Today is the first pay check of the new year. I waited with anticipation to see the results of my choices. I had done a lot of math but with changes to social security happening I was not sure how all the numbers would net out. I am going to "save" by switching health care and the change in SS tax $164.88 per month. Yep feels like a raise to me. Now I need to be careful about what is true savings and what will be out of pocket deductibles. There will be an increase in our out of pocket costs, I am guessing. So we shall see what our options are and if I really save any money by having this health plan. I am hoping that I do. Over the course of the year it puts $1978.56 back into the kitty. Sadly though I know there are deductibles so.... I am not sure I will truly benefit in the end. Hopefully though there will be NO MORE SURGERIES this year. Two surgeries in one year is enough for anyone.
And for those of you who are checking my math yes this calculation is lower then I previously calculated in my estimated savings for the different health care plans. I increased my HSA account from 500 to 750 as a result of knowing that we would probably have more out of pocket costs. That is taken out of each check pre-tax. I also increased the dental plan to include the 2 year old. We are going to get him the the dentist at some point this year. Perhaps closer to 3, cause he is a big baby this week.That stubborn son of mine would not open his mouth if he was asked. So maybe in the summer. ;-)
In the mean time I don't want to fritter away the increase in cash flow. $82.44 per check is helpful. I have two problems this month. #1 I dipped into my cash reserve for my checking account. So I think the first $82.44 will have to go towards maintaining the $1000 minimum balance I try to keep in my checking account. The balance did get down to $876.44 so I will be paying the stupid tax on the checking account this month. $14.00 fee coming my way. Sigh...Issue #2 is I had to dip into the savings I had. So my balance is currently: $1644.86 instead of the $2000 where I like to maintain it.
I have an automatic transfer of $105 From checking to savings. It will take 4 more "payment" transfers before the balance goes above 2k again. That means I will have paid myself back by March 15th.
Now to be sure the first thousand is for a real emergency. The second thousand is for known expenses that I like to avoid. Car insurance being top of that list. Some time ago I divided Car insurance and I think DD contact lenses to determine I needed to save more. So far the automatic savings has worked very well for me. I never feel that OMG feeling in the pit of my stomach that I have forgotten something. And although I do like to pay the car insurance with the tax return I dip into that top thousand of savings when it rolls around if I need to like in Oct. when there is no tax refund to cash in on.
OK so the math:
I am short $356.00
$105 * 4 = $420.00 // current payment pays back the deficit with $20.00 left over to go to debt at the end.
$165 * 3 = $495.00 // paid back in 3 transfers plus So I would be done by 2/28 AND it leaves me with $95 in the beginning of March to go to debt.
This is of course understanding that Murphy did not come to visit my house - which you know he LOVES me. Who am I kidding. I none the less hope for a quiet few winter months. In the past it typically is in the fall where I fall apart so here is to hoping...
The other option is to put in an automatic transfer directly to the credit card
I am leaning towards the automatic transfer. Its cleaner. I am already doing it, so the bite wont be too bad. And well I like savings in my pocket instead of those bloody debtors.
Of course I am paying interest for that privilege so there is the argument for the other side. paying off the debt faster pays me faster.
I think its the fact Murphy in the form of a snow storm or a DD need will win the case in the end. I am going to do the cash thing. I need a 2k Emerg fund and that is that. Once the savings account is paid back then I can begin to hit the debt harder. And if we use the tax return on the car insurance.... Ahh I can continue till October on the $ I have and stay focused on the debt. Lets hope I actually get a raise this year too. I think we'll know in June. If its a whopping $2.56 again so be it. LOL More reason to study programming in my spare time.
Oh and for those of you that noticed I slipped the extra $20 into my purse - Yep I always seem to feel short on pay day. Maybe that $22.44 will help me stay in balance and I can avoid dipping into savings.
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Showing posts with label Debt. Show all posts
Showing posts with label Debt. Show all posts
Friday, January 14, 2011
Monday, June 21, 2010
good news bad news
The good news is I got a raise. The bad news its $15.00 per week. I am not belittling the amount. Every single bit will make a difference. The panic I am feeling lately about minimum payments is important enough to re-evaluate how the money is allocated.
Last month when I got the news about my raise I had decided to add the $30 bi monthly amount to my automatic savings. Currently I have an automatic transfer to my savings account that takes place twice a month for $105. I think I came up with that amount based on auto insurance costs and contact lenses costs for my daughter. I realized I was not putting any money aside for known expenses. this is a foolish practice and I added the automatic payments to compensate.
In the past few months that ole Murphy he has come to visit in waves. There have been a ton of expenses that I was not prepared to pay for. I have depleted my "emergency" or back up fund quite a bit. Currently it stands at $1384.24. Which means I need to allow it to build back up to the $2000.00 level. I think I can make it by October which is when the auto insurance will be due. and of course our newest dd. 210*3= $630 puts us just over $2014. Now If I increase the amount of the automatic deposit to include my raise I will be able to "add up some snow flaking" and any funds paid over the 2k amount I can then send to pay off one credit card. Impressively the difference in 3 months is 270 *3 or $810 That's $194 to pay down debt. Nice. Lets do that!
I could pay the $30.00 directly to debt but I think at this point its really important for me to be in the habit of paying myself just like a bill. Once that emergency fund is fully funded I can put anything extra towards debt. But If I cant keep that 2000 in the savings account I may never be ready to purchase a house. So I want to practice good sound finances and keep it moving forward.
One other side note. I should get about $300 for some expenses at work paid back to me. All of that will be going to CC#3. Its current balance is 2622.54 and I made a payment in June of $465 so that card is moving in the right direction (2157.54). I want to get down from 5 cards to 4 so that the minimum payments is a bit more manageable. The PLUS loans will start to kick in and I will need to put more of my available cash to them and less to credit card debt. It just cant be helped. My dd is the most important thing.
As a result of the latest ex-husband financial entanglement it will be really important to get out finances in order for the next three months. I keep telling myself one day at a time but Phew.... I am tired of Murphy. Can someone kick him off my porch?
I notice my side bar needs to be updated. That will keep. Its not really good news and it moves in the wrong direction so I did not want to make the changes :-( But I will to keep it on the straight and narrow. The money facts are just that facts and I can face it.
Last month when I got the news about my raise I had decided to add the $30 bi monthly amount to my automatic savings. Currently I have an automatic transfer to my savings account that takes place twice a month for $105. I think I came up with that amount based on auto insurance costs and contact lenses costs for my daughter. I realized I was not putting any money aside for known expenses. this is a foolish practice and I added the automatic payments to compensate.
In the past few months that ole Murphy he has come to visit in waves. There have been a ton of expenses that I was not prepared to pay for. I have depleted my "emergency" or back up fund quite a bit. Currently it stands at $1384.24. Which means I need to allow it to build back up to the $2000.00 level. I think I can make it by October which is when the auto insurance will be due. and of course our newest dd. 210*3= $630 puts us just over $2014. Now If I increase the amount of the automatic deposit to include my raise I will be able to "add up some snow flaking" and any funds paid over the 2k amount I can then send to pay off one credit card. Impressively the difference in 3 months is 270 *3 or $810 That's $194 to pay down debt. Nice. Lets do that!
I could pay the $30.00 directly to debt but I think at this point its really important for me to be in the habit of paying myself just like a bill. Once that emergency fund is fully funded I can put anything extra towards debt. But If I cant keep that 2000 in the savings account I may never be ready to purchase a house. So I want to practice good sound finances and keep it moving forward.
One other side note. I should get about $300 for some expenses at work paid back to me. All of that will be going to CC#3. Its current balance is 2622.54 and I made a payment in June of $465 so that card is moving in the right direction (2157.54). I want to get down from 5 cards to 4 so that the minimum payments is a bit more manageable. The PLUS loans will start to kick in and I will need to put more of my available cash to them and less to credit card debt. It just cant be helped. My dd is the most important thing.
As a result of the latest ex-husband financial entanglement it will be really important to get out finances in order for the next three months. I keep telling myself one day at a time but Phew.... I am tired of Murphy. Can someone kick him off my porch?
I notice my side bar needs to be updated. That will keep. Its not really good news and it moves in the wrong direction so I did not want to make the changes :-( But I will to keep it on the straight and narrow. The money facts are just that facts and I can face it.
In between poverty and madness
This was a long financial weekend. And it continues today. Here is the low down so far....
The DD's dad is no longer making payments to college directly. Instead he is giving DD $500 per month for expenses. While that sounds like a lot its about 1/3 of his share of tuition. She as a 20 year old has been spending a goodly amount of it. Boy oh boy did she have some open eye moments this weekend as to what that money needs to buy.
Here is a breakdown of the numbers:
Her tuition for the fall is $17,700 Plus a housing element of $1050
Total owed to educational institution: $18,750
Less payments so far totaling 5962.50
Less an outstanding balance of$63.56
Current balance therefore stands at $12,723.94
My work will give her a grant of $6125 (possibly 6500) which leaves $6598.94 to be funded.
We have been taking out loans from a certain institution that has a solid reputation and with which I know many people who have loans with them. To our distress because of changes in the law we can no longer borrow money from the same place.
On Tuesday, March 30, 2010, President Obama signed the Health Care and Education Reconciliation Act of 2010 into law. This Reconciliation Act ends the Federal Family Education Loan (FFELP) Program and requires all schools to begin awarding loans through the Federal Direct Loan Programs (FDLP).
So we applied for a private loan. This was very humbling, I have a decent credit score. But I also have $26,834.32 in debt (June's number) so OF COURSE all my money goes into credit card payments and I have a high debt to income ratio. I knew that but did not really care... till I needed to borrow money from a bank... Sigh It was very humbling to be rejected to fast. The fellow asked how much the rent was. Because rent includes my husbands salary and he pays half the rent it is out of scale for my salary alone. I knew as soon as he asked it wouldn't work. They wanted my husband to co sign the loan. Nope. we were done. So now instead of my daughter borrowing the money for her school I have to take out a plus loan. Here is to hoping it goes well because if I am again rejected she will have to hit up her grandmother for the cash. With times being tight this is not the way to go.
I even crunched the numbers of going to a local state school. (She would hate it but on the surface it looks cheaper) Appearances are deceiving, Guess how much we would have to pony up per year? Yep $13402 about the same amount despite the fact that her school seems on the surface to be more expensive the room & board is cheaper and the tuition reimbursement would be less. I still would have the same costs out of pocket. Crunching those numbers does make me feel better about her choices for school. I am still sick about coming up with the cash but I do feel better.
Onwards......
I am tired of people who do not live up to their financial responsibilities. How come I choose to be responsible and not him? He is such a dope.
The reason for my title is how hard we have to swim to be in the middle. Because I re married I have to include my current husbands income when applying for financial aid. Even though he contributes only to her well being in spirit not financially. So we never will qualify for a financial need scholarship. My daughter applied for over 10 grants and scholarships we were awarded none. As for academic grants she is a good student she has a 3.4 GPA its not enough for an academic scholarship they all require 3.6 and above. So there again we are just close enough to be screwed. I am tired of being so close and getting nothing for my efforts. In the end what I will have is a well rounded wonderfully educated daughter who can now gain employment. Its a big deal and I believe the degree is worth it. And if you read what others have to go through to finance their educations having $30K in loans is not a lot when you graduate. It sucks and is hard but still plenty of people end up with in the 60's and 70's so perhaps I should not whine. But you know 30K is a lot of money to me and I am sooo tired of being in debt. I don't care about the rest of the world. This burden is heavy! and I am carrying it alone. I am completely depressed.
The DD's dad is no longer making payments to college directly. Instead he is giving DD $500 per month for expenses. While that sounds like a lot its about 1/3 of his share of tuition. She as a 20 year old has been spending a goodly amount of it. Boy oh boy did she have some open eye moments this weekend as to what that money needs to buy.
Here is a breakdown of the numbers:
Her tuition for the fall is $17,700 Plus a housing element of $1050
Total owed to educational institution: $18,750
Less payments so far totaling 5962.50
Less an outstanding balance of$63.56
Current balance therefore stands at $12,723.94
My work will give her a grant of $6125 (possibly 6500) which leaves $6598.94 to be funded.
We have been taking out loans from a certain institution that has a solid reputation and with which I know many people who have loans with them. To our distress because of changes in the law we can no longer borrow money from the same place.
On Tuesday, March 30, 2010, President Obama signed the Health Care and Education Reconciliation Act of 2010 into law. This Reconciliation Act ends the Federal Family Education Loan (FFELP) Program and requires all schools to begin awarding loans through the Federal Direct Loan Programs (FDLP).
So we applied for a private loan. This was very humbling, I have a decent credit score. But I also have $26,834.32 in debt (June's number) so OF COURSE all my money goes into credit card payments and I have a high debt to income ratio. I knew that but did not really care... till I needed to borrow money from a bank... Sigh It was very humbling to be rejected to fast. The fellow asked how much the rent was. Because rent includes my husbands salary and he pays half the rent it is out of scale for my salary alone. I knew as soon as he asked it wouldn't work. They wanted my husband to co sign the loan. Nope. we were done. So now instead of my daughter borrowing the money for her school I have to take out a plus loan. Here is to hoping it goes well because if I am again rejected she will have to hit up her grandmother for the cash. With times being tight this is not the way to go.
I even crunched the numbers of going to a local state school. (She would hate it but on the surface it looks cheaper) Appearances are deceiving, Guess how much we would have to pony up per year? Yep $13402 about the same amount despite the fact that her school seems on the surface to be more expensive the room & board is cheaper and the tuition reimbursement would be less. I still would have the same costs out of pocket. Crunching those numbers does make me feel better about her choices for school. I am still sick about coming up with the cash but I do feel better.
Onwards......
I am tired of people who do not live up to their financial responsibilities. How come I choose to be responsible and not him? He is such a dope.
The reason for my title is how hard we have to swim to be in the middle. Because I re married I have to include my current husbands income when applying for financial aid. Even though he contributes only to her well being in spirit not financially. So we never will qualify for a financial need scholarship. My daughter applied for over 10 grants and scholarships we were awarded none. As for academic grants she is a good student she has a 3.4 GPA its not enough for an academic scholarship they all require 3.6 and above. So there again we are just close enough to be screwed. I am tired of being so close and getting nothing for my efforts. In the end what I will have is a well rounded wonderfully educated daughter who can now gain employment. Its a big deal and I believe the degree is worth it. And if you read what others have to go through to finance their educations having $30K in loans is not a lot when you graduate. It sucks and is hard but still plenty of people end up with in the 60's and 70's so perhaps I should not whine. But you know 30K is a lot of money to me and I am sooo tired of being in debt. I don't care about the rest of the world. This burden is heavy! and I am carrying it alone. I am completely depressed.
Wednesday, December 30, 2009
Debt free tips from Indiana Jones
I love to read blogs. I love to see what people say. I read a lot of personal finance blogs. I read a lot of cross stitch blogs and I read a lot of SharePoint blogs. (SharePoint is a product by Microsoft) I came across this blog http://sharepointkb.wordpress.com/2009/12/23/sharepoint-tips-from-indiana-jones/ and began to think that hmmmm. I think this could also apply to personal finance. So lets see how our journey goes... 
1) You have to have the courage to take on something challenging.
Fighting my way through the debt heap has taken a good bit of courage to keep going. It has also taught me to "defend" my wealth. I hate confrontation. I hate fighting. I have come to respect that sometimes you have to stand your ground in order to not be taken advantage of. Currently I have to appeal to my health insurance some extenuating circumstances that my dd had an urgent situation and needed to get care. If I do not appeal then the health care company denies my claims for around $2000.00 Its my money. She needed the health care its why we have insurance. I have learned to be brave and take the fight to the vendors because typically I get my money back. Another example is getting a lower interest rate. See my blog entry here... http://travelfarandwide.blogspot.com/2008/11/ask-dont-forget-to-ask.html
Be brave ask for what you want.
2) Know your limits and what your good at.
I am good at dreaming. I can daydream all day long. Typically, I have to stop myself from dreaming and put my nose to the grindstone to get myself to focus on my work. It is okay to run away from the big boulders when they are flying at you but it is also necessary to know when to get to work.
3) Simplicity is often the best option. (Gun vs Sword)
Isn't this one of the favorite scenes where the swashbuckler is waving his sword and Indy just shoots him. I think this is parallel to online banking. It was a lot of fuss to pay lots of bills over the phone on cards. I love online bill pay. I just hop on my bank's web site and off I go, electric paid, rent paid, cable paid. Done. And because time is such an issue in my life now that I have a 1 year old. It takes me about 30 minutes to check all my balances and pay the bills. Once per month 30 minutes is very effective. Keep it simple. Bam just knock it out.
4) You need to know your stuff and be ready to learn.
Indy Jones always pops in with some little tid bit of history that solves the puzzle. He knows a lot of stuff and it gives him that little competitive edge over the Nazis among others. I read tons of blogs. I have learned a lot about how to do things as well as been inspired by others who struggle in the same journey.
Places to learn:
No credit needed
Dave Ramsey
WiseBread
Boston gal's Open wallet
Places where I feel inspired:
I've paid for this twice
GRACEful Retirement
5) You don’t have to be a superhero.
Indiana Jones was a geeky history professor who liked fancy vacations. I am a geeky Technology buff who likes mellow vacations. I believe if we follow the map to the treasure we can achieve our goals. And I follow Dave Ramsey's baby steps road map. you should too http://www.daveramsey.com/new/baby-steps/
6) Some things never change.
Indiana Jones uses old fashioned common sense and logic to solve his conflicts. He seems to choose the best way to get out a of a fix. There is no way to stop life from becoming complicated. BUT we can keep an emergency fund in order to keep our debt from growing.
7) Know what your are afraid of, or bad at and let other people help.
Snakes why does it have to be snakes??? I love that moment. When the great hero admits to being human. But he pushes through his fears and escapes anyway. I have mounting fears that my debt is mounting. But I keep on the plan because its to only solution to escaping debt.
8) You can’t do it alone.
Jones used lots of resources on his journey. He took advantage when help was offered and so should all of us. When my mom offered to help me with some extra cash I paid it toward my debt. I am going to start cashing in my bonds (I only have 2 so its not big bucks) to pay off some if the debt. I am also going to look into selling off some stock I own to try and get the debt down further. Again we arent talking big bucks maybe a couple of hundred dollars. Any help is good.
9) You have to believe in yourself and it doesn’t hurt to be unique or have your own image.
When Indiana Jones was on an adventure he wore his unique hat. It helped to get him into the roles he had defined for himself as an adventurer. He was super confident when he came into a new situation. He believed in himself.
It turns out to be different then average is to have no debt. So my goal is to be unique. I am going to get out of debt and then build up savings. I have fantasies about how fast it will happen. But mostly I am planning to follow the steps and save for retirement. There are no get rich quick schemes.
10) You have to see things through and stay focused.
Indiana upon his return from the opening adventure in the movie said "Marcus, I had it it in my hand, Marcus. I can get it." He was completely focused on obtaining an artifact for the museum even if it took more then one adventure to get it. He was then changed to follow the arc of course, but the idea is persistence and diligence despite setbacks won him the treasure every time.
We all need to be like Indy.
This was a light and fun Holiday way to help one enjoy getting back into the grind of debt reduction. Sometimes when you look at something in a new way it gives you a different perspective. I want to be a bit more like Indiana Jones. I want to crack my whip and have my credit cards sit up and take notice. Because I am coming for you...
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
1) You have to have the courage to take on something challenging.Fighting my way through the debt heap has taken a good bit of courage to keep going. It has also taught me to "defend" my wealth. I hate confrontation. I hate fighting. I have come to respect that sometimes you have to stand your ground in order to not be taken advantage of. Currently I have to appeal to my health insurance some extenuating circumstances that my dd had an urgent situation and needed to get care. If I do not appeal then the health care company denies my claims for around $2000.00 Its my money. She needed the health care its why we have insurance. I have learned to be brave and take the fight to the vendors because typically I get my money back. Another example is getting a lower interest rate. See my blog entry here... http://travelfarandwide.blogspot.com/2008/11/ask-dont-forget-to-ask.html
Be brave ask for what you want.
2) Know your limits and what your good at.
I am good at dreaming. I can daydream all day long. Typically, I have to stop myself from dreaming and put my nose to the grindstone to get myself to focus on my work. It is okay to run away from the big boulders when they are flying at you but it is also necessary to know when to get to work.
3) Simplicity is often the best option. (Gun vs Sword)
Isn't this one of the favorite scenes where the swashbuckler is waving his sword and Indy just shoots him. I think this is parallel to online banking. It was a lot of fuss to pay lots of bills over the phone on cards. I love online bill pay. I just hop on my bank's web site and off I go, electric paid, rent paid, cable paid. Done. And because time is such an issue in my life now that I have a 1 year old. It takes me about 30 minutes to check all my balances and pay the bills. Once per month 30 minutes is very effective. Keep it simple. Bam just knock it out.
4) You need to know your stuff and be ready to learn.
Indy Jones always pops in with some little tid bit of history that solves the puzzle. He knows a lot of stuff and it gives him that little competitive edge over the Nazis among others. I read tons of blogs. I have learned a lot about how to do things as well as been inspired by others who struggle in the same journey.
Places to learn:
No credit needed
Dave Ramsey
WiseBread
Boston gal's Open wallet
Places where I feel inspired:
I've paid for this twice
GRACEful Retirement
5) You don’t have to be a superhero.
Indiana Jones was a geeky history professor who liked fancy vacations. I am a geeky Technology buff who likes mellow vacations. I believe if we follow the map to the treasure we can achieve our goals. And I follow Dave Ramsey's baby steps road map. you should too http://www.daveramsey.com/new/baby-steps/
6) Some things never change.
Indiana Jones uses old fashioned common sense and logic to solve his conflicts. He seems to choose the best way to get out a of a fix. There is no way to stop life from becoming complicated. BUT we can keep an emergency fund in order to keep our debt from growing.
7) Know what your are afraid of, or bad at and let other people help.
Snakes why does it have to be snakes??? I love that moment. When the great hero admits to being human. But he pushes through his fears and escapes anyway. I have mounting fears that my debt is mounting. But I keep on the plan because its to only solution to escaping debt.
8) You can’t do it alone.
Jones used lots of resources on his journey. He took advantage when help was offered and so should all of us. When my mom offered to help me with some extra cash I paid it toward my debt. I am going to start cashing in my bonds (I only have 2 so its not big bucks) to pay off some if the debt. I am also going to look into selling off some stock I own to try and get the debt down further. Again we arent talking big bucks maybe a couple of hundred dollars. Any help is good.
9) You have to believe in yourself and it doesn’t hurt to be unique or have your own image.
When Indiana Jones was on an adventure he wore his unique hat. It helped to get him into the roles he had defined for himself as an adventurer. He was super confident when he came into a new situation. He believed in himself.
It turns out to be different then average is to have no debt. So my goal is to be unique. I am going to get out of debt and then build up savings. I have fantasies about how fast it will happen. But mostly I am planning to follow the steps and save for retirement. There are no get rich quick schemes.
10) You have to see things through and stay focused.
Indiana upon his return from the opening adventure in the movie said "Marcus, I had it it in my hand, Marcus. I can get it." He was completely focused on obtaining an artifact for the museum even if it took more then one adventure to get it. He was then changed to follow the arc of course, but the idea is persistence and diligence despite setbacks won him the treasure every time.
We all need to be like Indy.
This was a light and fun Holiday way to help one enjoy getting back into the grind of debt reduction. Sometimes when you look at something in a new way it gives you a different perspective. I want to be a bit more like Indiana Jones. I want to crack my whip and have my credit cards sit up and take notice. Because I am coming for you...
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Monday, September 21, 2009
Still in the rowboat
I have started a number of times trying to write about finance. I find it to be really hard. I have felt like I was in the middle of the sea in a row boat with no shores in sight. The thing about that is I know you have to stay the course. Frankly there is no going back to having nearly 40K in debt. I do not want that life. And I don't want to maintain this level of debt either.
I know
1) If I had not started the journey when I did I would have had to declare bankruptcy - especially as many cards are now raising their rates & minimum payments.
2) I want to retire some day and I cannot do that carrying this debt burden.
3) I want my son and daughter to live a debt free life so they can learn healthy attitudes and carry that behavior forward into their own lives..
Knowing and feeling are two different things. Right now I feel despairing that I will ever get out of debt. And I relate (as I often do) to Paid Twice's journey that knowing there is light at the end only seems to invite Murphy to stop by more often. (you can read her post here http://www.paidtwice.com/2009/09/09/the-home-strecth-can-be-as-difficult-as-the-start/)
It is much easier to know what I want... College for my children and a house.
I have about 2.5 years left until my DD comes home from college. So far I have only had to borrow about 4k (Her college is 32K per year so keep it in perspective) I am willing to be in debt for her degree. I want her to have an education. It could have been cheaper, but She is happy.
The house debate within myself continues to rage. There are a lot of factors. I really wanted to take advantage of the 8K house credit. But I think my DH and I were a little ambitious there. It would have been a stretch. And while I think we are a good risk I have no idea if a mortgage lender would see that and grant us a mortgage. And even if they did grant us a mortgage would it be enough for me to get the type of house I would want.
It might be better to wait. I think If we take our time and do it carefully I will get all the things I want but I am the least patient person on the planet. All I can offer myself is that there is hope at the end of the tunnel.
So with Mad money Monday in mind....
So I am turning to the tool...
What's the cost to re-evaluate where I am today.
I have to account for some of the setbacks that I had during August....
Setbacks
Man oh man I know every dollar needs to have a purpose but right now the names all seem to be debt. And I cant even cry misfortune. Lack of planning? maybe, a little hid under a rock definitely, but its time to stand tall, take the hit and get back on the wagon.
Like weight watchers you are more apt to stay on track if you track your progress. Over the summer I have to say time has been fleeting at best and I have often been derailed. The thing is I know I need to get back on track. Right NOW.
So starting today, I logged into many of my different accounts. I have created an outline for My October budget. I will also have to do a where did my money go budget but I cant face that yet. And seriously I will only avoid getting back on track if I have to beat myself up. So today Is no judgment Monday. Just evaluate where you are and what we can do today...
I have to wait till month end to get the true numbers. And I will be receiving a check back from the college to pay back money I was forced to put on a credit card for some of my daughters education because the financing was not lined up. So I charged $2680 to CC#2 (Currently focus of the debt pay down. ) I also charged school supplies and gas because this card was having a promotion I wanted to take advantage of. Time to get back on track...
What's the Cost predicts my debt pay off, given my current standing (which includes the almost 3k in education), to be September 2012. I am sure when I adjust the numbers for the education charges I will come back from that date a bit. More like something around May 2012. Not surprisingly the first card of focus is CC#2.
So we are back to the 3 year plan. Its a long journey to pay down nearly 40K in debt. It looks like I will have paid off most of my credit card debt as my DD graduates college. I can live with that. The only worry I have is that now the minimum payments are larger from certain of my cards how will that effect my schedule. But onward. Row Row Row
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
I know
1) If I had not started the journey when I did I would have had to declare bankruptcy - especially as many cards are now raising their rates & minimum payments.
2) I want to retire some day and I cannot do that carrying this debt burden.
3) I want my son and daughter to live a debt free life so they can learn healthy attitudes and carry that behavior forward into their own lives..
Knowing and feeling are two different things. Right now I feel despairing that I will ever get out of debt. And I relate (as I often do) to Paid Twice's journey that knowing there is light at the end only seems to invite Murphy to stop by more often. (you can read her post here http://www.paidtwice.com/2009/09/09/the-home-strecth-can-be-as-difficult-as-the-start/)
It is much easier to know what I want... College for my children and a house.
I have about 2.5 years left until my DD comes home from college. So far I have only had to borrow about 4k (Her college is 32K per year so keep it in perspective) I am willing to be in debt for her degree. I want her to have an education. It could have been cheaper, but She is happy.
The house debate within myself continues to rage. There are a lot of factors. I really wanted to take advantage of the 8K house credit. But I think my DH and I were a little ambitious there. It would have been a stretch. And while I think we are a good risk I have no idea if a mortgage lender would see that and grant us a mortgage. And even if they did grant us a mortgage would it be enough for me to get the type of house I would want.
It might be better to wait. I think If we take our time and do it carefully I will get all the things I want but I am the least patient person on the planet. All I can offer myself is that there is hope at the end of the tunnel.
So with Mad money Monday in mind....
So I am turning to the tool...
What's the cost to re-evaluate where I am today.
I have to account for some of the setbacks that I had during August....
Setbacks
Man oh man I know every dollar needs to have a purpose but right now the names all seem to be debt. And I cant even cry misfortune. Lack of planning? maybe, a little hid under a rock definitely, but its time to stand tall, take the hit and get back on the wagon.
Like weight watchers you are more apt to stay on track if you track your progress. Over the summer I have to say time has been fleeting at best and I have often been derailed. The thing is I know I need to get back on track. Right NOW.
So starting today, I logged into many of my different accounts. I have created an outline for My October budget. I will also have to do a where did my money go budget but I cant face that yet. And seriously I will only avoid getting back on track if I have to beat myself up. So today Is no judgment Monday. Just evaluate where you are and what we can do today...
I have to wait till month end to get the true numbers. And I will be receiving a check back from the college to pay back money I was forced to put on a credit card for some of my daughters education because the financing was not lined up. So I charged $2680 to CC#2 (Currently focus of the debt pay down. ) I also charged school supplies and gas because this card was having a promotion I wanted to take advantage of. Time to get back on track...
What's the Cost predicts my debt pay off, given my current standing (which includes the almost 3k in education), to be September 2012. I am sure when I adjust the numbers for the education charges I will come back from that date a bit. More like something around May 2012. Not surprisingly the first card of focus is CC#2.
So we are back to the 3 year plan. Its a long journey to pay down nearly 40K in debt. It looks like I will have paid off most of my credit card debt as my DD graduates college. I can live with that. The only worry I have is that now the minimum payments are larger from certain of my cards how will that effect my schedule. But onward. Row Row Row
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Thursday, July 30, 2009
Well the journey continues
July was a hard month. Financially and emotionally. A lot of events happened. Two family vacations, visits from DD, visits from my mom, and a few unexpected bumps and bruises. So my blog has been quiet. There was so much going on I didnt try to control the chaos, I just went along for the ride. Thats the name of the blog.... road traveed. And this months was a doosey. So I have been bumped and bruised. Today I have picked myself up. Brushed myself off and I am ready to be back on the financial trail.
The damage:
After vacation spending through the end of june and All of July we put $1486.88 on credit card for vacation. There may be other expenses through checking but on a credit card for two vacations $1486.88 is not bad. There was a lot of pressure to go on both of the vacations. The beach vacation is a tradition we have been doing for about 12 years. My daughter would not let me not go. Financially my husband contributed a lot more this year and thank goodness he had a lot of overtime cash he spent so we did not have to run too much on the cards. He is an awesome man.
The second trip was a vacation to visit Husbands family. I did not have a lot of vacation time left so I had to drive down on a different day and so there were gas and food expenses. It was not too bad and as it was for his family I would do it again.
Time now to get back on the horse though. Over all I am not too upset with the numbers. I want to be able to take it in stride although It makes me sick to have a debt anchor hanging around my neck. I look forward to the day I do not have to write checks to the banks and I am free. It may take longer then the origional plan BUT I will get there and I am determined to be debt free. One day at a time.
As a result of being away my desk has gone to pot. Last week I organized all the papers to help make order from chaos. This week is health care focused. Next week will be how can I save money by taking lunch to work. Thank goodness I can sit at my desk one day pr week. I do not know how I would get it done if I did not have that luxery.
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
The damage:
After vacation spending through the end of june and All of July we put $1486.88 on credit card for vacation. There may be other expenses through checking but on a credit card for two vacations $1486.88 is not bad. There was a lot of pressure to go on both of the vacations. The beach vacation is a tradition we have been doing for about 12 years. My daughter would not let me not go. Financially my husband contributed a lot more this year and thank goodness he had a lot of overtime cash he spent so we did not have to run too much on the cards. He is an awesome man.
The second trip was a vacation to visit Husbands family. I did not have a lot of vacation time left so I had to drive down on a different day and so there were gas and food expenses. It was not too bad and as it was for his family I would do it again.
Time now to get back on the horse though. Over all I am not too upset with the numbers. I want to be able to take it in stride although It makes me sick to have a debt anchor hanging around my neck. I look forward to the day I do not have to write checks to the banks and I am free. It may take longer then the origional plan BUT I will get there and I am determined to be debt free. One day at a time.
As a result of being away my desk has gone to pot. Last week I organized all the papers to help make order from chaos. This week is health care focused. Next week will be how can I save money by taking lunch to work. Thank goodness I can sit at my desk one day pr week. I do not know how I would get it done if I did not have that luxery.
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Monday, June 01, 2009
The good the bad and the UGLY
First the Good....
I have paid down $15,939.98 in debt. My debt total is UNDER 24 K! Just under... but still under. I like seeing those numbers drop.
Then the Bad...
I had to pay mostly the minimums this month. I took $250 out of savings to cover daughter coming home from college and to pay the back balance on the sprint bill. I have had an increase in groceries this month and Man are things tight. Although I paid $95.00 to debt over the minimums. So It was not a waste of a month but the progess is not where I want it to be and I chafe at the pace.
The Ugly
Life happens. It makes progress slower then I would ever like but I acknowledge that life happens. I do have a daughter. I cant ignore her untill all debt is paid off. I desperatley need a hair cut. I really need to get a couple of new clothes so does she. I am postponing all of those things in order not to incur any new charges to the credit cards and I acknowledge that this road is HARD. I did replace $100 back to savings. I am concerned that I need to show the ability to maintain a balance if we choose to buy a home. I need to replace the funds I took out sooner rather then later - which means financial health at home not on the credit cards. They will see progress on the cards but that wont be as important as maintaining the balances.
We are on the road to debt freedom. We will get there eventually inspite of the side trips. And Last May was a rough one too. If history is a predictor June will be tight as well. With DH's birthday coming up in June It will indeed impact the wallet. So we shall see.
There is always hope. somehow it will get better.
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
I have paid down $15,939.98 in debt. My debt total is UNDER 24 K! Just under... but still under. I like seeing those numbers drop.
Then the Bad...
I had to pay mostly the minimums this month. I took $250 out of savings to cover daughter coming home from college and to pay the back balance on the sprint bill. I have had an increase in groceries this month and Man are things tight. Although I paid $95.00 to debt over the minimums. So It was not a waste of a month but the progess is not where I want it to be and I chafe at the pace.
The Ugly
Life happens. It makes progress slower then I would ever like but I acknowledge that life happens. I do have a daughter. I cant ignore her untill all debt is paid off. I desperatley need a hair cut. I really need to get a couple of new clothes so does she. I am postponing all of those things in order not to incur any new charges to the credit cards and I acknowledge that this road is HARD. I did replace $100 back to savings. I am concerned that I need to show the ability to maintain a balance if we choose to buy a home. I need to replace the funds I took out sooner rather then later - which means financial health at home not on the credit cards. They will see progress on the cards but that wont be as important as maintaining the balances.
We are on the road to debt freedom. We will get there eventually inspite of the side trips. And Last May was a rough one too. If history is a predictor June will be tight as well. With DH's birthday coming up in June It will indeed impact the wallet. So we shall see.
There is always hope. somehow it will get better.
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Monday, May 18, 2009
Well, How did I get here?
I was reading my blogs today and I saw this on Boston Girl’s blog (http://www.bostongals.com/2009/05/ny-times-reporter-personal-credit.html) about an economist who got into big big debt. Well I too was a business major. And still I hung myself on the rope that the credit card banks gave me - paraphrased from this article
(http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?pagewanted=print)
So I thought I’d tell a little more of the story.
I looked back through all my posts and it turns out I try not to dwell on my mistakes of the past but I have focused on the future. I deem this to be a good thing. Yet I think how I got here is worth examining. Even reading back through some old posts I found evidence of my fuzzy logic that often times was the result of chaos elsewhere in my life. Thankfully I am much more grounded now.
As I read back my blog is more stream of consciousness not a book of how to get out of debt. I think that is the part of the journey that is personal. All I really want to do is get out of debt not to become a journalist. Here are a few posts that chronicle some of my journey…
Inspiration to begin:
http://travelfarandwide.blogspot.com/2007/03/change.html
http://travelfarandwide.blogspot.com/2007/03/confession.html
Some more of my journey:
http://travelfarandwide.blogspot.com/2008/07/economy-and-personal-finance.html
I have come a long way:
http://travelfarandwide.blogspot.com/2007/04/changing-times.html http://travelfarandwide.blogspot.com/2007/04/clutter.html
So those posts have some of the history of how the big debt got started, but I know the choice I made that really started the whole thing…
It is as clear as day the moment I first dug the hole. I had my first real job. I had just moved out of my Mom’s house, where I went to recover during my divorce. I was paid an okay salary not awesome, but enough to live on. I got a one bed room with den for myself and my daughter. We needed a TV cabinet. Well need is a matter of definition. I picked one out of the JCP catalog. It was adorable. I can still see the item in my mind. I was building my cozy nest. I wanted my DD to have a nice home. Never mind that I should have saved up for it and paid cash. That is never going to happen I told myself. I can’t save money. And I need to be clean and organized. I need the cabinet. So I ordered it from JC Penny’S and I was on my way to Credit Card debt. I made monthly payments. I don’t remember if they were over the minimum. I doubt it. I carried the cabinet board by board into the house because the box was too heavy for me to carry by myself. I put it together with my friend the power screw driver. It looked pretty nice. We had a living room.
Then the hole got a little bit deeper…
I remember getting the card offer in the mail. The card was Prime Option; they are no longer in business. 0% interest. What a good idea. I'll transfer the 22% interest JCP card over to this new card and after 6 months it will be only 12% interest. I can "afford" that I thought. But then I needed gas one day. So I put that on the card too, again and again and again.
Not related to Credit but related to income, I did some soul searching about why I was not happy where I was. I was alone in PA. My friends all lived elsewhere. I was an hour from my mom. Why was I still here? So I decided to move to NC. I did some research. I had taken a Microsoft course in computer networking. My brother was getting paid $50K to set up computers, I could do that I thought. (I still have yet to make the 50K salary mark!) I am going to move to NC and take some more classes and start over.
Well, the move was mostly all on credit cards. My dad did pay for the moving truck through his business. He even offered me a job, which I accepted. I took the position of Business Manager. Great at someone else’s money just not my own. Everything went on the card.
Because I thought of myself as middle class and sliding I had a certain amount of pride about what I could afford. I was maintaining a lifestyle that no one saw... Irony of ironies I am an introverted person. I have few social interactions with the parents of my daughter. Even at our church I was never approached by other parents. I bet they could not even tell you my name. And yet I was maintaining a three bedroom apt so I could have an "Office" for myself? How stupid was I? Don’t answer that I already know.
Then the denial or magical thinking really began. Credit card bingo. It is a sign that you are in trouble with debt that you shuffle balances from card to card. I looked at it as a good money manager to keep transferring money around so that you can take advantage of offers.
In business school your studies are all about the analysis of others behavior. It is never a focus on you. It is not discussed to gain an edge by never taking out a car loan, or not having to pay credit card interest. It is implied but not explicit. The thing about that is you get cocky. I was really really good at floating money from month to month. I took that as skill at manipulating the interest rates not a sign that I would have t o pay that money back some day.
Then more magical thinking I had some money in an investment. It was equal to the amount on my cards... So I could pay them off at any time right? (or so I told myself) But I didn’t want to. And I kept thinking my career will pick up any time. I will get a job that will pay off all my bills. I will magically have a big check to pay it all off. Getting out of debt takes step by step perseverance. I never had that. I learned it mostly when I met my husband. And slowly I have improved it my ability to focus and finish a task.
Now as I move forward It is even more important to get to the goal. To finish what I have started and to live my life debt free.
(http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?pagewanted=print)
So I thought I’d tell a little more of the story.
I looked back through all my posts and it turns out I try not to dwell on my mistakes of the past but I have focused on the future. I deem this to be a good thing. Yet I think how I got here is worth examining. Even reading back through some old posts I found evidence of my fuzzy logic that often times was the result of chaos elsewhere in my life. Thankfully I am much more grounded now.
As I read back my blog is more stream of consciousness not a book of how to get out of debt. I think that is the part of the journey that is personal. All I really want to do is get out of debt not to become a journalist. Here are a few posts that chronicle some of my journey…
Inspiration to begin:
http://travelfarandwide.blogspot.com/2007/03/change.html
http://travelfarandwide.blogspot.com/2007/03/confession.html
Some more of my journey:
http://travelfarandwide.blogspot.com/2008/07/economy-and-personal-finance.html
I have come a long way:
http://travelfarandwide.blogspot.com/2007/04/changing-times.html http://travelfarandwide.blogspot.com/2007/04/clutter.html
So those posts have some of the history of how the big debt got started, but I know the choice I made that really started the whole thing…
It is as clear as day the moment I first dug the hole. I had my first real job. I had just moved out of my Mom’s house, where I went to recover during my divorce. I was paid an okay salary not awesome, but enough to live on. I got a one bed room with den for myself and my daughter. We needed a TV cabinet. Well need is a matter of definition. I picked one out of the JCP catalog. It was adorable. I can still see the item in my mind. I was building my cozy nest. I wanted my DD to have a nice home. Never mind that I should have saved up for it and paid cash. That is never going to happen I told myself. I can’t save money. And I need to be clean and organized. I need the cabinet. So I ordered it from JC Penny’S and I was on my way to Credit Card debt. I made monthly payments. I don’t remember if they were over the minimum. I doubt it. I carried the cabinet board by board into the house because the box was too heavy for me to carry by myself. I put it together with my friend the power screw driver. It looked pretty nice. We had a living room.
Then the hole got a little bit deeper…
I remember getting the card offer in the mail. The card was Prime Option; they are no longer in business. 0% interest. What a good idea. I'll transfer the 22% interest JCP card over to this new card and after 6 months it will be only 12% interest. I can "afford" that I thought. But then I needed gas one day. So I put that on the card too, again and again and again.
Not related to Credit but related to income, I did some soul searching about why I was not happy where I was. I was alone in PA. My friends all lived elsewhere. I was an hour from my mom. Why was I still here? So I decided to move to NC. I did some research. I had taken a Microsoft course in computer networking. My brother was getting paid $50K to set up computers, I could do that I thought. (I still have yet to make the 50K salary mark!) I am going to move to NC and take some more classes and start over.
Well, the move was mostly all on credit cards. My dad did pay for the moving truck through his business. He even offered me a job, which I accepted. I took the position of Business Manager. Great at someone else’s money just not my own. Everything went on the card.
Because I thought of myself as middle class and sliding I had a certain amount of pride about what I could afford. I was maintaining a lifestyle that no one saw... Irony of ironies I am an introverted person. I have few social interactions with the parents of my daughter. Even at our church I was never approached by other parents. I bet they could not even tell you my name. And yet I was maintaining a three bedroom apt so I could have an "Office" for myself? How stupid was I? Don’t answer that I already know.
Then the denial or magical thinking really began. Credit card bingo. It is a sign that you are in trouble with debt that you shuffle balances from card to card. I looked at it as a good money manager to keep transferring money around so that you can take advantage of offers.
In business school your studies are all about the analysis of others behavior. It is never a focus on you. It is not discussed to gain an edge by never taking out a car loan, or not having to pay credit card interest. It is implied but not explicit. The thing about that is you get cocky. I was really really good at floating money from month to month. I took that as skill at manipulating the interest rates not a sign that I would have t o pay that money back some day.
Then more magical thinking I had some money in an investment. It was equal to the amount on my cards... So I could pay them off at any time right? (or so I told myself) But I didn’t want to. And I kept thinking my career will pick up any time. I will get a job that will pay off all my bills. I will magically have a big check to pay it all off. Getting out of debt takes step by step perseverance. I never had that. I learned it mostly when I met my husband. And slowly I have improved it my ability to focus and finish a task.
Now as I move forward It is even more important to get to the goal. To finish what I have started and to live my life debt free.
Monday, May 04, 2009
Debt Details
Excessive Debt is bad. I dont want to put anything on my credit cards anymore. However. I just got a letter from CC#1. I worked very very hard to get rid of any outstanding balances on that card. This bank card was a very bad one. I at one point asked them to lower the rate (24.99%) and they said "NO, you are using this like a long term loan". Well DUH If I cant get a lower rate then It will take FOREVER to pay it off. AHHH now it has a 0 balance. I transfered some of it to 3.9% offeres and I paid off the rest. If you have tracked my progress you can see that I have slowly made every effort to be out of debt. This card had a crazy available credit of $24,000. I dont need that nor was I ever going to put a single dollar onto this most hated card ever again. EVER. So When I opened my mail today It surprised me that I was sad that they have "re evaluated" and lowered my limit to $12,500.
I am actually happy that the limit is lower. I still felt a pang of "Oh no" when I looked at the paper. Isnt that silly? I have considered closing the account. If for any reason any of the banks I have cards with suddenly change how much I owe because the bank has changed hands I wanted options. I do get 8.99% offers from them all the time. Of course as I get $0 and 3.9% offers from other banks, I would not consider using this card unless one of the other banks went out of business. Like I said I want options.
So why does it bother me? Well I dont want it to look like I did something wrong. I paid off that account fair and square. I want it to be the truth, the change is a reflection of the bank's choices. BUT what will it do to my credit score? We are talking about buying a home so dont say it should not matter. It will if we were to go for a mortgage in the next few weeks. One step at a time.
All things considered this month I thought it would be tighter then it turned out to be. We made it through April and I still made payments to my debt. I will be debt free someday.
$15,236.09
Good job girl.
I have been neglecting my desk but it turns out that I am still somewhat on track. I will get out of debt. I will I will I will.
I am actually happy that the limit is lower. I still felt a pang of "Oh no" when I looked at the paper. Isnt that silly? I have considered closing the account. If for any reason any of the banks I have cards with suddenly change how much I owe because the bank has changed hands I wanted options. I do get 8.99% offers from them all the time. Of course as I get $0 and 3.9% offers from other banks, I would not consider using this card unless one of the other banks went out of business. Like I said I want options.
So why does it bother me? Well I dont want it to look like I did something wrong. I paid off that account fair and square. I want it to be the truth, the change is a reflection of the bank's choices. BUT what will it do to my credit score? We are talking about buying a home so dont say it should not matter. It will if we were to go for a mortgage in the next few weeks. One step at a time.
All things considered this month I thought it would be tighter then it turned out to be. We made it through April and I still made payments to my debt. I will be debt free someday.
$15,236.09
Good job girl.
I have been neglecting my desk but it turns out that I am still somewhat on track. I will get out of debt. I will I will I will.
Monday, March 30, 2009
Progress Update
Despite myself I have made progress. I have paid down over $15,000 in debt. Go me. I am in the middle of the journey. I no longer feel the heavy anchor so familiar to me of my monthly payments that beginning shore where I said oh if something happens I'll just use my credit card.... and the other shore where I am debt free. When you no longer see either shore the journey seems long. I know in my heart I am doing the right things. I know in my heart I will stay the path and keep pushing to be debt free. But the birth of my beautiful son and the costs of college for my daughter seem to pull at me so that I swim very very slowly to the shore where I am debt free. Had I not become pregnant and had my husband not needed to work so often on the weekends I would have taken a second job. I am still looking for opportunities to make extra money.
Today though when you break a round number like $15,000 you should stop and celebrate. I am going to treat myself to one $16.99 magazine holder for my cross stitch magazines. I dont want to spend much because I have to keep swimming. I also need to remember that the books I purchased from amazon will not have been charged to my account yet and I need to save that birthday money for when the bill arrives.
My progress from NCN. I have updated the numbers in the side bar. so Celebrate with me [ ]3 as we roll forward.
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Today though when you break a round number like $15,000 you should stop and celebrate. I am going to treat myself to one $16.99 magazine holder for my cross stitch magazines. I dont want to spend much because I have to keep swimming. I also need to remember that the books I purchased from amazon will not have been charged to my account yet and I need to save that birthday money for when the bill arrives.
My progress from NCN. I have updated the numbers in the side bar. so Celebrate with me [ ]3 as we roll forward.I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Monday, March 02, 2009
March Money update
Well I have paid my bills for March. I was Happy with my January progress. I had a really successful pay down of debt. But starting this month the pay off will be much slower! We have started back to work and daycare. It is a big financial commitment to have the baby in daycare. But I do like this place and they seem to care for him which is a good thing. I have committed to DH that I would pay about $500 per month. 
Feb I paid 675. So I am really shy on a food budget and other things. But I want to celebrate progress for what it is. Last month I was at 34% paid. Now I have achieved 36.85% and I have paid off $14,668 of debt. Amazing as I thought I never would get out of debt. What a wonderful thing.
DH and I went to look at an open house over the weekend. To my distress I was sad to say we are not ready to buy. We need to get rid of the credit card debt first. So. to that end I am going to cancel my Yahoo space. It will give me back 15 to my debt every month. I am not using it and It is silly to pay for something I am not using. I still want it don't get me wrong its a great thing to have web space where you can post your portfolio and do extra outside work but if its not paying for itself then it is an expense we dont need. And truthfully I never have time any more. Baby just takes up too much of it.
I think the message for today is that the debt snowball works. Yeah hoo!
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Feb I paid 675. So I am really shy on a food budget and other things. But I want to celebrate progress for what it is. Last month I was at 34% paid. Now I have achieved 36.85% and I have paid off $14,668 of debt. Amazing as I thought I never would get out of debt. What a wonderful thing.DH and I went to look at an open house over the weekend. To my distress I was sad to say we are not ready to buy. We need to get rid of the credit card debt first. So. to that end I am going to cancel my Yahoo space. It will give me back 15 to my debt every month. I am not using it and It is silly to pay for something I am not using. I still want it don't get me wrong its a great thing to have web space where you can post your portfolio and do extra outside work but if its not paying for itself then it is an expense we dont need. And truthfully I never have time any more. Baby just takes up too much of it.
I think the message for today is that the debt snowball works. Yeah hoo!
I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......
Saturday, January 03, 2009
January begins again
January begins again. Thank God that I put my goals on automatic pilot. I have just added up all my payments with the year end and in 2008 I paid down 13,255.42 in debt. I paid off 33.3% of my total debt. Man I rock. I even made progress in December even though I was trying to hold steady at no new debt. I accomplished that and more. I am so proud of myself. I managed to pass through Christmas without getting further into debt. WOW. I did it. Wow. I need to take time to bask in that.
Plans for 2009... The same as this year but at a slower rate. I will not have as much money for bills as I did before. Happy baby boy needs Daycare. I have allocated Some funds to pay off the debt though and I will continue to try.
My credit card #1 is paid off. My credit card #2 is paid down to 68% of the original amount. I will keep chunking away at it. My DH yelled at me to take care of myself. He thinks I need new socks. I think I need to make due with what I have until the debt is paid off. By paying off the debt I am taking care of myself.
I will post more later. For now Lunch is calling.
Plans for 2009... The same as this year but at a slower rate. I will not have as much money for bills as I did before. Happy baby boy needs Daycare. I have allocated Some funds to pay off the debt though and I will continue to try.
My credit card #1 is paid off. My credit card #2 is paid down to 68% of the original amount. I will keep chunking away at it. My DH yelled at me to take care of myself. He thinks I need new socks. I think I need to make due with what I have until the debt is paid off. By paying off the debt I am taking care of myself.
I will post more later. For now Lunch is calling.
Saturday, September 06, 2008
August Wrap up
Well I did it. I survived August. I did not think I would but I did. Phew. The end result was I went 1400 over the budget. Mostly for taking Child to college. Thank God I had a wind fall from my Awesome grandmother. Thank you Grammie! I would not have been able to get daughter off to college without that.
Here is my NCN Progress chart. I am so proud. I have passed the 25% mark. I never never thought I would see that number change. Never never never. And here I am. Working it!
The question or perhaps worry I have now is How will things change when the baby comes? Will I be able to continue paying down the debt? I am resolved that I need a budget now more then ever. July and Aug were out of the realm of reality. I need to settle down and focus on myself now. We have begun the hunt for child care. Most cost around $1500 per month. Ihave promised to contribute about $500 per month to child care leaving my husband the other thousand. The next big debate is the MBA or second job. Dave Ramsey would say second job without question. I am actually thinking about delivering Pizzas. Although I also am looking into picking up some consulting on the side. That would earn me WAY WAY more money. We shall see. But just for todau I have a roof over my head. I have paid down 26.76% of my debt. I have made Septembers debt payments. I have covered my bills. All is okay.
Here is my NCN Progress chart. I am so proud. I have passed the 25% mark. I never never thought I would see that number change. Never never never. And here I am. Working it!
The question or perhaps worry I have now is How will things change when the baby comes? Will I be able to continue paying down the debt? I am resolved that I need a budget now more then ever. July and Aug were out of the realm of reality. I need to settle down and focus on myself now. We have begun the hunt for child care. Most cost around $1500 per month. Ihave promised to contribute about $500 per month to child care leaving my husband the other thousand. The next big debate is the MBA or second job. Dave Ramsey would say second job without question. I am actually thinking about delivering Pizzas. Although I also am looking into picking up some consulting on the side. That would earn me WAY WAY more money. We shall see. But just for todau I have a roof over my head. I have paid down 26.76% of my debt. I have made Septembers debt payments. I have covered my bills. All is okay.
Monday, June 16, 2008
June bug
Today I am procrastinating. I really really don't want to talk to my ex husband about college funding. I really don't want to talk to him at all. I have been sticking my head in the sand and hoping it will pass. And yet I also know the clock is ticking. I am trying to get it all done soon so I can go on vacation and spend time relaxing. I just don't want to do this one thing.
I have also realized because May was so expensive that I am going to need to pull funds from somewhere to get stuff done this month. There seems to be a huge sucking vacuum on my checking account. I am really trying to stop the river flowing out of my checking account but every time I plug a hole another one seems to appear. I really feel like I am sinking. But then I take stock of where I have been and I know I can continue to pay down the debt. Here are my options for June.
1) Dip into emergency fund
2) Pay just a little less then the $1000. I have budgeted for the month.
3) some combination of both.
For the last 6 months I have been putting away a little more then $1000. Typically its $1080 for the month. And I have been putting money into the Emergency fund. BUT right now child needs contacts and We need $400.00 cash to go on vacation. And if you have doubts that there are benefits to going on vacation just read this article in the NYT. I was sold. Vacations are good for you. I need one. I am so stressed from getting a sassy teen through High school I need a vacation. Besides $400.00 for the week is not a lot of spending.
So how to Squeeze $359.88 + $400.00 from the budget...
I had planned to use the stimulus for the vacation house $400.00 of it anyway. Its gone. I have also rc'd the last child support payment ever. So my budget is now reduced by $500.00 per month. I thought I could wing it but I am thinking I need to re evaluate the plan.
If I pay $800 to debt instead of $1000. It gives me $200 to vacation. I have $200.00 in checking I can use. for the $400.00 vacation money. The $359.88 can come from savings for the contacts. So there it is. I can do this budgeting stuff and make it work.
I calculated the Min payments of all my cards. That adds up to $671.00 So Even paying only $800.00 to debt I still am paying down the debt this month by $129.00. Also If I rcv the $150.00 from work for expenses I will apply that right to the debt. Then it all comes out okay. Ahhh Beach here I come.
Even with my money woes I still keep wanting to purchase maternity clothes. I need another two pairs of pants for my work. But NO GO. I will have to make what I have work for now. If I am shorting my debt repayment $200.00 No pants for me July - or Maybe August.
I have also realized because May was so expensive that I am going to need to pull funds from somewhere to get stuff done this month. There seems to be a huge sucking vacuum on my checking account. I am really trying to stop the river flowing out of my checking account but every time I plug a hole another one seems to appear. I really feel like I am sinking. But then I take stock of where I have been and I know I can continue to pay down the debt. Here are my options for June.
1) Dip into emergency fund
2) Pay just a little less then the $1000. I have budgeted for the month.
3) some combination of both.
For the last 6 months I have been putting away a little more then $1000. Typically its $1080 for the month. And I have been putting money into the Emergency fund. BUT right now child needs contacts and We need $400.00 cash to go on vacation. And if you have doubts that there are benefits to going on vacation just read this article in the NYT. I was sold. Vacations are good for you. I need one. I am so stressed from getting a sassy teen through High school I need a vacation. Besides $400.00 for the week is not a lot of spending.
So how to Squeeze $359.88 + $400.00 from the budget...
I had planned to use the stimulus for the vacation house $400.00 of it anyway. Its gone. I have also rc'd the last child support payment ever. So my budget is now reduced by $500.00 per month. I thought I could wing it but I am thinking I need to re evaluate the plan.
If I pay $800 to debt instead of $1000. It gives me $200 to vacation. I have $200.00 in checking I can use. for the $400.00 vacation money. The $359.88 can come from savings for the contacts. So there it is. I can do this budgeting stuff and make it work.
I calculated the Min payments of all my cards. That adds up to $671.00 So Even paying only $800.00 to debt I still am paying down the debt this month by $129.00. Also If I rcv the $150.00 from work for expenses I will apply that right to the debt. Then it all comes out okay. Ahhh Beach here I come.
Even with my money woes I still keep wanting to purchase maternity clothes. I need another two pairs of pants for my work. But NO GO. I will have to make what I have work for now. If I am shorting my debt repayment $200.00 No pants for me July - or Maybe August.
Keeping up the Debt Lifestyle
The debt life style. I am trying very hard not to have a debt lifestyle. I have noticed subtle changes inn my life to this end. I enjoy getting the mail. I actually look forward to getting the mail and opening the bills to see that I have made progress on my debt reduction. Even though its slow it is monthly progress. I have a three year plan. I am not sure right now that it will happen but I do have a plan. I am trying to make it happen. Murphy's law - that ole Murphy he likes to visit though. I am starting to change how I handle things though.
I believe debt does not need to be a part of my life. I know that I promised my daughter a new ipod for her graduation gift. I also know that she needs a 6 month supply of contact lenses. I have most of that money set aside for the cost. I will have to take some from savings but that is why I am putting money into savings. Its a good plan. It works. Ant truth be told her needing contact lenses is not a Murphy expense it is a planned expense and I had a plan.
One of my wake up calls happened when I realized I could no longer make all the minimum payments on the cards I had. I knew then something had to change. Last month I put over $400.00 to principle. I have changed my ways. I used to feel like debt was just a part of my life because of the decisions I had made and the choices I made. It was just a burden I carried like a rock that comes with me everywhere I go. Well I choose to put down the rock. I choose today to be debt free.
Advertising is all around us every day. My daughter is so susceptible to it. She has these ideas of what she "needs" for college based on things she has seen. I keep encouraging her to wait and see what she truly needs. I want her to understand that spending money on stuff you don't need now robs tomorrow of what you may need then.
Using a credit card means that you don't have the money right now. It also means you will not have money for the next year while you pay down what you are using it for off. Are you really willing to trade tomorrow's spending money on a quick bite to eat in that restaurant. Is the peer pressure so great that you cant do with out it? Going into debt means you have to work at that job you don't like - for a little longer and it will take your youth.
Each Summer I go on vacation to the beach with friends. Keeping up with the Jones' has always been an issue. They allow their kids to pick out a sweatshirt or a t shirt or outfits that all match. I have mostly resisted. I tend to allow my daughter one item she would like to last for the year as a reminder of the fun week she had. She has always been mostly okay
They all make more money then I do. but I think I enjoy what I have more then they do. Does that sound weird? They run from place to place each day. I tend to be a bit more of a home body. I feel like I have more quiet moments with my daughter and my future baby.
Maybe it is just a matter of style
I believe debt does not need to be a part of my life. I know that I promised my daughter a new ipod for her graduation gift. I also know that she needs a 6 month supply of contact lenses. I have most of that money set aside for the cost. I will have to take some from savings but that is why I am putting money into savings. Its a good plan. It works. Ant truth be told her needing contact lenses is not a Murphy expense it is a planned expense and I had a plan.
One of my wake up calls happened when I realized I could no longer make all the minimum payments on the cards I had. I knew then something had to change. Last month I put over $400.00 to principle. I have changed my ways. I used to feel like debt was just a part of my life because of the decisions I had made and the choices I made. It was just a burden I carried like a rock that comes with me everywhere I go. Well I choose to put down the rock. I choose today to be debt free.
Advertising is all around us every day. My daughter is so susceptible to it. She has these ideas of what she "needs" for college based on things she has seen. I keep encouraging her to wait and see what she truly needs. I want her to understand that spending money on stuff you don't need now robs tomorrow of what you may need then.
Using a credit card means that you don't have the money right now. It also means you will not have money for the next year while you pay down what you are using it for off. Are you really willing to trade tomorrow's spending money on a quick bite to eat in that restaurant. Is the peer pressure so great that you cant do with out it? Going into debt means you have to work at that job you don't like - for a little longer and it will take your youth.
Each Summer I go on vacation to the beach with friends. Keeping up with the Jones' has always been an issue. They allow their kids to pick out a sweatshirt or a t shirt or outfits that all match. I have mostly resisted. I tend to allow my daughter one item she would like to last for the year as a reminder of the fun week she had. She has always been mostly okay
They all make more money then I do. but I think I enjoy what I have more then they do. Does that sound weird? They run from place to place each day. I tend to be a bit more of a home body. I feel like I have more quiet moments with my daughter and my future baby.
Maybe it is just a matter of style
Monday, May 05, 2008
Traction and Ideas
I have paid off $5496.21 of my credit card debt. this brings up my total to 13.81% paid off. I am so proud of me. I feel like I am learning to breathe.
There are ways I need to improve though.
I need to build up my savings consistently over the next 9 months. I am pregnant and I will need to pay for my credit cards while I am on maternity leave. I am going to count on dear fiancée to handle rent and some other expenses. Day care scares me and it may be that we have to handle debt repayment differently for a while. We'll see. I have it calculated that I have about 5 weeks of paid leave sick & vacation. I only have to cover another three for an 8 week stay out of work. I'd love 12 but we'll see what happens with fiancees own finances. He and I are talking more about money and I am so proud of him for that.
So Traction...
Given this new information I have set a goal of card #1 to be paid in full by Dec 2008. The current balance left is $3060.41 and I am going to pay $405 today. I will also apply $200 of the economic stimulus to the card and possible 150 left from some travel expenses I had. all together that is a payment of $755.00. Quite impressive. This will leave $2305 to be paid by the rest of the year. I think I can do it. Just the fact that all the minimum payments are all lower now with the different balance transfers I feel more confident that we can swing stuff while I have this baby. Phew. What a difference having a budget has made. I can handle it vs Oh My god this will never end! Big difference - big big difference.
Secondary goal is to continue to build the savings account. I need to put at least $130 into the account each month if not $165.00 Otherwise I am going to have more Murphy surprises that I do not want to handle. This month I did not put that amount aside as I was trying to recover from the March madness. Now however with all the tax refunds and extras that I rc'd this month I feel confident that I can put 165 into savings. That would bring the account balance to 1200
about 1365. So keep on growing little savings. Keep on growing.
March left me $537.81 over budget. In April I gained $580.39 which puts things at a wash +42.58
May is going to be tough with graduation coming up. We have to plan what to get my beautiful daughter for her graduation present. Not sure exactly what its going to be yet. It somewhat depends on her dad and what he gets. It also depends on the budget.
I am applying for college loans. I know what Dave Ramsey says but it is the only way she is going to college and she is going! We have to work with her dad to make sure he can fund his share and then My share will shrink in January because My employer is going to pay a portion for her tuition. So in the spring semester I will be responsible for 2000. and for the fall I think I have to raise about $6,000. I also feel like I can get it paid off before she graduates. So I don't feel too bad about taking out the loans. We'll see though.
Incremental progress. I feel the traction this month so I feel good. One day at a time.
There are ways I need to improve though.
I need to build up my savings consistently over the next 9 months. I am pregnant and I will need to pay for my credit cards while I am on maternity leave. I am going to count on dear fiancée to handle rent and some other expenses. Day care scares me and it may be that we have to handle debt repayment differently for a while. We'll see. I have it calculated that I have about 5 weeks of paid leave sick & vacation. I only have to cover another three for an 8 week stay out of work. I'd love 12 but we'll see what happens with fiancees own finances. He and I are talking more about money and I am so proud of him for that.
So Traction...
Given this new information I have set a goal of card #1 to be paid in full by Dec 2008. The current balance left is $3060.41 and I am going to pay $405 today. I will also apply $200 of the economic stimulus to the card and possible 150 left from some travel expenses I had. all together that is a payment of $755.00. Quite impressive. This will leave $2305 to be paid by the rest of the year. I think I can do it. Just the fact that all the minimum payments are all lower now with the different balance transfers I feel more confident that we can swing stuff while I have this baby. Phew. What a difference having a budget has made. I can handle it vs Oh My god this will never end! Big difference - big big difference.
Secondary goal is to continue to build the savings account. I need to put at least $130 into the account each month if not $165.00 Otherwise I am going to have more Murphy surprises that I do not want to handle. This month I did not put that amount aside as I was trying to recover from the March madness. Now however with all the tax refunds and extras that I rc'd this month I feel confident that I can put 165 into savings. That would bring the account balance to 1200
about 1365. So keep on growing little savings. Keep on growing.
March left me $537.81 over budget. In April I gained $580.39 which puts things at a wash +42.58
May is going to be tough with graduation coming up. We have to plan what to get my beautiful daughter for her graduation present. Not sure exactly what its going to be yet. It somewhat depends on her dad and what he gets. It also depends on the budget.
I am applying for college loans. I know what Dave Ramsey says but it is the only way she is going to college and she is going! We have to work with her dad to make sure he can fund his share and then My share will shrink in January because My employer is going to pay a portion for her tuition. So in the spring semester I will be responsible for 2000. and for the fall I think I have to raise about $6,000. I also feel like I can get it paid off before she graduates. So I don't feel too bad about taking out the loans. We'll see though.
Incremental progress. I feel the traction this month so I feel good. One day at a time.
Monday, April 21, 2008
Every Windfall has a name
Why Debt Stinks: Every Windfall Is Already Spoken For
I read Paid twice every day and she often inspires me. Today Her topic really hit a nerve. It is the main reason I chose to get out of debt. My grandmother passed away last summer. My mom started talking about giving us some of the money she will inherit. It was a very generous offer but something about it nagged at me. Mom said wont it help you get out of debt? Gulp, it left such a sour feeling in my stomach. Something just wasn't right about spending my inheritance on debt. Stuff that is already long long gone. I wanted it to help me have a down payment on a home. I do not want to pay for my stupid tax. I wallowed in different plans for a while. I said I was getting motivated but I did allow new charges on my cards I thought I could make progress that way. HA! In Jan I started hitting the plan hard. New real commitment. I gathered steam and decided no more credit card charges. To this point I have paid off 12%. I wanted to give myself inspiration and I was not able to show progress yet. It is still a little too early in the month. Since I cant tell myself how much progress I have made lately. I decided to check the budget for a mid month check. We are mostly on track to recover in April from the additional $537.81 we were in the hole. There were actually $1094 additional expenses but the tax refund covered the majority of that. This month the money flows continue... She needs a dress, she needs shoes to match the dress she is attending two proms. UGH it goes on and on.
My windfalls saved my emergency fund last month. I have to brush myself off this month I have to say hey girl you fell down last month but you can do this. I have been worried about what am I going to do when the child support ends (Next month) and Big news I am pregnant. How can I afford this baby and still pay off my debt. I am determined to pay off this debt. I will not bring another child into this world in debt. I am going to get out of debt.I want to be lean goal oriented performer. I am on the plan. I am on track but I want to make more traction. How do I do it?
The $600.00 from the gov is going $400.00 for vacation and $200 to debt
My Original plan was to put all of the tax rebates $431 & 141 & 600 towards debt. By using the windfall to recover from march madness I miss out on putting a dent in the debt. But wait... I can hear my mom's voice saying don't beat yourself up look at how far you have come. Look at what you have been able to do in 3 months. That progress wont go away. Take a breath and know that God is with you on this journey.
I feel like a trader... I am trading this debt for the Fed return I am trading this debt for the state return and I am trading the emerg fund for the $600 rebate. All windfalls I could have used to get more traction with. I guess its allowing me to stand in place and not slide backwards but still I want some traction!
Things to say when you are grumpy about money...
Unless you have the money I am not doing this, or buying this.
I am 41 I can say no.
I read Paid twice every day and she often inspires me. Today Her topic really hit a nerve. It is the main reason I chose to get out of debt. My grandmother passed away last summer. My mom started talking about giving us some of the money she will inherit. It was a very generous offer but something about it nagged at me. Mom said wont it help you get out of debt? Gulp, it left such a sour feeling in my stomach. Something just wasn't right about spending my inheritance on debt. Stuff that is already long long gone. I wanted it to help me have a down payment on a home. I do not want to pay for my stupid tax. I wallowed in different plans for a while. I said I was getting motivated but I did allow new charges on my cards I thought I could make progress that way. HA! In Jan I started hitting the plan hard. New real commitment. I gathered steam and decided no more credit card charges. To this point I have paid off 12%. I wanted to give myself inspiration and I was not able to show progress yet. It is still a little too early in the month. Since I cant tell myself how much progress I have made lately. I decided to check the budget for a mid month check. We are mostly on track to recover in April from the additional $537.81 we were in the hole. There were actually $1094 additional expenses but the tax refund covered the majority of that. This month the money flows continue... She needs a dress, she needs shoes to match the dress she is attending two proms. UGH it goes on and on.
My windfalls saved my emergency fund last month. I have to brush myself off this month I have to say hey girl you fell down last month but you can do this. I have been worried about what am I going to do when the child support ends (Next month) and Big news I am pregnant. How can I afford this baby and still pay off my debt. I am determined to pay off this debt. I will not bring another child into this world in debt. I am going to get out of debt.I want to be lean goal oriented performer. I am on the plan. I am on track but I want to make more traction. How do I do it?
The $600.00 from the gov is going $400.00 for vacation and $200 to debt
My Original plan was to put all of the tax rebates $431 & 141 & 600 towards debt. By using the windfall to recover from march madness I miss out on putting a dent in the debt. But wait... I can hear my mom's voice saying don't beat yourself up look at how far you have come. Look at what you have been able to do in 3 months. That progress wont go away. Take a breath and know that God is with you on this journey.
I feel like a trader... I am trading this debt for the Fed return I am trading this debt for the state return and I am trading the emerg fund for the $600 rebate. All windfalls I could have used to get more traction with. I guess its allowing me to stand in place and not slide backwards but still I want some traction!
Things to say when you are grumpy about money...
Unless you have the money I am not doing this, or buying this.
I am 41 I can say no.
Monday, April 07, 2008
Daughter lessons
Murphy came to visit my beautiful daughter. She lost her iPod Friday. She was so upset. She also got $200.00 from her dad as spending money. You know she wanted to run right out and spend that cash but this mean old mom wouldn't let her. This mom said she had to complete paying for her trip which she had already promised to pay for. She has $200.00 left to complete the trip. Then she can put money towards the iPod. Stuck to my guns I did. Oh boy getting out of debt stinks and hopefully she will realize why I am making it so tough on her now.
Saturday, March 01, 2008
Finance Goals
I have a date. A get out of debt free date. Here it is.... are you ready??? October 2011. It seems so so so far away. But I am ready. My daughter will be a Senior in college and I will then be able to attack that college debt! I will be able to pay CASH for her 22 birthday. If I take a second job I will be out of debt even faster. I love having a date and hope. I love that I have hope again. If you have hope then you have it all. Oh baby, oh baby, oh baby! I just want to be out of slavery. I want to work for freedom. I want to be debt free. I can do it. We have a plan. I have a budgeted amount. Plus a few snow flakes... Hooray!!! I have hope again. I used the snowball calculator here to figure out the debt. I will be done with CC#1 Dec 2009. I am going to do my best to make that happen sooner. I hate that card with a passion. I hate that I have depended on it like a crutch. I hate paying 27.99% interest. What a sick sick sick choice I have made. But I now have a concrete plan. I have removed the card from my wallet. If I do not have the cash I do not spend money on things. It sounds easy but it is not. It is a struggle when you are surrounded by people who have stuff. But my dream is a home of my own. My dream is to buy a home of our own. And now I have hope that we'll be able to buy a home before I am 50. Hooray!
We also had some great financial news. My daughter gets her license Monday. My daughters car insurance is a LOT less then I imagined it would be. Good good news. So I am using the 2006 tax return I just rc'd to pay for the bill of ~600.00 From the 7++ return. The remaining $1++.00 will go into the emergency fund. I want it to be at least $2000 because I know my daughter will need contacts eventually too.
So... balance is the answer. To live a balanced life. To balance my dreams. Once the emergency fund is fully funded. (It will take about 7 months.) I will be setting aside the $130.00 I put away every month towards those planned expenses (Contacts and car insurance) After I budget correctly The rest will go towards Debt. Debt free by October 2011!!!
Hip Hip Hooray!
We also had some great financial news. My daughter gets her license Monday. My daughters car insurance is a LOT less then I imagined it would be. Good good news. So I am using the 2006 tax return I just rc'd to pay for the bill of ~600.00 From the 7++ return. The remaining $1++.00 will go into the emergency fund. I want it to be at least $2000 because I know my daughter will need contacts eventually too.
So... balance is the answer. To live a balanced life. To balance my dreams. Once the emergency fund is fully funded. (It will take about 7 months.) I will be setting aside the $130.00 I put away every month towards those planned expenses (Contacts and car insurance) After I budget correctly The rest will go towards Debt. Debt free by October 2011!!!
Hip Hip Hooray!
Sunday, February 10, 2008
So As a result of paying off a very big chunk of change.... I have updated my side bar to have Credit card #1 @ 71% Hooray! Today's balance is $8,638.80. Of course there will be interest in the next billing cycle but this month I was able to pay down $3036.00 to principle. That means next month the min payment will be smaller. And I will be able to pay MORE to principle. I have not yet received my 2006 tax refund. The information I got stated it would take 6 weeks plus so that money wont be here until March. I will have another $1200 towards the #1 Credit card. Then of course there is the incentive money which I will send also directly to the #1 Card. The snow ball continues.
I have been very stressed by work and I am feeling intensely the burden of Debt. I am working today on my portfolio site and I will be putting out my shingle for more moonlighting work. I need to pay down a significant portion of my debt before I can move forward.
I have 3 things I can focus on.
1) Paying off DEBT
2) Taking the GMAT
3) getting into MBA program
(I would not even consider it until fall of 09
But it takes time to get ready and accepted)
My work would cover most of the costs to get the MBA. So as long as I can continue to pay down my #1 Card I should be able to moonlight less after one year. And take on school instead. Once my daughter is in college the day to day need for my attention should be lessened and I should be more able to study. I am finding I really enjoy my apt when it is quiet. Of course I always want the daughter with me but they do have to fly the coop sometime.
I had a long talk with the fiancee about getting my masters, and that it might effect things on the home front. He was very supportive and wants me to Go for it! so I am going to start studying. If anyone has any links or resources they would like to share please pass them on!
I have been very stressed by work and I am feeling intensely the burden of Debt. I am working today on my portfolio site and I will be putting out my shingle for more moonlighting work. I need to pay down a significant portion of my debt before I can move forward.
I have 3 things I can focus on.
1) Paying off DEBT
2) Taking the GMAT
3) getting into MBA program
(I would not even consider it until fall of 09
But it takes time to get ready and accepted)
My work would cover most of the costs to get the MBA. So as long as I can continue to pay down my #1 Card I should be able to moonlight less after one year. And take on school instead. Once my daughter is in college the day to day need for my attention should be lessened and I should be more able to study. I am finding I really enjoy my apt when it is quiet. Of course I always want the daughter with me but they do have to fly the coop sometime.
I had a long talk with the fiancee about getting my masters, and that it might effect things on the home front. He was very supportive and wants me to Go for it! so I am going to start studying. If anyone has any links or resources they would like to share please pass them on!
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