Humbling and very motivating. Keep up the good work Roxanne. Your husband is a blessed man!
TY Chad…. I know we have a LOT of credit card debt and last February I made a chart…. Across the top i put the months of the year and then down the side i made lines across and each card had its own. During each month when i would get my statement, i’d mark my balance, if it went up or down…. my min. payment due and what % of the cards credit balance I had used. At the bottom, of each month- i calculated total credit debt…. and how much it went up or down and my % of credit to debt ratio. I feel that helped me take a glance and see how i’ve improved and seen these months were i was only able to may the min. payments and saw how that didn’t really help us financially in the long run. I was surprised when i looked yesterday and saw we paid $2100 in a year. I think that’s pretty good. Specially since money was tight with us moving and then we had that nasty $3000 fine.
Hopefully this year will be a bigger payoff:) At least that’s my plan!!! I’ll be sure to post updates every few months to let ya know how it’s going…. It’s funny how paying off my debt gets me all excited…
Also it helps that i’m not a shopaholic.. I’m a big coupon nut and use coupons BIG time when i go food shopping. I generally save between $15-30 a shopping trip (our stores don’t double). And i do mail in rebates if i can find them AND do surveys online for extra cash or gift cards. That used to be my spending money but now i’m going to put that towards my CC debt as well:)
I’m all psyched!!!
Thought I’d post an update…. I sat down and reworked our budget.. My husband is deployed so i’m trying to put that extra money to good use…
Talked to my sweetie for an hour today:) He brought up the topic of having to get another car when he comes home. As a little bit of backround on our fiancial situation(i’ve come to terms of it so i’m not ashamed! LOL And i’m proud to say that I’ve been working at it for some time now 🙂 Anyways we owe $9390 on our Jeep and we have $13622 in CC Debt!!! This time Last year we had $15762 so i’ve paid it down by $2140 which is good for military pay and then last summer we had a $3000 fine to pay on. Our minimum payments ALONE are $400. And i’ve been trying to pay extra. Luckily sears lucked out and we got the interest credited back and we have no balance on that card and I took $200 from my savings and paid off a dinky $200 card we had. We have a 75% credit to debt ratio which is good. Our highest point last year was 103%! so i’m proud of myself.
Marc knows that I’ve been paying extra on our cards while at the same time putting $$ in savings with his extra money that he is getting for deployment. He asked me to pay as much off on CC’s and the Jeep even if it means not having as much in savings. So he went ot watch a movie to unwind and I went to work on the budget. I came back with if we pay $960 a month on CC’s (min. would be $400). That would knock out $9600 over 10 months (the roughly amount of time he has left in Iraq). That would leave us with about a $4000 CC balance. If i paid $600 a month on the Jeep (our scheduled payment is $325). It’d knock off $6000 off making our balance about $3300. That does NOT include the $900 we’re getting back in taxes or the rent we’d get from our rental in KY. When searching for cash advance I found this website I had heard about before – ElcLoans.com offering payday loans no credit check online. Has anyone have any experience with these guys?
So i emailed that to marc- also stating that I want to put $100 into my IRA a month and any extra survey money will go towards the CC debt… He said to pay more off on the cards than on the jeep…. So I went back LOL and I think I can just about pay off the CC’s…. maybe have a $1000-2000 balance… while paying an extra $100 a month on the Jeep and putting $150 a paycheck into savings (get paid twice a month).
So that’s my plan….. I just did my checkbook for marcs Feb 1 paycheck and its looking good so far:)