Updated
25.01.01
Duration
C25
Objective
Pay off all non-mortgage debt in 2025. I’m not going to go in the specifics of our finances online, but we carry a few student loans and an RV payment alongside of our mortgage. Within our current payoff protocol we are on track to have everything paid off by January 2027, but with Laura potentially going to graduate school this fall, it would be ideal to accelerate that timeline and pay everything off in 2025.
Hypothesis
While we aren’t necessarily frugal with our money, our family adheres to specific budgets and we prioritize things like retirement, college funds, and paying off debt over many luxuries. With a planned decrease in family income for 5-7 years, having all debt paid off will provide us with ease of mind and comfort. By increasing our payoff rates in lieu of some other luxuries, we’ll be more comfortable in the short to mid-term.
Experiment Design
We’ve reallocated our budget assignments and identified short term increases in income streams for 2025 to accelerate our payoffs.
Risk
We might have unaccounted for expenses. We may not increase our income as much as expected.