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
Gym-40
Blockbuster-20
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.


































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