff all debt outside of mortgage by Dec. 31 2006
Establish Emergency Fund
Take and Succeed at the $20 to $5,000 challenge on this site


I am going to use the Accelerator Margin plan I've been reading about to accomplish Debt reduction.

You take 10% of your gross income and apply it to an existing payment in this manor;
Divide the total payoff amount by the monthly payment. Assign a numeric sequence starting with 1 for the lowest division answer, 2 for the next lowest, etc.
Each month make the normal monthly payment to each debt except debt one to which you also apply the Accelerator Margin. Repeat until debt one is paid.
Pay the minimum monthly on all bills except debt two. With debt two, apply the minimum monthly + Accelerator Margin + former debt one payment. Continue until debt two is paid. Start on debt three with the accelerator margin + former debt one + former debt two, etc.
The great part of this system is that after a few months you realize maybe you don't need what you have been wasting your money on and therefore you can now permanently eliminate some temporary Accelerator Margin items for the rest of your life.

I am going to be using all of the income from our part-time jobs to accomplish this task which if all goes as planned with our part-time jobs should be around $1000 per month maybe a bit more if DH part time job works out like the employer says it will or maybe a bit less because I haven't decided if I should simultaneously save for an emergency fund.

I am creating a budget this morning and will post those thoughts later.