Debt roundup #18

And now for the other debt roundup that I am behind on.

As of 7/31/08, here was where I was at:

• Car loan = $10,719.84 (last month was $10,977.30 )
• Credit cards = $22,119.14 (last month was $20,375.17)
• School loans = $161,160.63 (last month was $161,160.63)

So, the car loan went down. Yay for that! School loans stayed the same. And credit cards went up again. That is for three reasons really. I bought some Eagles tickets on my card for my dad. He is paying me for them. I bought some hotel reservations on Expedia that will be paid off. And I am doing low interest balance transfers. It might look bad like this for a little bit but then it will look awesome!

Debt roundup #17

Okay, so it is super late, but here it is.

As of 6/30/08, here was where I was at:

• Car loan = $10,977.30 (last month was $10,893.59 )
• Credit cards = $20,375.17 (last month was $18,423.49)
• School loans = $161,160.63 (last month was $161,225.99)

Doesn't look too good, right? Well, the student loans are the only thing that went down, sadly. The car amount went up as I had paid it early the month before so there was a longer period between payments. And the credit cards going up? Well, that is because I got some nifty balance transfer things at a low rate that I am taking advantage of. So it might look bad for a month or two but it will actually be a good thing in the end.

Debt roundup #16

Well, I am a little behind in posting this.

As of 5/31/08, here was where I was at:

• Car loan = $10,893.59 (last month was $11,502.83 )
• Credit cards = $18,423.49 (last month was $18,816.96)
• School loans = $161,225.99 (last month was $161,243.99)

So, there it is. There was some progress, but it was small progress. However, since 5/31 I have paid off a small credit card, so next month it should be under $18,000 which is pretty exciting. And my birthday is later this month so if I get any cash from anyone then I plan on using it to pay on something.

After paying off that small credit card that leaves me with two credit cards. One has a little over $1400 on it at 14.99% and the other has about $16,500 on it at 9.24%. And my car loan is at 10.05%. So the plan of attack is the 14.99% credit card and then onto the car loan and then back to the 9.24% credit card. And as an added bonus, once the car is paid off I can raise the insurance deductible which will lower the insurance cost.

And that reminds me, my 6-month insurance premium is due later this month too. Ugh. That is close to $500 right there. Sure would rather put that money towards debt paydown :(

Debt roundup #15

Well, not a lot of progress was made last month. Partly that was due to opening up an IRA before the April 15th deadline. And partly that was due to job/income loss. But all is well, and progress is still progress - even if it is not by leaps and bounds but by small steps.

As of 4/30/08, here was where I was at:

• Car loan = $11,502.83 (last month was $11,756.68 )
• Credit cards = $18,816.96 (last month was $18,998.90)
• School loans = $161,243.99 (last month was $155,444.93)

Clearly the big thing here is that the student loan balance went up a lot. Well, that is because I had been missing a couple in my calculations all this time! D'oh! See what happens when things are in deferral and not in the front of your mind. I also had a bit of accrued interest hit those as well.

I have already paid $500 towards credit cards this month and will likely pay another $500 towards them before the end of the month depending on how the income prospects for next month look.

I have some jobs on the horizon that pay nicely if I land them. And that would be really great for the debt paydown. If I could get one of those I think we could have the car paid off by mid July and that would be awesome.

I also have some stuff I need to get up on eBay. That way if people want to stimulate the economy with eBay purchases I can benefit!

Debt roundup #14

March turned out to be a pretty decent month for debt paydown. I had planned on opening an IRA for each of us and thought that I would not put much towards debt payments. Instead I opened one IRA and paid the rest on debt. And I plan on opening the other IRA before April 15th.

As of 3/31/08, here was where I was at:

• Car loan = $11,756.68 (last month was $12,014.03 )
• Credit cards = $18,998.90 (last month was $22,187.75)
• School loans = $155,444.93 (last month was $155,444.93)

Student loan balance did not change as they are in deferment and no interest was added this month. Of course, just yesterday I got some stuff from Sallie Mae about accrued interest that is set to be added to those loans. Argh.

Note the excitement though of getting the credit cards not only below $20,000 but even below $19,000!!! Woo hoo!

That balance is for only 3 credit cards. One has a balance of $599, one has a balance of $1440 and one has a balance of $16, 791. Luckily, the highest balance card is also the lowest interest rate!

In fact, it's interest rate is even lower than the car loan. So that means, that the plan is paying off the two smaller balance cards and then moving on to the car loan.

Also on the agenda this month is another IRA to be opened.

One year of keeping track of debt - where have we been, what have we learned

I just realized after posting my debt roundup that I have been keeping track of our debt on here for one year. My first post about the debt total was on March 4, 2007.

I thought it might be interesting to see where our debt started and where it is now. Of course, let us remember that I did not get super serious about the debt pay down until a few months ago. So I already know that it is not gonna look too great for us.

When I first posted about the debt, I was employed but my other half was not. So it was going to be working on one income to pay things down. This is how it looked in debt roundup #1:

Total debt as of 3/4/07:

• Car loan = $12,897.43
• Credit cards = $30,466.74
• Student loans = $154,346.77
• Total debt = $197,710.94

My intentions were to pay of the smallest balance card first and then attack a Chase card that had just had an interest rate increase to 29.99%.

The sad thing is - that was credit card #2 that I JUST paid off last month. I spent a whole freaking year with a $3,000-ish balance on a 29.99% rate. D'oh!

Now, let's look at the most recent total debt update. According to my debt roundup #13, here are the current numbers:

As of 2/29/08:

• Car loan = $12,014.03
• Credit cards = $22,187.75
• School loans = $155,444.93
• Total = $189,646.71

So that shows that a grand total of $8,064.23 was paid off in the span of one year. Except it wasn't. Most of it was paid off in the last few months. Oh, the agony. Look what could have been accomplished if it had been applied sooner!

And note how the student loan balance is higher than when it started. Wtf? I blame those high interest student loans that I got suckered into way back.

And look at the difference in the car loan balance. Considering my car payment is $351 a month (interest rate is 10%), I find the small difference between the balances highly disturbing. That is really depressing.

Debt roundup #13

Man, where has the month gone!

I have not even put up where I am with debt for February and March is getting close to being over!

So, here we go. As of 2/29/08, here was where I was at:

• Car loan = $12,014.03 (last month was $12,264.67 )
• Credit cards = $22,187.75 (last month was $25,391.73)
• School loans = $155,444.93 (last month was $155,383.88 )

So, looking pretty good, eh? Well, except for those pesky student loans. They are a real pain, I tell ya. I can't wait till they are on the 'attack list' so that I can be done with 'em!

For March, I would like to get that credit card balance down to under $20,000. We'll see if that happens though as I am putting some money in IRAs for us this month too. And I had to pay a $375 hospital bill from last year. :(

Debt roundup #12

As of 1/31/08, here is where I stand:

• Car loan = $12,264.67 (last month was $12,498.62 )
• Credit cards = $25,391.73 (last month was $28,245.41)
• School loans = $155,383.88 (last month was $155,262.48 )

Last month saw a major breakthrough on the credit card balance with it getting under $30,000. This month I was hoping to get under $25,000. It was close, but not quite.

Student loans balance went up again! It seems that interest that had been accruing on those student loans got posted to the balance. Again. Hate that.

The challenge? See how close I can get the credit cards to $20,000.

Also of note is that while the decrease in credit cards was not substantial my net worth increase was. Net worth is still totally negative though.

Last month's net worth = $(183,996.21)

This month's net worth = $(178,848.26)

Debt roundup #11

As of 12/31/07, here is where I stand:

• Car loan = $12,498.62 (last month was $12,753.38 )
• Credit cards = $28,245.41 (last month was $30,049.38)
• School loans = $155,262.48 (last month was $155,060.72 )

Oh yeah, major breakthrough on the credit card balance!! Not only did it get under $30,000 but it went down by more than $1800! See what happens when you get serious about debt?

Sadly interest that had been accruing on those blasted student loans got posted to the balance. Argh for that.

Wonder if I can get down to $25,000 for the credit card balance this month?

Debt round up #10

As of 11/30/07, here is where I stand:

• Car loan = $12,753.38 (last month was $12,642.42)
• Credit cards = $30,049.38 (last month was $30,747.71)
• School loans = $155,060.72 (last month was $154,055.23)

The credit card number is not entirely complete though as I have two cards that run their statement this week. It is a bit of a bummer that both the car balance and the student loan balance went up. The student loan balance went up due to some capitalized interest posting to the loans. And the car loan balance went up because I couldn't pay it this month and got an extension :(

Debt roundup #9

As of 10/31/07, here is where I stand:

• Car loan = $12,642.42
• Credit cards = $30,747.71
• School loans = $154,055.23

Kinda sucks. Car loan balance went down. Credit card balance went up due to some charging on AMEX, but it has to be paid in full each month, so that will fall off next month. I'm thinking next month will show credit cards under $30,000. School loans went up because some interest that had been accruing was added to the balance. Argh, interest.

Debt roundup #8

As expected, my credit card debt dropped by about $500, which was mostly due to an above average bill the month before. Car loan is up about $100 and student loans are down about $100, so that's a wash, eh?

As of 9/30/07, here is where I stand:

• Car loan = $12,885.72
• Credit cards = $30,266.45
• School loans = $153,809.41

I would like to have that credit card debt under $30,000 by next month. I think it might actually be possible, so that is what I am shooting for.

I am still transitioning over from NetBank to ING Electric Orange checking. I have stopped most of the autodebits. I think I only have one left and I expect to have it changed over by next month. When I get into that account I won't have to worry about getting hit with NSF fees due to the bank holding deposits like NetBank was. Of course, with their recent going under I see why they were doing that.

Proof that nickels & dimes do add up!

I came across this great article on how a man making $20,000 per year has a stock portfolio worth $500,000. That is insanity! And it makes me feel like a real schmuck! Of course it is also pretty impressive. Wonder how frugally he was living? I mean, it says he is in Baltimore.

If someone making only $20,000 a year can do that I am so behind schedule. Nothing like reading how someone else can accomplish the unthinkable to really get you motivated. And it looks like he started just over 25 years ago since he got his first stock in 1981. Wow.

Debt round up #7

Thanks to me putting some event tickets on my AMEX I have increased my credit card debt for the month. Other debt looks like it might have decreased though.

As of 8/31/07, here is where I stand:

• Car loan = $12,773.61
• Credit cards = $30,743.88
• School loans = $153,909.70

And now we say "ouch." On top of buying event tickets that I did not really need I had a crapload of birthdays in August that I had to buy gifts for and travel to parties to, which meant more gas money.

In looking at my spending tracking spreadsheet though celebrations are in order for food spending. We only spent $61 dining out in August, down from about $100 last month and over $150 the month before. Compared with two months ago overall food expenditures (grocery and dining out) is down by a little over $200. Hooray!

Debt roundup #6

Last month I wanted to make $2400 in alternative income so that I could attack a credit card with a nasty APR....that didn't happen. I blame it on Harry Potter taking up a lot of time.

I did make almost $1100 in alternative income. I started out the month strong but lost steam as time wore on. I have renewed my dedication to meeting the $2400 mark this month and think it will be a goal I can reach as there will be no distractions (harry potter) this month.

This month also offers up an extra paycheck, which is awesome. I'm hoping for next month's debt totals to show a big drop after I get to pay off a chunk!

Here's where the debt stands as of 7/31/07:

• car loan = $13,016.03
• credit cards = $30,383.49
• school loans = $153,969.50

And if you're wondering, no, the degrees were not worth all of that debt. :)

As for my job hunt, I just found out that local employer has closed an office in Illinois and will be moving about 50 positions in Finance/Accounting to the offices here. If you're in central Ohio and want info, drop me a comment. I do not know pay rate or exact positions as my contact just found out yesterday about the openings - but I can tell you where to send your resume!

Debt roundup #5

Well, as previously posted there were some financial woes this past month. This means that things did not go as planned, as far as working towards paying things down. Of course, that just means I'm going to work harder this month!

Balances at end of June:

• car = $13,117.67 ( I start paying on this again this month)
• credit cards = $30,731.02
• student loans = $153,968.90

I will see more income for July, which should take care of some of the tragic balance increases the credit cards saw last month.

My alternative income goal for July is $2400. But I will lose a weekend to reading the new Harry Potter book later in the month, so I'll be trying to accomplish this in about 25 days.

I think I can, I think I can...

All extra money goes towards paying off the 29.99% card that saw the interest rate increase. The balance of that card is around $2400.

Debt roundup #4

May started out really strong with the alternative income, so I had really hoped to have a lot of extra cash that I could throw at the credit cards. Unfortunately, the stream of cash declined as the month wore on. That means there was no throwing of cash at said debt.

Here where I am at as of the end of May:

• car loan = $12, 994.26
• credit cards = $29,563.81
• student loans = $154,004.07
• TOTAL DEBT = $196,562.14

Slow and steady. Or maybe just slow. That's how I feel about my progress. But I have high hopes for this month. My birthday falls later in the month, and if I am fortunate enough to receive some cash then it can be used to throw at the credit cards. And if all goes as planned, the review me posts will go towards the evil credit cards.

Debt roundup #3

Sadly, April was not as good for me in some ways as I had hoped. On paper, it looks as if my total debt went up. However, that is not exactly accurate. I used my AMEX Gold card for groceries, my trip and a few other things. That card has to be paid in full each month. So, while its balance is reflected in the totals below, it will be paid in full this month. So, I guess it will make next month look like I made way more progress than I did. Also, my car loan balance increased as I put the payment toward something else this month. And it looks like my student loans had some interest added onto them.

Balances as of April 30 were...

• Car loan = $12,929.05
• Student loans = $154,245.33
• Credit cards = $30,490.40

Total debt = $197,664.78

So, that is an overall all increase of $1288.31 but my AMEX bill that will be paid in full this month is a little over $1800. So, I did make some progress, you just can't see it!

a first glance back at April

In gathering all my info, it looks like April was a less than stellar month for me overall. In some ways it was awesome (alternative income streams) but my spending was higher than usual because of the trip that I took to NYC. Of course, I knew that it was going to put a damper on things. All things considered, it looks like things are pretty good as that trip was not as devastating as it could have been.

The good thing for the month is that I sat down with my other half and we really looked at finances, etc. and came up with a pretty good plan of attack and a loose idea of where we want to go as far as goals. And that led to the Amsterdam discovery.

There's also been a lot of frustration on the job hunting front. I've discovered that it's hard being a woman with an MBA as I see less qualified people around me getting the jobs I desire. But I am forging ahead. There has to be someone that wants to pay me what I am worth, or at least close to it, in a position that I would enjoy. I just have to find them. On the horizon I have an interview for a Fin Analyst position with JP Morgan Chase. I'm not sure they'll be a good fit for me, but I'm going to feel it out anyway.

Debt roundup #2

March was the first month of tracking spending. But it was a bad month for that as I had out of town visitors 2 weekends out of the month, which really threw a wrench in the whole budget thing.

Debt totals, March 31:

• Car loan = $12,856.82
• Student loans = $154,202.03
• Credit cards = $29,317.62

Total debt = $196,376.47

So, it's not completely bad as some progress was made, just not what I had hoped for. April should be better as

1. there are no scheduled out of town guests
2. I have put a once-a-week limit on dining out
3. I have 2 restuarant gift gards from MyPoints, so I will only be paying for dining out 2 times this month
4. I have some WalMart gift cards from MyPoints that I will use for groceries. It's only $20, but it's something.
5. I'm focused on alternative streams of income like eBay and Associated Content
6. I'm looking for a higher paying job, but going to wrork overtime until I can find one
7. I'm going to try to use food in the pantry before going to the grocery store

I'm contemplating stopping paying on my car loan for the time being - since they don't like when you pay more than the payment they have my next due date as July. I'm thinking of doing this because the interest rate is 10% and I have a credit card that Chase just recently raised to 29.99%, so I'm thinking I could put the money towards it until July. I'm hesitant though because it would not be enough to pay off that Chase card so I'm not sure it's worth it. I guess I could figure up the interest charges and see. If anyone knows of a good online calculator for credit card interest calculation please let me know! thanks :)