It is absolutely amazing how a few days can bring about a huge outlook on things. Thursday, I was psyched that we had paid off $2600ish in a month. On top of the world.
This weekend, I went to a flea market with my mother to try to sell sale items I had left over from my wedding. It was slow at times, so I used the time to go over our budget and calculate different debt payoff situations. It is depressing how long it will take us to pay off this crap. I just can't help but think in my mind how our situation would be so much better if I had only done this or that. Sigh.
My dang $450 is student loan payments could have been completely prevented. Why did I have to chose the stupid private college where I was ultimately miserable?! If I would have chosen a state school, my scholarship would have covered EVERYTHING. I would have no student loan debt rather than $35,000 and no degree to even show for it yet. I am just so dissapointed and disgusted in myself right now.
Sunday, August 30, 2009
Thursday, August 27, 2009
Update
I just made a huge payment to the second car loan, so I am psyched! I <3>7659->7659(-216)
Car loan two:$2090->1912->1729->720(-1192)
Target:$140->0(-140)
Credit Union Card-$700->700(0)
Bank of America Card-$9300->9300->9200(-100)
Bank of America Card 2-$1833->1812(-21)
Chase-$2353->2314(-39)
Chase 2-$2300->2285(-15)
Chase 3-$1710->1520(-190)
Sallie Mae Student Loan-$12,762->12762->12652(-110)
Wells Fargo Student Loan-$11700->11409(-291)
HSL-$373->373(0)->0(-373)
2687 paid off!!!
Hopefully in September we will have car loan two gone. I also want to have car insurance and money for tree pruning in the bank account by September 30th. Fall is supposed to be the best time for pruning and our next car insurance bill is due October 4th. That will just leave Christmas for the rest of the year, and then I can focus on building up the emergency fund.
Car loan two:$2090->1912->1729->720(-1192)
Target:$140->0(-140)
Credit Union Card-$700->700(0)
Bank of America Card-$9300->9300->9200(-100)
Bank of America Card 2-$1833->1812(-21)
Chase-$2353->2314(-39)
Chase 2-$2300->2285(-15)
Chase 3-$1710->1520(-190)
Sallie Mae Student Loan-$12,762->12762->12652(-110)
Wells Fargo Student Loan-$11700->11409(-291)
HSL-$373->373(0)->0(-373)
2687 paid off!!!
Hopefully in September we will have car loan two gone. I also want to have car insurance and money for tree pruning in the bank account by September 30th. Fall is supposed to be the best time for pruning and our next car insurance bill is due October 4th. That will just leave Christmas for the rest of the year, and then I can focus on building up the emergency fund.
Wednesday, August 26, 2009
Goals for the Rest of 2009
Fund tree pruning/garden repair account:300
Fund and spend Christmas account:1400
Pay car insurance in full:600
Pay off car loan number two
Pay off credit union card
Pay off Chase 3 card
I think all of this is reasonable, but I would love to pay off another card. We'll see....
Fund and spend Christmas account:1400
Pay car insurance in full:600
Pay off car loan number two
Pay off credit union card
Pay off Chase 3 card
I think all of this is reasonable, but I would love to pay off another card. We'll see....
REFI IS DONE!!!
YAY! Our refinance is done. We now have a 5.5 percent interest rate, down 1.35 from 6.875. I am psyched. I need to work on our year end goals today. I think I will work on that during the slow times at work today and post later.
Tuesday, August 25, 2009
Closing tomorrow!
Well, we will be closing tomorrow at 10 AM! Hopefully all goes as planned. The mortgage payment that we get to skip will be going straight to the smaller car loan. That sucker will be gone in September.
I can't believe Christmas is only four months away. I say only, but it seems like once Halloween gets here, the time just flies by.
I can't believe Christmas is only four months away. I say only, but it seems like once Halloween gets here, the time just flies by.
Monday, August 24, 2009
Closing delayed
Blah. We were supposed to be closing for our refi tomorrow, but they don't have all the paperwork needed. Something about the escrow account had to be fixed. It really irks me because I had to cancel a doctor's appointment to close, and it freaking got delayed. I am mad. The stupid doctor can't see me now until November. Makes me wonder why the heck I even go to a doctor that can't see me for two freaking months.
Thursday, August 20, 2009
Update!
I am updating again because I have made a lot more progress, and I am excited about it!=)
Car loan:$7875-$7875->7659(-216)
Car loan two:$2090->1912->1729(-361)
Target:$140->0(-140)
Credit Union Card-$700->700(0)
Bank of America Card-$9300->9300->9200(-100)
Bank of America Card 2-$1833->1812(-21)
Chase-$2353->2314(-39)
Chase 2-$2300->2285(-15)
Chase 3-$1710->1520(-190)
Sallie Mae Student Loan-$12,762->12762->12652(-110)
Wells Fargo Student Loan-$11700->11409(-291)
HSL-$373->373(0)->0(-373)
Total Paid since August 1st-$1856. YAY! I am psyched. A lot of this has been due to my awesome hubby working major overtime (we're talking 60+ a week).
I missed the deadline to enroll in school for the fall semester. My procrastination is killing me. I did enroll in a tax preparation class with H and R block. I figure that will allow me to 'test the waters' so to speak.
Refi is supposed to close next week. That will be wonderful! Lots of good things happening lately, just need to keep the momentum going.
Car loan:$7875-$7875->7659(-216)
Car loan two:$2090->1912->1729(-361)
Target:$140->0(-140)
Credit Union Card-$700->700(0)
Bank of America Card-$9300->9300->9200(-100)
Bank of America Card 2-$1833->1812(-21)
Chase-$2353->2314(-39)
Chase 2-$2300->2285(-15)
Chase 3-$1710->1520(-190)
Sallie Mae Student Loan-$12,762->12762->12652(-110)
Wells Fargo Student Loan-$11700->11409(-291)
HSL-$373->373(0)->0(-373)
Total Paid since August 1st-$1856. YAY! I am psyched. A lot of this has been due to my awesome hubby working major overtime (we're talking 60+ a week).
I missed the deadline to enroll in school for the fall semester. My procrastination is killing me. I did enroll in a tax preparation class with H and R block. I figure that will allow me to 'test the waters' so to speak.
Refi is supposed to close next week. That will be wonderful! Lots of good things happening lately, just need to keep the momentum going.
Friday, August 14, 2009
Update time!
Car loan:$7875-$7875(0)
Car loan two:$2090->1912(-178)
Target:$140->0(-140)
Credit Union Card-$700->700(0)
Bank of America Card-$9300->9300(0)
Bank of America Card 2-$1833->1812(-21)
Chase-$2353->2314(-39)
Chase 2-$2300->2285(-15)
Chase 3-$1710->1520(-190)
Sallie Mae Student Loan-$12,762->12762(0)
Wells Fargo Student Loan-$11700->11700(0)
HSL-$373->373(0)-added on 8/17
Since I started on August 1st, we have paid off $583 worth of debt. Woo-hoo!=)
Car loan two:$2090->1912(-178)
Target:$140->0(-140)
Credit Union Card-$700->700(0)
Bank of America Card-$9300->9300(0)
Bank of America Card 2-$1833->1812(-21)
Chase-$2353->2314(-39)
Chase 2-$2300->2285(-15)
Chase 3-$1710->1520(-190)
Sallie Mae Student Loan-$12,762->12762(0)
Wells Fargo Student Loan-$11700->11700(0)
HSL-$373->373(0)-added on 8/17
Since I started on August 1st, we have paid off $583 worth of debt. Woo-hoo!=)
House Refi
I think we are going to be able to Refi our mortgage! Our current rate is 6.875 (rates were much higher when we bought a year ago), and we can hopefully do an FHA streamline refi to get down to 5.5. That would be awesome. Including the closing costs we would roll in, we would break even in 28 months.
If everything works out, we won't have a mortgage payment till October 1st. I am going to take what would have been our September payment, all my hubby's overtime, and any and everything extra and try to get the smaller car loan paid off.
Seeing all our debt payments really got to me the other day. I would feel much better about our budget and finances in general if I could get that down.
If everything works out, we won't have a mortgage payment till October 1st. I am going to take what would have been our September payment, all my hubby's overtime, and any and everything extra and try to get the smaller car loan paid off.
Seeing all our debt payments really got to me the other day. I would feel much better about our budget and finances in general if I could get that down.
Wednesday, August 12, 2009
In doing some hopeful planning and budgeting in the past few days, I have come to the conclusion that our fixed expenses are ridiculously high. Look at this crap:
Mortgage:936
Power:110
H2O:10
Cell:80
TV/Cable:110
Blockbuster:18
Gym:40
Car Insurance:100
Total:1404
*There are the basics. I am okay with this. Here is where things get shady:
Car 1-282
Car 2-173
SM School Loan:150
WF School Loan:130
CF School Loan: 69
BCF School:110
MC School Loan:90
All Credit Card Minimums:475
Total:1479
Look at this crap! Our debt payments are as much as our basic living expenses. UGH!
Mortgage:936
Power:110
H2O:10
Cell:80
TV/Cable:110
Blockbuster:18
Gym:40
Car Insurance:100
Total:1404
*There are the basics. I am okay with this. Here is where things get shady:
Car 1-282
Car 2-173
SM School Loan:150
WF School Loan:130
CF School Loan: 69
BCF School:110
MC School Loan:90
All Credit Card Minimums:475
Total:1479
Look at this crap! Our debt payments are as much as our basic living expenses. UGH!
Sunday, August 9, 2009
Thoughts
Alright, I have my husband and myself contributing $7450 a year to retirement accounts. According to a retirement calculator, we will have enough to replace 80 percent of our current income from age 65 to 102, or for 37 years. I know this is not set in stone, but I think it is a great start!
Had a set back in the student loan department. I received a notice today for a loan I thought was deferred. It is now in repayment, and the first payment was due August 1st ( I have no idea why I didn't get a statement before now) for $500 (the payments are made quarterly). I used the $200 in my EF to make a payment. I will make the rest Friday when I get paid. Sigh. The monthly payments are not that bad, but it was a surprise. The balance on these is $8000, so nothing too terrible.
Had a set back in the student loan department. I received a notice today for a loan I thought was deferred. It is now in repayment, and the first payment was due August 1st ( I have no idea why I didn't get a statement before now) for $500 (the payments are made quarterly). I used the $200 in my EF to make a payment. I will make the rest Friday when I get paid. Sigh. The monthly payments are not that bad, but it was a surprise. The balance on these is $8000, so nothing too terrible.
Tuesday, August 4, 2009
Goals and My Plan
Long-term Goals ( I am defining long term as 10 or more years out)
*401 K-I have used various retirement calculators that say my husband and I will need 2.5-3 million to retire with 80 percent of our current income. It is so hard to plan for something 40 years out. I have no clue what our income will be then, nor do I have any clue if social security will be there for us (I am guessing no in all my assumptions), and health care costs? Psh! My plan is to be contributing 15 percent of our combined income within four years. I just upped both of our 401 K contributions by 1 percent so we now contribute 9.8 percent of our combined income between our 401 Ks and Roth IRAs. I plan to increase this by 2 percent a year. In 4 years, this will put us at 17 percent in four years, which is even better than the goal.
*House: We plan on remaining in our current home about 5-8 years, more if needed. I plan to keep paying our mortgage on time (Duh!). Right now, this is it for this goal until the credit card debt is gone! Our next home will hopefully be our forever home. I want a place with a two car garage, an acre or so of land, and four bedrooms. Everything else can be changed if needed.
Short term goals (under five years)
*Pay off all credit card and car debt: This is the order that I would like to pay off:
1. Target-140
2. Chase 3-1710
3. BOA 2: 1833
4. Chase-2353
5. Chase 2:2300
6. Car 1-7875
7. BOA 1-9300
By the time all this is paid off, the other car loan and the credit union card will be gone on their own with just the regular payments.
*Get Emergency Fund to 6 months of expenses: around $18,000. Right now, I am only putting $200 in this a month until the debt is gone.
*Start and fund baby account-$2000. Have not started, will do when we are planning to start conceiving.
*401 K-I have used various retirement calculators that say my husband and I will need 2.5-3 million to retire with 80 percent of our current income. It is so hard to plan for something 40 years out. I have no clue what our income will be then, nor do I have any clue if social security will be there for us (I am guessing no in all my assumptions), and health care costs? Psh! My plan is to be contributing 15 percent of our combined income within four years. I just upped both of our 401 K contributions by 1 percent so we now contribute 9.8 percent of our combined income between our 401 Ks and Roth IRAs. I plan to increase this by 2 percent a year. In 4 years, this will put us at 17 percent in four years, which is even better than the goal.
*House: We plan on remaining in our current home about 5-8 years, more if needed. I plan to keep paying our mortgage on time (Duh!). Right now, this is it for this goal until the credit card debt is gone! Our next home will hopefully be our forever home. I want a place with a two car garage, an acre or so of land, and four bedrooms. Everything else can be changed if needed.
Short term goals (under five years)
*Pay off all credit card and car debt: This is the order that I would like to pay off:
1. Target-140
2. Chase 3-1710
3. BOA 2: 1833
4. Chase-2353
5. Chase 2:2300
6. Car 1-7875
7. BOA 1-9300
By the time all this is paid off, the other car loan and the credit union card will be gone on their own with just the regular payments.
*Get Emergency Fund to 6 months of expenses: around $18,000. Right now, I am only putting $200 in this a month until the debt is gone.
*Start and fund baby account-$2000. Have not started, will do when we are planning to start conceiving.
Saturday, August 1, 2009
The Good, The Bad, and The Ugly
The Good
My 401 K: $4180
*I contribute 12 percent to my 401 K, and my employer matches my match 100 hundred percent for the first five percent. Based on my part time salary at this job of $15,000 a year, I put in $2250 a year. My other job does not have a 401 K plan.
Husband's 401 K/Roth IRA:$5700
*My husband makes about $45000 a year, depending on overtime and bonuses. We put in 5 percent of his salary into the 401 K, and his company puts in $600. We put in $50 a month into a ROTH IRA. The total comes to $3450. We are working to get both of these numbers up through auto increase and we will be increasing it with any annual raises.
Mortgage:$113,300 left on a home that appraised for $125,000. Our area seems to be holding value as well. We saved for our down payment for a year, and our mortgage payment is affordable. It will be even more affordable once we have knocked all this debt out! I am not planning to pay this off early, but I would like to keep track of it just so I know where I stand.
The Bad
Emergency Fund: $210
*This is terrible. Ideally, this would be 6 months worth of income, so around $27000 as our ultimate goal with current expenses. The needed amount to fund this would decrease once our debt is paid down.
The Ugly
Car loan:$7875
Car loan two:$2090
Target:$140
Credit Union Card-$700
Bank of America Card-$9300
Bank of America Card 2-$1833
Chase-$2353
Chase 2-$2300
Chase 3-$1710
Sallie Mae Student Loan-$12,762
Wells Fargo Student Loan-$11700
My plan is to pay off the car loan 2, credit union card, and Target card first. I would this to be done by Thanksgiving, then I will decide what to tackle next.
I will post in detail my long term and short term goals very soon!
My 401 K: $4180
*I contribute 12 percent to my 401 K, and my employer matches my match 100 hundred percent for the first five percent. Based on my part time salary at this job of $15,000 a year, I put in $2250 a year. My other job does not have a 401 K plan.
Husband's 401 K/Roth IRA:$5700
*My husband makes about $45000 a year, depending on overtime and bonuses. We put in 5 percent of his salary into the 401 K, and his company puts in $600. We put in $50 a month into a ROTH IRA. The total comes to $3450. We are working to get both of these numbers up through auto increase and we will be increasing it with any annual raises.
Mortgage:$113,300 left on a home that appraised for $125,000. Our area seems to be holding value as well. We saved for our down payment for a year, and our mortgage payment is affordable. It will be even more affordable once we have knocked all this debt out! I am not planning to pay this off early, but I would like to keep track of it just so I know where I stand.
The Bad
Emergency Fund: $210
*This is terrible. Ideally, this would be 6 months worth of income, so around $27000 as our ultimate goal with current expenses. The needed amount to fund this would decrease once our debt is paid down.
The Ugly
Car loan:$7875
Car loan two:$2090
Target:$140
Credit Union Card-$700
Bank of America Card-$9300
Bank of America Card 2-$1833
Chase-$2353
Chase 2-$2300
Chase 3-$1710
Sallie Mae Student Loan-$12,762
Wells Fargo Student Loan-$11700
My plan is to pay off the car loan 2, credit union card, and Target card first. I would this to be done by Thanksgiving, then I will decide what to tackle next.
I will post in detail my long term and short term goals very soon!
Introduction
As I mentioned before, I am a married 22 year old female. I married the love of my life (I apologize for the sappiness in advance) in May of this year. Don't worry, there is no little arrival coming in nine months that prompted this marriage. I have been with this man for four years, and he is a person who lights up my life and makes my world a better place to live. I love him, and I can not wait to spend the rest of my life with him, though it would be best to spend this life together debt free!
I have not finished college, and I actually need to work on getting my lazy self re-enrolled in college. However, this will be a public college with affordable tuition, not a private college like the one I attended because everyone else though that is what would be best for me (I have NOTHING against private colleges. I just regret that I never listened to my own desires when I was trying to chose where to enroll four years ago.)
Don't worry, I am not just sitting on him on my bum letting my husband support me while I twiddle my thumbs. I am currently employed at two different part time jobs to help bring in some income and whittle down this debt. I am worried that I won't be able to handle two part time jobs and my courses when I re-enroll in school, but I will tackle this when the time comes.
I have made a few smart financial decisions, and a plethora of horrid ones. In my next post, I will detail what our starting numbers are, what our starting assets are, and what our ultimate goals. I am excited to begin. I will post an update biweekly detailing our progress towards our goals. Wish me luck!
I have not finished college, and I actually need to work on getting my lazy self re-enrolled in college. However, this will be a public college with affordable tuition, not a private college like the one I attended because everyone else though that is what would be best for me (I have NOTHING against private colleges. I just regret that I never listened to my own desires when I was trying to chose where to enroll four years ago.)
Don't worry, I am not just sitting on him on my bum letting my husband support me while I twiddle my thumbs. I am currently employed at two different part time jobs to help bring in some income and whittle down this debt. I am worried that I won't be able to handle two part time jobs and my courses when I re-enroll in school, but I will tackle this when the time comes.
I have made a few smart financial decisions, and a plethora of horrid ones. In my next post, I will detail what our starting numbers are, what our starting assets are, and what our ultimate goals. I am excited to begin. I will post an update biweekly detailing our progress towards our goals. Wish me luck!
It begins
I am 22 years young, and in my 22 years (well, more like in the last 4 years) I have already made some serious money mistakes. Among some of these, I have taken extensive private and public loans to attend a private college where I was miserable, when I had a FULL scholarship to a public college. Even worse, I withdrew from this college my junior year and still do not have a degree to show for it. I have used credit cards to subsidize a lifestyle that is possible when my husband and myself are making decent salaries. However, when this has decreased, I have not adjusted my lifestyle in the past. I have spent when I should I have saved. I have bought when I should have just walked away. This is all about to change. I am determined to turn this mess around and start planning for the future instead of paying for the past.
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