My Plan to Slay the 60K Heloc Monster in 2014

I have given it a lot of thought, and I have decided to dedicate this year to getting rid of the Heloc. I know I will feel so much better if I can get it off my back. Plus, I have a rather good income coming in right now from my side gig, but that is not something I can count on forever, so I feel it is better to pay off the heloc while I still have that money coming in.

Here is the plan:

  • $2000/month from my chequing account (some of this money would normally be going to Savings)
  • $800/month from my regular side gig job
  • Half of my Emergency Fund  $6000
  • $20,000 from the life insurance money
  • $1500 from my side gig job that I just do once a year
  • The rest will come from my tax refund, but I don’t know yet how much that will be

In case anyone is wondering, my side gig is bookkeeping from home. I am a bookkeeper in my daytime job also, so the last thing I want to do at night/on weekends is more books, but the few small jobs I have pay well, and I have been doing them for a long time.

So that is the plan, wish me luck.

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5 Responses to My Plan to Slay the 60K Heloc Monster in 2014

  1. Alicia says:

    Good Luck, Judy! That is an aggressive target. I hope it all goes well 🙂 I will be checking in.

    • Judy says:

      Thanks Alicia! How does that saying go? You have to aim high so that even if you fall short you will hit the target. Something like that.

  2. That’s a really aggressive goal but it’s definitely doable with the plan you have laid out! Good luck making it happen! 🙂

  3. Jane Savers says:

    That is a great goal and you have a great plan to back it us so I bet you can do it.

    My 2014 goal is to slay my HELOC as well but it will be a challenge to get there. I want to pay the $11 000 remaining on the HELOC while still paying $250 per month on my car loan and trying to save $10 000 this year. I may not make it because I expect to net $38 000 this year and I don;t have an emergency fund so if something breaks I am up a creek but I am almost 50 and if I don’t get my financial life in order I will never be financially independent.

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