Q2 Goals

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.

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 5^th and the 25^th 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

3. Don't eat out in restaurants for a month – Still trying to do this...

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.