We need to make some serious efforts to pay off debt
DH is looking to retire sooner rather than later
2020, 2021 and part of 2022 were financially hard on my main business. Things are picking up, but I have had to re-up my teaching schedule, and I'm willing to do it, but do not want to do it for the next 10 years. We have cut studio expenses almost by 1/2, however we haven't really caught up from the losses.
Our antique/vintage business did very well in the shutdown through 2021. Not enough to make up the difference but it helped. I am currently running a clean out sale, and will be revamping our products.
I had to take out two loans during these years. I have refinanced once, and have low interest rates. One was for the business, another for work we had done on the house. I am tripling all minimum payments. These loans are my responsibility. I hope to be quite agressive, to lower our debt, pay off our house and allow my husband to retire (or at least go to part time) within the next 4 years.
No credit card usage unless I can pay it off each month.
Utilize rebates, refunds, discounts, coupons and kick back gift cards from cards I use for auto billing and auto pay off.
All of us are dealing with higher utilities, groceries, fuel. My income cannot go up as doing so will actually cause us to lose some clients. Hence needing to find other ways to bring in money.
I know I can do it.
It sounds like a good proactive plan. I wish you the best in all these endeavors.
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