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At our last Financial Makeover meeting we revisited the three highest priorities that the Robinson’s had written down at the beginning of the contest. The three priorities were to build up savings, long term planning, and reduce the number of credit cards. After going over this with the Robinsons we were able to check off all three. Kia and Jason have built up their emergency savings to at least $1000.00. They have paid off 8 credit cards and only have one left with Bank of America. And Jason has started a Roth IRA.
We talked about what their next key focuses were going to be for the last half of the contest. The next goal is to pay off their last credit card. That balance is being transferred to a CommunityAmerica Credit Card, which will save them significantly on the interest rate. Secondarily, they're going to start paying extra toward Kia’s car loan. And finally, they are in a position to start saving for a house. Since Jason was able to pay off his car loan in June, and found a way to save $40.00 a month on their cell phone bill they will be able to put this extra money toward these other goals.
I am so proud of Jason and Kia and how they have really changed their financial lifestyle. I'm so thankful to be able to help such a great family.
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by Dana Gering, June 29, 2010 at 9:21 AM | Add a Comment |
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