March Wrap up

Well as predicted March was a hard budget to balance. I have some scary new expenses coming and I think I have them covered but phew am I going to be glad when May rolls around because April is going to be TIGHT

Travel for my employer and fronting them the money puts an additional burden on me that I was not planning to have.

I also found out Saturday I am going to have a few more expenses before the end of the year so I am not too certain about getting a second job. BUT I have a plan. First tonight I talk to future hubby about the future. Then we map it out together. He likes plans he can stick to. Sept 2011 feels like a long way away. I am hoping for a second job this summer to ease the transition for no longer having child support. I am not sure that it is going to be possible. Trying to take that slow.

So I recalculated my debt snowball based on this months numbers. It is still Sept 2011 but the final payment is lower. So I am making progress. Currently I have paid down $4789.57 towards my debt. Last month I paid $691.60 to principal. This month will be much slower because of all the travel. The many hits to the "uh oh" fund and car insurance. But still I managed to keep my head above water.

While I was talking with my mom about how I did it there are probably a couple of things she asked me and I thought I should share with you.

Quick emergency cash....

I keep a $100.00 bill in my wallet at all times. Mostly so I don't get stuck in the city if something comes up. I don't want to need to use my credit card for an emergency. Which is also no longer in my wallet.

I also have kept $1000.00 in my checking account as a buffer. It is a condition of free checking. I probably dipped into it this month, we'll see when the fiancée clears the rent check. It will also depend on when I get the child support. Timing of all those things might be tricky. But I will not bounce any checks or run out of money. I currently think I am down to about $600.00 So I have to replenish that money. I will use the expense reimbnursement check that is $350.00 and another pay check. I should have it covered. I didnt have to dip into savings for the car insurance at all! That to me is the most impressive.

I am also trying to build up a $2000.00 emergency fund. Right now the savings account is at $1200. I do put $65.00 in every month for car insurance so I can take it out and save a little on the monthly vs every 6 month payments. So far I have been able to cash flow the insurance when it comes up. I have not needed to dip into savings. I am not sure this month that I will be able to put much aside though. I think I might have to use those funds to replace all the crazy funding I have had to do in March.

All in all, even though I got bitten quite hard in the month of march with expenses I was not expecting to pay, I was still able to recover. And I am ready for whatever April has to bring. I think. I don't want to tempt fate. I really have had enough of those Murphys' and they need to knock on someone else's door.

I feel have made a lot of progress in my life. (My mom agrees... LOL) Here are the things I have done today:

I checked a balance on line with a credit card company and discovered my credit had improved. So I was able to transfer a balance to another card. This takes one additional month off the debt payment plan. So the new date to be debt free is Aug 2011. I am so so happy. I feel like I am really making inroads on this debt. I have paid off 12% of my debt. This is BIG! At weight watchers when you reach 10% weight loss you get to stand up and cheer. So here is me I have lost 10% of my debt and I am cheering! Hooray!I will save approx $1700 in interest by transferring the balances. Heck yea 1 month earlier and $1700 less in interest. Go baby go. Card # 1 which started at $12,049.90 is down to 6378.06. Less the payment of $435 I made today Less a balance transfer of $3000. SO.... The new balance is $2943.06 . Now that is before interest next month. And the reason I focused so hard on this card is because it is currently 27.99 interest. GAG ME! I updated the Progress bar for card #1 to be 52% although in reality tracking the individual cards when you are transferring the balances is a mis-nomer. The real progress is reflected in the $39,804.12 number. I have paid it down 12% to date and I made the monthly payments today so we'll get new numbers for the end of April. LOL I actually get geeked out about doing my bills now. Its exciting to see the progress. I have become the cheapest mama on the block!