So I checked the airfares to Miami again just a few minutes ago, and they have literally risen over $100 since I booked our flight 12 hours ago. I am soooo glad I booked it when I did.
I was thinking of setting some spending goals for March, just to try to send a little bit more to debt. Here is what I had in mind:
Grocery shopping/cleaning supplies/personal items/pet items:370
Gas:130
Dates/Eating Out (I put this together since we often eat out as a date):100
Misc.(gifts, oil changes, hair cuts, any doctor copays, you get the idea):100
Total:700 (about $50 less than normal. Not a ton, but every little bit helps!)
I really need to do a better job of checking sales and not just going to Walmart because I assume it will be cheapest.
By March 31st, I want to be at $11,600 paid off total.
Sunday, February 28, 2010
Expense Rejuggling and Ramblings
I have been keeping an eye on airfare from our city to Miami, in hopes that they would drop and we could fly instead of driving to Miami. It is a thirteen hour drive, but it would have saved us about $300 over flying. Well I don't know what happened, but flights dropped a ton this weekend! Including the baggage fees and everything, flying will now only be $135 more expensive than driving. Our cutoff point was $200 more expensive, so I just booked our flights. I am so happy we don't have to spend 26 total hours in a car for this trip.
I had planned on paying all cruise expenses in May, but booking the flight now kind of threw the budget plans off. I think I'll just use some of the extra I would have used for debt to pay the flight, and in May, just take the money that would have been for traveling and send it to the card company.
I am still waiting on our state refund, as well as the EOB for DH's crown. As soon as I get the EOB, I can get reimbursed from my FSA. Between the state refund and the FSA reimbursement, that will be about $650. I will use $191 to pay our federal taxes, then send the remaining $459 to either Chase or maybe the car loan. I am leaning towards the car loan, since I already have plans to get the Chases paid off.
Our toilet had three parts break this weekend. My handy DH was able to fix it himself with $20 worth of parts from Lowes. I bought the cutest dress from Target this weekend for $20. Not an intended purchase, and definitely not thrifty, for sure, but I LOVE it. I can't wait for the weather to warm up so I can wear it.
I forgot to weigh in today, so I will use tomorrow's weight to determine how much weight I lost in February. As soon as DH wakes up, we are going to work out. I have been trying to only weigh in twice a week instead of every day, but it's hard. I love stepping on the scale, even more so, when I get a nice number.
I had planned on paying all cruise expenses in May, but booking the flight now kind of threw the budget plans off. I think I'll just use some of the extra I would have used for debt to pay the flight, and in May, just take the money that would have been for traveling and send it to the card company.
I am still waiting on our state refund, as well as the EOB for DH's crown. As soon as I get the EOB, I can get reimbursed from my FSA. Between the state refund and the FSA reimbursement, that will be about $650. I will use $191 to pay our federal taxes, then send the remaining $459 to either Chase or maybe the car loan. I am leaning towards the car loan, since I already have plans to get the Chases paid off.
Our toilet had three parts break this weekend. My handy DH was able to fix it himself with $20 worth of parts from Lowes. I bought the cutest dress from Target this weekend for $20. Not an intended purchase, and definitely not thrifty, for sure, but I LOVE it. I can't wait for the weather to warm up so I can wear it.
I forgot to weigh in today, so I will use tomorrow's weight to determine how much weight I lost in February. As soon as DH wakes up, we are going to work out. I have been trying to only weigh in twice a week instead of every day, but it's hard. I love stepping on the scale, even more so, when I get a nice number.
Thursday, February 25, 2010
Pay Day is Here!
Update Time:
We have now paid off $9800 exactly. A nice even figure, I like that. When I get my pay from the other job, we will definitely be over the $10K paid off mark. DH is being forced to take an unpaid day off tomorrow so the company can paint the floor around his machine, so his next paycheck will be a little less than what it normally is. Hopefully, he can pick up a little overtime next week to make up the difference.
We are going on our cruise May 8th. We will leave out of Miami and go to Grand Turk, Turks and Caicos, St. Thomas, San Juan in Puerto Rico, and Half Moon Cay in the Bahamas. So far we have paid for the cruise (in cash, funded by our unexpected bonuses), redeemed Thank You points we got from the cruise company for 16 alcoholic drink coupons, an excursion in Grand Turk, and I used a Walmart gift card I had to buy a $20 gas card to help with gas expenses. I still need to book two more excursions and save up shopping and gambling cash. I am doing a lot of pet sitting between now and the cruise, and DH's mom owes us some money. It has been over a month since we loaned it to her. I am hoping she hasn't forgotten about it. Sigh. She really is a sweet woman and I am grateful to have a mother in law that I get along so well with. However, her finances are horrid and she often asks for a little help from DH. What frustrates me so bad is that while she works 40 hours, her husband has worked a 25 hour part time job for literally about 10 years. There is no reason for this, as he is perfectly healthy and able bodied. He smokes like a freight train and drinks like a sailor. I would hate to see how much they spend on beer and cigs. She gives DH's older unemployed, pill popping, drug using brother cash. When their TV went out, she bought one using Rent A Center the next day, effectively paying three times the retail price of the TV by the time all her payments are done with. Like I said, I LOVE her and I am glad I have a mother in law I am friends with. I just hope the money borrowing doesn't ever hurt this. It is irksome to know she is supporting DH's deadbeat brother with mine and DH's hard earned money.
| Start | 25-Feb | ||
| Sallie Mae | 12762 | 12304 | |
| Wells Fargo | 11700 | 11097 | |
| Campus Loan | 8250 | 7655 | |
| Chase | 2353 | 0 | |
| Chase 2 | 2300 | 1900 | |
| Chase 3 | 1710 | 900 | |
| Credit Union Card | 700 | 748 | |
| BOA | 9300 | 8962 | |
| BOA 2 | 1833 | 2249 | |
| Car Loan | 7875 | 6159 | |
| Car Loan 2 | 2090 | 0 | |
| Target | 149 | 0 | |
| DH School | 376 | 0 | |
| Capital One | 376 | 0 | |
| 61774 | 51974 | ||
We have now paid off $9800 exactly. A nice even figure, I like that. When I get my pay from the other job, we will definitely be over the $10K paid off mark. DH is being forced to take an unpaid day off tomorrow so the company can paint the floor around his machine, so his next paycheck will be a little less than what it normally is. Hopefully, he can pick up a little overtime next week to make up the difference.
We are going on our cruise May 8th. We will leave out of Miami and go to Grand Turk, Turks and Caicos, St. Thomas, San Juan in Puerto Rico, and Half Moon Cay in the Bahamas. So far we have paid for the cruise (in cash, funded by our unexpected bonuses), redeemed Thank You points we got from the cruise company for 16 alcoholic drink coupons, an excursion in Grand Turk, and I used a Walmart gift card I had to buy a $20 gas card to help with gas expenses. I still need to book two more excursions and save up shopping and gambling cash. I am doing a lot of pet sitting between now and the cruise, and DH's mom owes us some money. It has been over a month since we loaned it to her. I am hoping she hasn't forgotten about it. Sigh. She really is a sweet woman and I am grateful to have a mother in law that I get along so well with. However, her finances are horrid and she often asks for a little help from DH. What frustrates me so bad is that while she works 40 hours, her husband has worked a 25 hour part time job for literally about 10 years. There is no reason for this, as he is perfectly healthy and able bodied. He smokes like a freight train and drinks like a sailor. I would hate to see how much they spend on beer and cigs. She gives DH's older unemployed, pill popping, drug using brother cash. When their TV went out, she bought one using Rent A Center the next day, effectively paying three times the retail price of the TV by the time all her payments are done with. Like I said, I LOVE her and I am glad I have a mother in law I am friends with. I just hope the money borrowing doesn't ever hurt this. It is irksome to know she is supporting DH's deadbeat brother with mine and DH's hard earned money.
Tuesday, February 23, 2010
Payday, Hurry Up and Get Here!
It seems like the days right before payday go SO slow. Not that I am trying to wish my life away, I just want payday to hurry up! I get paid from one job on 2/26 and DH gets paid on 2/26. I just want it to hurry up and get here so I can send out payments and update. If everything goes as planned, this next update will have us a few hundred short of the big $10K mark for how much we have paid off. This will put us at 16.188 percent of our starting debt paid off.
This weekend will be definitely be a bare minimum weekend. I think we will watch some movies, work out, maybe visit with family, and cookout if the weather permits. I am so ready for spring. We have had so much more snow than normal this year, and while I LOVE snow, I am just ready for warmth.
I was doing some calculations today, and by Dec.31st, 2010, we will hopefully have $24,111 paid off. We will have $37,664 left to payoff, with about $7800 in credit card debt. The balance is all student loans. However, I know next year our debt paydown will slow drastically. We will try to pay the BOA off in 2011 and make minimum payments on the student loans, but our main focus will be beefing up savings in hope for our first baby.
We aren't sure when we want to start trying. I hope I will get pregnant within a few months of trying, but I have read on some message boards that some women have to try 6 months to a year to get pregnant. I am just so impatient. I know the doctor says to give it a year, but it seems like a relatively healthy woman in her twenties like me should be able to get pregnant pretty easily. I don't think I could wait a year if we do have issues. I am thinking June or July is when we will start trying. By this time, we should have all Chase cards gone, the small BOA card gone, and the credit union card gone. Most importantly, this should give me enough time to get to my ultimate goal weight of 168 to have a healthy BMI. I am really hoping this weight loss plateau ends this week or I am going to get REALLY frustrated.
This weekend will be definitely be a bare minimum weekend. I think we will watch some movies, work out, maybe visit with family, and cookout if the weather permits. I am so ready for spring. We have had so much more snow than normal this year, and while I LOVE snow, I am just ready for warmth.
I was doing some calculations today, and by Dec.31st, 2010, we will hopefully have $24,111 paid off. We will have $37,664 left to payoff, with about $7800 in credit card debt. The balance is all student loans. However, I know next year our debt paydown will slow drastically. We will try to pay the BOA off in 2011 and make minimum payments on the student loans, but our main focus will be beefing up savings in hope for our first baby.
We aren't sure when we want to start trying. I hope I will get pregnant within a few months of trying, but I have read on some message boards that some women have to try 6 months to a year to get pregnant. I am just so impatient. I know the doctor says to give it a year, but it seems like a relatively healthy woman in her twenties like me should be able to get pregnant pretty easily. I don't think I could wait a year if we do have issues. I am thinking June or July is when we will start trying. By this time, we should have all Chase cards gone, the small BOA card gone, and the credit union card gone. Most importantly, this should give me enough time to get to my ultimate goal weight of 168 to have a healthy BMI. I am really hoping this weight loss plateau ends this week or I am going to get REALLY frustrated.
Monday, February 22, 2010
March Objectives
For the month of March, I have a few things, personal and financial I want to accomplish.
*Get down to 185 by March 31st. I don't know why, but my weight loss has stalled. I am still eating right and exercising, but I haven't lost an ounce since Feb.11th. I am trying calorie shifting and some different exercises to hopefully get losing again. This is really frustrating me, as I still have a long way to go. I am a slave to the scale, which I know is not a good thing, but I just can't help it.
*Pay off Chase 3.
*Pay $450 to car loan.
*Clean out our closet and dresser. Either donate items or sell on eBay if they are in good shape.
*Go through all paper work and filing cabinets. Chuck what we do not need or file it.
*Steam clean our furniture.
*Stick to my cleaning schedule I made for myself. I have certain duties that I do, and DH has his things that he does. DH has small things that need to be done daily, like dishes, taking out the trash, etc., while I have larger things I do weekly, like mopping and bathroom cleaning. Sometimes, I skip my larger things, mainly due to sheer laziness.
Today has just been one of those days. I woke up on the wrong side of the bed, and I have been in a mean, snappy, irritable mood all day. No reason why. I had an awesome and cheap weekend with the hubby. The weather here was beautiful. I have just been in this funk all day today. DH has to work until 3:00 AM, and I am so glad. Not for the extra money, but just so I will have the house to myself for the night.
*Get down to 185 by March 31st. I don't know why, but my weight loss has stalled. I am still eating right and exercising, but I haven't lost an ounce since Feb.11th. I am trying calorie shifting and some different exercises to hopefully get losing again. This is really frustrating me, as I still have a long way to go. I am a slave to the scale, which I know is not a good thing, but I just can't help it.
*Pay off Chase 3.
*Pay $450 to car loan.
*Clean out our closet and dresser. Either donate items or sell on eBay if they are in good shape.
*Go through all paper work and filing cabinets. Chuck what we do not need or file it.
*Steam clean our furniture.
*Stick to my cleaning schedule I made for myself. I have certain duties that I do, and DH has his things that he does. DH has small things that need to be done daily, like dishes, taking out the trash, etc., while I have larger things I do weekly, like mopping and bathroom cleaning. Sometimes, I skip my larger things, mainly due to sheer laziness.
Today has just been one of those days. I woke up on the wrong side of the bed, and I have been in a mean, snappy, irritable mood all day. No reason why. I had an awesome and cheap weekend with the hubby. The weather here was beautiful. I have just been in this funk all day today. DH has to work until 3:00 AM, and I am so glad. Not for the extra money, but just so I will have the house to myself for the night.
Friday, February 19, 2010
Obsessing Over Debt Payoff
I feel at times that I am extremely obsessive over my debt pay off. During slow periods at one of my jobs, I am constantly reworking the numbers, calculating, and making new budgets for our debt payoff. The slightly funny thing is that the time everything gets paid never really changes; I mean, unless we make a drastic change to our budget or receive a windfall, I am still using the same basic salaries for both of us. It's like I am just relisting what order I get things accomplished. What the heck, I spend so much time working on this, I might as well post it, even though it really isn't all that different from the last thing I posted with a timeline:
DH's income (with no overtime):2400 a month, mine 1800 a month: Total: 4200
Regular expenses
Mortgage-854
Power-120
TV/Internet-133
Phone-80
My Car-400 (285 is the minimum due, but we try to pay at least $400)
BOA Minimums-250
Chase Minimums-50
Sallie Mae-100
Wells Fargo-130
Campus Loan-75
Student Loans DH-129
Credit Union Card-20
Water-10
Total Left After Regular Expenses:1849
Less Emergency Fund Contribution:(180)
Total After Emergency Fund Contribution:1669
Less Food, Pet Items, Household, Gas, Dates, Eating Out, Misc.(750)
Less IRA contribution for DH (50)
Total Left for Extra Debt Repayment: 869
Often times, we have a little bit of surplus in the food, pet, misc. category that I add to the debt repayment. DH often gets overtime, sometimes without a choice, sometimes by asking for it. We use this for vacations, fancier dates, extra gifts, car insurance, car repairs, and extra debt pay down.
With that $869, I am determined to pay off Chase by March 15th.
The other Chase card I would like gone by May 1st. I will likely need a little overtime help for DH on this one.
In May, that $869 will go towards our cruise expenses. Any extra will go to my car.
In June/July, we will hit BOA 3.
In August, we will use the $869 to go on a beach trip.
In September, we will add $1100 to the baby fund.
For the rest of the year, we will put this $869, the minimums from the debt we have paid down, and any other extra money to the car loan and the credit union card. DH's overtime and my petsitting money will fund Christmas and hopefully add some extra to our debt paydown. Any extra money after all this will go to the EF.
I just feel like this is the make it or break it year. Last year was rough, with DH being laid off. I feel like we have the potential to accomplish so much this year, and I am just terrified of messing things up. Constantly working the numbers makes me feel like I have more control, even though I feel like I am obsessing over it at times.
DH's income (with no overtime):2400 a month, mine 1800 a month: Total: 4200
Regular expenses
Mortgage-854
Power-120
TV/Internet-133
Phone-80
My Car-400 (285 is the minimum due, but we try to pay at least $400)
BOA Minimums-250
Chase Minimums-50
Sallie Mae-100
Wells Fargo-130
Campus Loan-75
Student Loans DH-129
Credit Union Card-20
Water-10
Gym-40
Blockbuster-20Total Left After Regular Expenses:1849
Less Emergency Fund Contribution:(180)
Total After Emergency Fund Contribution:1669
Less Food, Pet Items, Household, Gas, Dates, Eating Out, Misc.(750)
Less IRA contribution for DH (50)
Total Left for Extra Debt Repayment: 869
Often times, we have a little bit of surplus in the food, pet, misc. category that I add to the debt repayment. DH often gets overtime, sometimes without a choice, sometimes by asking for it. We use this for vacations, fancier dates, extra gifts, car insurance, car repairs, and extra debt pay down.
With that $869, I am determined to pay off Chase by March 15th.
The other Chase card I would like gone by May 1st. I will likely need a little overtime help for DH on this one.
In May, that $869 will go towards our cruise expenses. Any extra will go to my car.
In June/July, we will hit BOA 3.
In August, we will use the $869 to go on a beach trip.
In September, we will add $1100 to the baby fund.
For the rest of the year, we will put this $869, the minimums from the debt we have paid down, and any other extra money to the car loan and the credit union card. DH's overtime and my petsitting money will fund Christmas and hopefully add some extra to our debt paydown. Any extra money after all this will go to the EF.
I just feel like this is the make it or break it year. Last year was rough, with DH being laid off. I feel like we have the potential to accomplish so much this year, and I am just terrified of messing things up. Constantly working the numbers makes me feel like I have more control, even though I feel like I am obsessing over it at times.
Monday, February 15, 2010
2010 Goal Update
Financial Goals
Pay off Chase 3-1586-This is down to $1000
Pay off Chase-2190-This is at $2147, and I will work on this in March.
Pay off Chase 2-2353-This card is gone. Yay!
Pay off BOA 2-2300-I will start working on this in the summer hard. Now at $2277.
Have BOA 1 card at $8000-Now at $9073. We are on track.
Have credit union card at $367-Now at $765. On track
Continue to pay student loans in a timely manner-Doing.
Pay $450 a month to my car-If I can do this, the balance will be $1777 by December 2010. I have not been able to pay $450 every month:( Boo.
Save $1200 total in baby fund-have $350, $850 more to go. I cleared this out when I got so frustrated that one night. It is $50 currently. Will save full amount once Chase 1 is gone.
Save $2100 total in emergency fund-have $300 (pathetic!), so $1800 more to go-Cleared this out too, so it only has $100. I am saving $87 every pay period, so we will have $1927 at year end just from this. I will also start putting some found money in here.
Save $630 for DH's crown in February-have $315, so $315 more to go.-Done. DH now has a new crown.:)
Leave 401 K and IRA contributions alone. If I do this, we should contribute around $8K to at least hit the $22K.-Actually increased these. Yay!
Personal Goals
Lose 30 pounds-I have lost 11 so far, and I think I might try to shoot for more.
Get re-enrolled in school-Working on. Submitted application, still need to get transcripts sent.
Work on calling friends and family more-Trying to do this. I think I have improved.
Stick to my cleaning schedule-Have not done:( I really need to get rid of a bunch of clutter and stuff we just do not use.
Pay off Chase 3-1586-This is down to $1000
Pay off Chase-2190-This is at $2147, and I will work on this in March.
Pay off Chase 2-2353-This card is gone. Yay!
Pay off BOA 2-2300-I will start working on this in the summer hard. Now at $2277.
Have BOA 1 card at $8000-Now at $9073. We are on track.
Have credit union card at $367-Now at $765. On track
Continue to pay student loans in a timely manner-Doing.
Pay $450 a month to my car-If I can do this, the balance will be $1777 by December 2010. I have not been able to pay $450 every month:( Boo.
Save $1200 total in baby fund-have $350, $850 more to go. I cleared this out when I got so frustrated that one night. It is $50 currently. Will save full amount once Chase 1 is gone.
Save $2100 total in emergency fund-have $300 (pathetic!), so $1800 more to go-Cleared this out too, so it only has $100. I am saving $87 every pay period, so we will have $1927 at year end just from this. I will also start putting some found money in here.
Save $630 for DH's crown in February-have $315, so $315 more to go.-Done. DH now has a new crown.:)
Leave 401 K and IRA contributions alone. If I do this, we should contribute around $8K to at least hit the $22K.-Actually increased these. Yay!
Personal Goals
Lose 30 pounds-I have lost 11 so far, and I think I might try to shoot for more.
Get re-enrolled in school-Working on. Submitted application, still need to get transcripts sent.
Work on calling friends and family more-Trying to do this. I think I have improved.
Stick to my cleaning schedule-Have not done:( I really need to get rid of a bunch of clutter and stuff we just do not use.
Monthy Expenses Then and Now
I was rereading some of my old blog posts, and I came across a post detailing what our monthly expenses were in August 2009. Here is what they were:
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
And here is what they are now:
Mortgage:855
Power:110
H2O:10
Cell:80
TV/Cable:130
Blockbuster:18
Gym:40
Car Insurance:80
Total:1323, a decrease of $81, mainly from refinancing our mortgage and getting a much better interest rate.
Car 1-282
SM School Loan:150
WF School Loan:130
CF School Loan: 69
BCF School:60
MC School Loan:90
All Credit Card Minimums:345
Total:1126, which is a decrease of $353. Not too bad. This will only get better too as we pay off more credit cards and get the car paid off. One of the student loans DH has will be paid off in two years just from the regular payments we make on it. It is also nice to see that our debt payments are now less than our basic living expenses.
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
And here is what they are now:
Mortgage:855
Power:110
H2O:10
Cell:80
TV/Cable:130
Blockbuster:18
Gym:40
Car Insurance:80
Total:1323, a decrease of $81, mainly from refinancing our mortgage and getting a much better interest rate.
Car 1-282
SM School Loan:150
WF School Loan:130
CF School Loan: 69
BCF School:60
MC School Loan:90
All Credit Card Minimums:345
Total:1126, which is a decrease of $353. Not too bad. This will only get better too as we pay off more credit cards and get the car paid off. One of the student loans DH has will be paid off in two years just from the regular payments we make on it. It is also nice to see that our debt payments are now less than our basic living expenses.
Sunday, February 14, 2010
What A Day
I just got done with our taxes, and we owe $191 on federal and will be getting back $403 on our state return, so we will get $212 overall net. Not bad, but I would have preferred to owe the state as well since they have delayed refunds again this year.
On a much sadder note, my husband's 29 year old cousin committed suicide today. He was 29 and leaves a wife and two children behind, a 4 year old and a 16 month old. The 4 year old was adopted when he and his wife thought they couldn't conceive. Once they got him home, they got pregnant with their younger child. I just don't understand what happened. I didn't know him very well, but every time I saw him, he was such a happy go lucky guy, always encouraging people and trying to be optimistic. I remember he was so proud to finally get to carry a diaper bag when they brought their older child home. How many guys do you know who actually want to carry a diaper bag around? He was just beaming with pride. I don't know what happened, and I just don't see how none of us saw it. It kills me to think about what kind of suffering or pain he must have had on the inside to make him do this. RIP JR, We Will Miss You
On a much sadder note, my husband's 29 year old cousin committed suicide today. He was 29 and leaves a wife and two children behind, a 4 year old and a 16 month old. The 4 year old was adopted when he and his wife thought they couldn't conceive. Once they got him home, they got pregnant with their younger child. I just don't understand what happened. I didn't know him very well, but every time I saw him, he was such a happy go lucky guy, always encouraging people and trying to be optimistic. I remember he was so proud to finally get to carry a diaper bag when they brought their older child home. How many guys do you know who actually want to carry a diaper bag around? He was just beaming with pride. I don't know what happened, and I just don't see how none of us saw it. It kills me to think about what kind of suffering or pain he must have had on the inside to make him do this. RIP JR, We Will Miss You
Friday, February 12, 2010
Honestly, I don't know where my motivation is tonight. I got home from work at 6:00, and I have been laying on the couch watching the Saw movies on SciFy for the last three and a half hours! My house is a wreck and I could be doing some extra work for one of my jobs to earn some extra income, but I just feel like a blob. DH will be home in an hour or so, and I really should get some things accomplished before he gets home.
I think I will try to get our taxes finished up this weekend. Our state has announced that refunds are delayed, so I guess the earlier I can get it in, the better. We have to pay for federal, around $150-$200. I need to change our withholding so we owe on state as well. This is the second year in a row my state has delayed refunds. Last year, I filed in January and didn't get my refund till May.
I was thinking about our long term plans today. Once we pay off all the credit cards and cars, I think I will pay off the Wells Fargo student loan, which is a private one at 8 percent. However, I do not think I will prepay any of the other student loans because the interest rates are so low, anywhere from 1.5 percent to 4 percent. I know once we have a baby, our cash flow will obviously go down, but I still think we need to have some type of purpose in mind for our money. Here is my 3 year plan (I am a complete planner who is all the time making lists, goals, and outlines):
2010: Pay off all credit cards except for BOA 1. Pay off the car. Have emergency fund at $3k, baby fund at $1k, and keep retirement contributions at 13 percent of our total household income. Start trying to conceive in the summer.
2011: Pay off BOA 1. Have emergency fund at $6k. Keep retirement contributions at 13 percent or higher. Have baby and will quit one job of my two jobs. Any extra funds can be put into the emergency fund.
2012: Pay off Wells Fargo private student loan. Have emergency fund at $12k. Bump retirement contributions to 14 percent of our total income. Start saving money for when our cars die/when we want to move to a bigger house/the boat my DH wants for fishing.
It sounds good on paper. I need to print a copy out of these and keep it my wallet to remind me of what DH and I are trying to achieve.
I think I will try to get our taxes finished up this weekend. Our state has announced that refunds are delayed, so I guess the earlier I can get it in, the better. We have to pay for federal, around $150-$200. I need to change our withholding so we owe on state as well. This is the second year in a row my state has delayed refunds. Last year, I filed in January and didn't get my refund till May.
I was thinking about our long term plans today. Once we pay off all the credit cards and cars, I think I will pay off the Wells Fargo student loan, which is a private one at 8 percent. However, I do not think I will prepay any of the other student loans because the interest rates are so low, anywhere from 1.5 percent to 4 percent. I know once we have a baby, our cash flow will obviously go down, but I still think we need to have some type of purpose in mind for our money. Here is my 3 year plan (I am a complete planner who is all the time making lists, goals, and outlines):
2010: Pay off all credit cards except for BOA 1. Pay off the car. Have emergency fund at $3k, baby fund at $1k, and keep retirement contributions at 13 percent of our total household income. Start trying to conceive in the summer.
2011: Pay off BOA 1. Have emergency fund at $6k. Keep retirement contributions at 13 percent or higher. Have baby and will quit one job of my two jobs. Any extra funds can be put into the emergency fund.
2012: Pay off Wells Fargo private student loan. Have emergency fund at $12k. Bump retirement contributions to 14 percent of our total income. Start saving money for when our cars die/when we want to move to a bigger house/the boat my DH wants for fishing.
It sounds good on paper. I need to print a copy out of these and keep it my wallet to remind me of what DH and I are trying to achieve.
Thursday, February 11, 2010
Payday Update
Yay, some overtime and bonus money came in on the paychecks for this week. I am thrilled with this update.
This puts at us $8983 paid off, and one Chase card is officially gone. Interestingly enough, I received a letter the other day that the interest rate on that card was being raised to 26.99 percent. I just could not stomach that. I have never missed a payment. Take that Chase! Another Chase card will be gone hopefully by March 15th. I am so psyched to finally get another zero.
| Start | 12-Feb | ||
| Sallie Mae | 12762 | 12304 | |
| Wells Fargo | 11700 | 11097 | |
| Campus Loan | 8250 | 7800 | |
| Chase | 2353 | 0 | |
| Chase 2 | 2300 | 2147 | |
| Chase 3 | 1710 | 1000 | |
| Credit Union Card | 700 | 778 | |
| BOA | 9300 | 9073 | |
| BOA 2 | 1833 | 2277 | |
| Car Loan | 7875 | 6315 | |
| Car Loan 2 | 2090 | 0 | |
| Target | 149 | 0 | |
| DH School | 376 | 0 | |
| Capital One | 376 | 0 | |
| 61774 | 52791 | ||
Monday, February 8, 2010
January Update
Whew, I finally got my spreadsheets put back together. January was not as great as I had hoped, but at least we went down overall, which is the important thing. February should be much better, with some overtime from DH, some bonuses I am getting, pet sitting money I am owed, late birthday money, and other 'found' money coming in. Since August 1st, 2009, we have paid off $6357. By February 28th, I would like this figure to be $8400.
DH and I have agreed to do two 'bare minimum' weekends in February, as we call them. Basically, we just try to keep spending at a minimum for the whole weekend. We do extremely cheap or free dates like having a movie night with borrowed movies, cooking out, working out together, or hiking. By doing a cheap date and not eating out, we save $50 that we normally would have spent. Doing this twice in February will give us an extra hundred to send to that debt. I know some might think we should be having a bare minimum life until all of our debt is gone, but I (and DH) would rather pay a few extra months on the debt and still get to enjoy doing fun, new stuff together.
The weight loss is going better than I expected. Since January 1st, I have lost 9.4 pounds. I feel as if I finally have my eating under control. Working out is next on the list to conquer. I am also down to one 16 ounce glass of Diet Mountain Dew a day, which is a miracle considering I was literally drinking a two liter every single day. This is not only helping my body, but it is saving us money too! I want to be at 170 by May 1st. This would put my BMI back in the healthy range. Granted, it would be the upper end, but the healthy range none the less!
DH and I have agreed to do two 'bare minimum' weekends in February, as we call them. Basically, we just try to keep spending at a minimum for the whole weekend. We do extremely cheap or free dates like having a movie night with borrowed movies, cooking out, working out together, or hiking. By doing a cheap date and not eating out, we save $50 that we normally would have spent. Doing this twice in February will give us an extra hundred to send to that debt. I know some might think we should be having a bare minimum life until all of our debt is gone, but I (and DH) would rather pay a few extra months on the debt and still get to enjoy doing fun, new stuff together.
The weight loss is going better than I expected. Since January 1st, I have lost 9.4 pounds. I feel as if I finally have my eating under control. Working out is next on the list to conquer. I am also down to one 16 ounce glass of Diet Mountain Dew a day, which is a miracle considering I was literally drinking a two liter every single day. This is not only helping my body, but it is saving us money too! I want to be at 170 by May 1st. This would put my BMI back in the healthy range. Granted, it would be the upper end, but the healthy range none the less!
| Start | 30-Jan | Difference | ||
| Sallie Mae | 12762 | 12304 | 458 | |
| Wells Fargo | 11700 | 11227 | 473 | |
| Campus Loan | 8250 | 7800 | 450 | |
| Chase | 2353 | 2332 | 21 | |
| Chase 2 | 2300 | 2147 | 153 | |
| Chase 3 | 1710 | 1003 | 707 | |
| Credit Union Card | 700 | 778 | -78 | |
| BOA | 9300 | 9073 | 227 | |
| BOA 2 | 1833 | 2277 | -444 | |
| Car Loan | 7875 | 6476 | 1399 | |
| Car Loan 2 | 2090 | 0 | 2090 | |
| Target | 149 | 0 | 149 | |
| DH School | 376 | 0 | 376 | |
| Capital One | 376 | 0 | 376 | |
| 61774 | 55417 | 6357 | ||
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