Still made progress this month but not as much as I would have liked. Just a reminder about my number: The Chase card was my original credit card and I transferred that debt onto the Citibank card about a year ago. That explains why the difference in my Citibank card from the first post is $8,000+ higher. It's not because I put $8,000 worth of shoes on it or something That also explains, though, why my Chase total is $15K lower. It was just a balance transfer, not a $15K payoff Also, the Chase Dentist total is the same Chase card but I opted to split them up on the table because I wanted to make it clear that this was a dental bill and that the other Chase total is items I'm putting on the card (like plane tickets, etc.).
The Banana Republic total and the Chase total will be $0.00 any day now as I made full payments on them, they just haven't cleared yet. I am SO frustrated about the Dentist total. I had $1,800 worth of dental work done in October which I paid for on credit card and submitted to insurance. It was rejected as a dental procedure at first but then resubmitted as a medical procedure (I had a jaw bone grapht) and approved in November. It was approved in full but I still haven't received a reimbursement! I contacted the insurance company and they told me a check was mailed on 12/31 ... to my dentist! So now when they receive it (which they still haven't yet) they have to endorse it over to me. Grrr. I'm happy that it's being paid in full, obviously, but the total has been sitting on my card for 3 months now and I've been racking up finance charges as a result. We put $1,000 of extra money we had to the card in November so the charges wouldn't be so high so now we're waiting to get this check so we can pay off the rest and use that $1,000 for a payment to another card. Anyway, that's why that total is still there and why I haven't worked to pay it down any more. Supposedly I should be getting the insurance check this month!
DH and I went through our budget last night for the year and earmarked money for all our friends' weddings and babies through December as well as other known expenses (annual vet appointment, bar association fees, etc.). It's frightening. We had to make some adjustments but ultimately I think we'll be able to pay for everything so long as no major emergencies come up (I shouldn't jinx myself ...). We also did not factor in the possibility of raises or bonuses, tax refunds, and the overtime I expect to make over the summer. This way we're sure we can pay it if we're not lucky enough to get any of those (but please God let at least one of those happen!!).
We've also included a budget item called "House/Baby Fund" which will go into savings every month ... hope to get ourselves on the right track for good news next year!
Good luck in 2011 and a happy new year to everyone!
Post by crisde2bdebtfree on Jan 13, 2011 18:14:45 GMT -5
Hey I got my first paycheck with my extra 2%--its about 35.00 more an extra 70.00 a month to put towards debts--I just started doing online surveys has anyone had any luck with these? I started with inbox dollars--It seems easy but I won't believe it til I get my first check.
Post by ravenhaired on Jan 14, 2011 11:15:33 GMT -5
Ravenhaired: 1/15/10 $57,891.97 (12/23/09 $72,190.66) Pittsburgh, PA NE U4
Wow – a lot of new developments since I first laid out my 2011 goals.
Had surgery last week. Expected out of pocket –Approx $1500 My tax reimbursement should cover most of this and I will payment plan the rest.
Kansas visit planned for May – Approx $500-700 I’m not happy about this – but, it’s important to my guy. I can carve this out of one LOC payment and still be on track.
Investigating a home business venture. Start-up capital needed – Approx $2,500-3,000 This baby took me by surprise, so it’s too early to say if I’m all in yet. I’ve got a few ideas on how to manage this if I decide to go for it.
2011 Financial Goals BS#1 – Establish 1K EF – Complete (2K) BS#2 – Pay off LOC (In progress – Target completion June) Business venture BS#3 – Establish 10K EF/Re-adjust retirement contribution to 10% BS#4 –Re-adjust retirement contribution to 20% BS#5 -- Complete BS#6 – Pay off mortgage BS#7 – Build wealth & give RETIRE EARLY ;-)
UPDATE FOR RPPRT OK - My first try at posting a table to the new boards. I wish I could just copy & paste my old excel workup, but here goes on the new setup: rpprt: 1/17/11 $24,418.70 (7/20/07 $55,547.14 N325) I'm now under $25K owed! YIPPEE!
Debbie Downer, here. So, I've had it. New York state is the state of impossibilities. You can't afford to rent. You can't afford to buy and IF you're lucky enough to be able to do either, you're living in an unsafe area and still not able to feed your family. How did a yearly income for ONE individual over $50k become "low income"? ... I'm moving to Alaska. At least the cost of living there might be somewhat even. New York city area is SO overrated.
Greetings. I am here to shamelessly ask for positive thoughts and vibe for Mr. IrishMaude and I. We have found a home in our price range that we LOVE and we feel like we're getting very close to owning a home and accomplishing a goal we have both worked very hard to obtain.
IrishMaude, I want you to get the new house, I hope you like it, and it's everything you're hoping for! If YOU are satisfied (don't be afraid to look, look, look, measure, pick, negotiate), then you will not have buyer's remorse!
Irish - I feel your pain. I rented on my own a 1BR for two years, and it went from $1100/mo to $1300/mo, not including utilities. So then I moved in with 2 roomies in a 3BR for $800/mo each not including utils, but obviously roomies aren't always fun to have around. Blue_wagon and I bought a house in 2009 but I'll admit, it's at the very max of our budget and was only able to be done by using an FHA mortgage with 3% down and rolling closing costs into the mortgage...
redwagon, it gets better. Really. And eventually you get payraises, the cost of living goes up, but the mortgage, by and large, remains close to what it was to begin with, so that means, when you were making (I dunno) $1K a week, and your mortgage was tough because it was $1500 a month, 5 years from now when you're making $1500 a week, that mortgage will be a simpler payment, when you're making $2K a week, it will be a drop in the bucket, and by about year 15-16, you may even have the ability to pay it off, which is even better!
Once upon a time, Lark bought herself a row house in Philadelphia. And everyone said, "Why do you want to live in Philadelphia? It's all low income housing and the people there are poor!"
And yes, this is what people REALLY said to me!
You know what? I like my house. I like Philadelphia, it's my home. And I found a house I like, where I plan to stay - another thing I hear a lot, "When you sell your house..." uh... not selling.
btw, my neighbors aren't poor, and my neighborhood isn't low-income - we just ain't millionaires!
Renting is outrageous. I am appalled at what my daughter pays in Brighton for 1/5 of an apartment, which is an ok place, but still just ridiculously overpriced and over-rated! And she's in college, making $10/hour part time and getting financial assistance (thank you to my unemployment last year, it was good for something with the FAFSA!), I buy her groceries... it's awful! And I hear from my niece and her husband living in Brooklyn, how much they pay for a 1-bed which is about... I'd say 350 sq ft? It's ludicrous!
It's tough to buy a house, but ownership pays off! The only advantage to renting (I think!) is portability!
Goals Be under $45,000 by June 30 Increase EF to $2000
My one year anniversary update!!! ;D The past year for WIRR has been a very eye opening experience for me. While I did have plans of paying off much more than $3500, I feel I did quite well. Had I not joined this group and learned to curb my spending habits, I would be in a very, very bad place today. I have set more realistic goals for myself this year and have plans to pay off my car loan (non-racing debt) next month with our tax refund. That will free up $324 more a month and make things much easier for us. We will put the rest of our refund in savings to cover those expenses that pop up through the year like car insurance, car taxes & registration, vet bills and oil.
My balance only went down about $100 this month. One last doctor bill from DH’s surgery snuck in on us. Overall, not a bad update. It still went down. Now that the holidays are over, we can concentrate on paying down debt and building our EF back up. Here’s to a better year ahead for everyone! Happy New Year!
Post by thriftymom on Jan 18, 2011 16:54:48 GMT -5
Second update of the month, and hoping for one more after I get payed on the 25th. Knocked out another $833.85 and got another 0! Had to clear out the Citi card to make room there for a BT next month when interest starts back up on the CapOne card.
January 5, 2011
January 18, 2011
CC3 (Cap 1)
thriftymom 1/8/2011 $20273.25 (3/25/10, $18502.12 NEU 160)
Also managed to pay for DS1's 6th b'day party at the local bowling alley in cash, and it was a great time. Service at the alley was horrible, but the kids (all 22!) had a blast, and DS1 couldn't have been happier to have so many friends celebrating with him. Not sure I can handle that kind of chaos every year for the boys' b'days, but it was worth it this time since DS1 has always been pretty shy but is really coming out of his shell now that he's in a great kindergarten class. ;D
Post by Delphinus317 on Jan 19, 2011 9:57:02 GMT -5
I've been MIA for quite a few months & so much has changed for me, personally & financially. I started with this board over at MSN a little over a year ago & was diligent with posting & paying down my debt even when I wasn't making much progress. But, over the last few months, I got married to my absolutely wonderful soulmate & we took on a ton of debt, some necessary (autos) and some not-so-much (everything else). I decided to just start from scratch with my update since it's almost unbearable to think about where I was a year ago & where we're at now. So, here's the damage:
(1/19/11 $53,975) Berks County, PA - Originally NEU4
Capital One (5.99%) - $102 Citi Card (0%) - $4,667 Chase (0%) - $2,575 Littman 1 (0%) - $4,900 Littman 2 (0%) - $1,287 Fidelity (1.9%) - $9,070 (Only CC debt when I started with WIRR) CU Loan (9.9%) - $6,000 Auto Loan 1 (3.99%) - $14,550 Auto Loan 2 (14.19%) - $10,824
That is absolutely INSANE!!!
We will be getting a tax refund of about $2,300 from the IRS, $1,000 will be put in EF to get that started & the rest will be paid on the Fidelty card since the promotional rate is over soon. I have our debt payoff schedule detailed in an excel spreadsheet to help keep us on track and to see the benefits of paying off the highest interest rates first. Next month, Auto Loan 2 will be transferred to Capital One to reduce the rate from 14.19% to 5.99% (no fees for the transfer). This move alone will save us $4,700 in interest over 3 years. Our goal is to have everything paid off by mid 2014.
So, I'm completely overwhelmed at the realization of where we're at financially today. But, I'm glad to be back on the WIR boards for support & accountability.
Feels awesome to be below $26k!! Things are moving the right direction again. This is despite blue_wagon's student loan (not the one listed here) going up to 2.53 times its usual. He'd been on the graduated payment plan, and so he's been paying just interest. Well, now we pay princicpal and interest, and it threw us for a loop. We got hit with two insufficient funds fees for things that hit after that payment drained our account (autodraft), but I managed to talk them into refunding them. Luckily we managed to cover the payment and I've budgeted it out for the next two months.
The Social Security tax decrease helped a lot with that. I am so grateful and appreciative that the stars aligned for us on that one. To add to this, blue just got a new job!! It's a significant increase, almost 16%. I cannot WAIT to see what this looks like in a paycheck. Unfortunately he only gets paid once a month, at the end of the month, so it'll be interesting working that out as far as bill due dates and the like. But expect good movement from me on debt paydown this year!!!
I feel so, so, so lucky. I only wish I were making more so blue wouldn't feel this pressure to "provide" for us (which he is doing very well at, obviously). I'm looking for a new job as well, so maybe I'll get a little raise this year too. In any event, I'm working hard at staying in budget so we can pay down the debt we want to this year. We won't let this increase in income go to waste. Starting a family in 2012 is looking like a real possibility! yay!!
wantanewjob - looks like you really planned things out, that's great!! We, too, are looking at next year for the baby thing! Lots to accomplish before then, though! good luck to you on all your 2011 goals!
lark - funny you just posted that! Blue just got a new job so we'll be (he'll be) bringing in significantly more income which should help with the mortgage and now-higher SL payments. Funny how things work out!
Redwagon- my DH gets paid once a month too, it has taken so long to get used to it. The first thing we did was have all of our bills due around the 1 through 15 of the month, this way we can pay most of them the second they come in and whatever his paycheck does not cover mine will pick up ;D Good Luck to you and bluewagon!
ok, I feel better about this update than I thought I would. I did some creative accounting again, even though I thought the last time was going to be the last time. I took a closer look at the promotional interest rates I had, and realized that some were going to reset in the next few months. between a 0% BT (which will reset to 12%) and a $5100 stock sale (yahoo!!), I was able to do a few things to the balances. I moved most of the AmEx from a 13.9% to a 0% rate, and was able to wipe out the rest of my BofA card completely. I also took a big chunk off the Chase card, because that rate has gone up to 15.24% from 8.9%. I should be able to wipe that out completely next month with what used to be my SL payment. I have to say, my stock sale posted to my account today, and I have never been so happy to blow so much money so fast. lol...
so to sum it all up: I'm over halfway paid off, and I am down to 6 payments going out each month. next month, I'll knock off the Chase card completely, and I'll be down to 5. I can definitely see the light at the end of the tunnel, and I know I would never have made it this far without this board. thanks for the support, and the help figuring out the numbers all those times I moved it all around. now to just keep plugging along and knock out the rest of those balances!!
thanks sbvs4you! I think most of our bills are due early in the month already, so that should help. I think by his March paycheck we should be evened out on the new schedule. It's just filling in the gap in February before he is paid by the new company, and after his last paycheck from the old one (which will be smaller than usual), that will be the rough area.
redwagon and sbvs4you, when I came to work here, I was kinda nervous at the thought of a once a month paycheck, but it only took me about two months to fall in love with it! I get paid the last day of each month, I know what the bottom line is going to be, and I pay everything - everything - on the 1st of the month! It's great! Then the money I have left, I dole it out, I know what I can take in cash, what I need to put into the good old EF, what I have budgeted for household emergencies, etc., and how much I have each week - it's ridiculously simple this way! I'm trying to put myself one month ahead, and I'm slowly getting there, but by and large - once a month is nice!
I believe that everything happens for a reason. People change so that you can learn to let go, things go wrong so you can appreciate them when they're right. You believe lies so you eventually learn to trust no one but yourself and sometimes good things fall apart so better things can fall together. ~Marilyn Monroe