At the moment I am putting $300 a month into debt repayment. This may seem small-ish but remember I am paying off a lawyer bill for immigration and that is almost 800 a month. As it stands now the 2 aussie cards have been paid off in full. The Canadian card is maxed ($1200) and the line of credit is just over $6300. So here is the plan.
So I am going to transfer $480.00 from the line of credit to the credit card (as the LoC has less interest amount). Then of the $300 towards debt repayment per month I will put minimum on the LoC (about 120) and the rest (about 180) will go all towards paying off the credit card. Then once the card is paid off the full $300 will go towards paying off the line of credit. All extra money (after Cuba) earned will be going towards paying off this debt.
After paying off the lawyer bill I will look at the budget and put that money towards whatever is going on. Was thinking of something like a share between debt repayment, creating an emergency fund and/or RSPs.
So by doing the above hopefully I will have the credit card paid off in full by early next year and the line of credit within 18 months. The goal is to be completely debt free by end of 2014. The BF understand this and has been doing very well in not using the credit card. Especially when I threatened to cut off his leg if he did it again haha.. ok that didn't work but when I showed him how much interest we pay on the cards he has been very good. Also I think this trip to Cuba and ignited a sense of "look what we can do when we save" attitude.
It would be soo nice to be completely debt free within 2 years. Then we can save towards other things in life, like more travel, retirement and eventual move back to Australia and have a house (not a condo) for us to raise a family..
Well that is the Plan.. lets see in a year if its all going the way i hope it will..