I have 7 pay days until the end of the 2nd Quarter and I broke down my CC budget to be able to afford to pay off CC#4 before the end of May.
Ending Balances for CC
CC#1 $3075 – Pay $80/bi-weekly
CC#2 $1556 – Pay $80/bi-weekly
CC#3 $847 – Pay $50/ bi-weekly until paid off this year.
CC#4 $363 –Pay $100/until mid-May. I definitely need to pay this off before June.
Savings will remain the same. I wish I could put more… but for this quarter here’s how its broken down.
Emergency Fund – $50/bi-weekly
Liquid Savings - $30/weekly
Emergency Car Funds - $25/bi-weekly
Vacation Funds - $25/bi-weekly
Sharebuilder - $25/bi-weekly…. I’d like to learn how to play the stock market.
Sunday, March 29, 2009
Monday, March 9, 2009
The madness begins...
Good: Hurray! I just paid off two CC totaling $1100.
Bad: I just got the notice in the mail that Capital One will be increasing my APR from 10.4% to some ridiculous amount (20 point something %). (1) I never had a late payment for the past 5 or more years that that account was in existence. (2) That account never really had a balance more than 50%. I don’t want to close that account at all because that was the longest CC I’ve had that’s still open. Now I gotta pay that off before my rate increases.
Plus, I found out about my increase AFTER reading this article on MSN Money.
Good: I started my Spring Cleaning. I got a new full mattress and rearranged my whole bedroom completely.
Bad: I shouldn’t have done this… I tallied up how much I spend this past weekend cleaning up and reorganizing my bedroom. I gave target around $300 with taxes for all these...
Bed in a Bag $54.99
Window Panels $19.99 (x2) plus Window Sheer $14.99 and a Window Rod $16.99
Book Case $79.99 (x2)
Not bad, but I keep thinking I should’ve paid down another CC with that. Well I’m just glad I didn’t use a CC for those purchases.
Good: I can’t wait for NYC by the end of April. I would tally up what I have spent for the Flight (FREE btw) Hotel and Wicked Tickets, but I figured they’re not part of the budget anymore since they’re all paid. Oh, and I also have saved up almost $400 for the trip. Yay!
Bad: One of my friend is bailing out on the trip and shelled out $258.10. Another thing that’s gonna get taken out from my checking. Bah!
Monday, March 2, 2009
Advice
It’s still hard to swallow knowing that there’s no easy way out of becoming debt free. I have received so much advice from peers, online articles and books on how to easily become debt free and the ones below are what make sense to me and my situation.
1. Automatic Millionaire (David Bach)
a. I just adjusted my bills to be paid bi-weekly
b. My savings will be also taken out bi-weekly
c. Also, I just came from my bank to divide my monthly car payment and take out the amount the 5th and the 25th of the month.
2. Snowball Effect – I am paying off 2 CC’s from the Tax Refund.
3. Pay yourself first and live with what’s left behind – Words of wisdom from The Bossman and everyone else in the financial world.
4. Suze Orman 2009 Action Plan
a. Don't spend any money for a day – DONE
b. Don't use your credit card for a week – DONE
- Don't eat out in restaurants for a month – Still trying to do this...
Sunday, March 1, 2009
Its all about the Benjamin's
I got inspired creating a new blog about money after reading a plethora of articles about managing finances, debt etc. I just wanted to have a main area online where I can post the different musings and tips I find online. I hope this will keep me motivated with my financial goals for 2009.
Let’s break it down….
I have 6 CC cards to start off:
TOTAL: $7231 balance ending for the month of February.
Including these balances for:
1. Student Loans $14,800
2. Car Loan approx. $9000
My financial goals for 2009 are:
1. Pay off CC debt
2. Save at least $5000 (Roth IRA)
I believe it’s possible, if I can just stay on track.
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