That is my plan at least. To be completely 100% debt free in 72 months. Starting in October 2007. That seems far off, but with over $68K in debt, that is about $10K a year just to pay on debt! Wow! I know I can do it!
Archive for September, 2007
I've checked with our credit union on a lease buyout to purchase the van. It would be a 72 month loan at 7.49% I've also checked with the bank that we hold the lease with...they will get back with me tomorrow. I'm really hoping that one of these institutions will come through. At the credit union our payment would only go up $30 a month. Which we can handle. So that would be great to know that we own the van and can drive it until it dies!
Dh got paid 1320.40
Paid other half of rent $400-$37.00= $363
Cell phone = 51.54
Will wait to pay van payment until later in the month to see if this loan thing works out. Otherwise that is $435 that I can throw into savings for a payment in the future or throw it onto a credit card.
It's been Spirit Week this week at my kindergarteners' school! Tomorrow is wear your favorite team shirt! Go Purdue!
UGH- KBB lists the value of our van at 16,900.00 We owe 26000.00
I'm going to call our Credit Union tomorrow and see what they'll do regarding a lease buyout. But I'm not hopeful. Ahhh, tomorrow...
Ok- so the ONE terribly horribly wrong decision that I *we* make, was the decision to lease a mini van. So, now I'm trying to figure out how best to purchase the darn thing and mark it up to a lesson learned. So anyway, we are currently leasing the Honda minivan with a payment of 435.00 a month. OUCH! So, anyway...I call to get the payoff today to figure out about financing....payoff is...*drum roll please* $26,657.10. Talk about OUCH! So, I am trying out how to finance that much money on a stupid car. Dumb, dumb, I know. Believe me we will NEVER ever do this ever again. We are going to drive this car until it dies and then buy something USED!
So, anyway...any suggestions? We don't own a home to get an equity loan and car loans right now are at the 7.20% I have this amount available on my CC's to possibly put on there, but the interest rate is at 10%. I'm sure I could ask to lower it..as we've always been on time, and have a great record with them. So, help me out!
Toyota-Adam 7.20% $10,976.01
Honda-Amber *lease* $27,150.00
Sallie Mae Credit Card 0.00% $6,882.00
Sallie Mae-Adam 8.00% $18,206.08
Sallie Mae-Amber 3.37% $1,574.59
Barb and Dave 0.00% $2,700.00
Bank of America CC 10.48% $959.47
Discover 10.24% $359.31
This is my debt balance! Whew! Where to begin.
We cleaned out our piggy banks- I deposited $20 into each kids ING account. Left over was $113.36. $50 was sent to the Discover. And another $40 was sent to the EF.
I'm leaving some in the checking account as a cushion for gas and unforeseen groceries.
Dh has class tomorrow night and then Wednesday a pressure washing job which will hopefully bring in around $40. He will take $10 for himself.
I'd like to take that $40 and apply it to the Discover card...I'd like that to be paid off by the end of the month.
Ah...my goals. I WILL reach them one day!
I've been through all of my bills and paid everyone for September! Woooohoooo! That is fantastic! I have also paid some bills for October.
Bills for October
Rent - $800.00 pd half already -$400
Cell Phone $52.00
Van payment- $435.00
Sallie Mae-A- $55.00 - PAID
BOA-CC - $100.00
Discover - $100.00
Sallie Mae CC- $100.00
Truck Payment - $100.00
Car Insurance- $135.00
Sallie Mae-A- $200.00
Life Insurance- $64.00-PAID
These are the fixed bills, groceries and gas will also fit in there somewhere. I am trying to get my DH to not take so many handyman jobs as I've decided I'd rather be in debt a little while longer than lose my sanity and my marriage. I hope he sees it the same way I do.
Balance on CC's as of 9/7/07
That does count what I just paid in for the month of September. Looks like it's going well. DH isn't expecting a bonus check next month so with his checks the rest of this month I am hoping to pay all of October's bills or at least get a BIG jump on them.
I've also decided that I HAVE to start contributing to our IRA's and my children's 529 plans. I will put $50 a month into each of our IRA's and $25 into each child's 529 plan and $25 into their savings accts- (they do not know they have , nor will they and they will be used for college expenses).
All in all, everything looks like it's on the up and up. DH is in Indiana this evening for his grandmother's funeral, will be home tomorrow evening late. I'm thinking the kids and I should go to a park tomorrow. I've got laundry to do and I will wait to do it tomorrow so I can hang it to dry and save money!
Uneventful evening, and for that I am thankful.
My Dh's grandmother passed away today. That means he'll be flying to IN for a 2-3 day stay. Meaning eating out and any other misc expenses my DH might be tempted to purchase. Not a good thing on our bottom line this week. I know death is not something that can be controlled and I certainly did not want his grandmother to suffer any longer.
Went to the grocery store this evening and spent 53.00. Not too bad. For 5 people that will last us the rest of Sept with my meal planning, other than the cost of buying milk.
I'm able to do much more organizing with my oldest in Kindergarten.
MBNA CC- goal balance will be 6000 by end of Sept. Current balance= 6882.50 @ 0% interest.
BOA-CC goal balance will be 1000 by end of Sept. Current balance =1459.47 @ 15% interest.
I need to do some research into the BOA CC and find out exactly why the interest rate is so high. We have a good credit score, so I'm thinking it should be somewhere in the 5-9% range.
With the husband gone for the next couple of days, I'll be able to go into the storage we have in our attic and pull out some things that I think we can sell.
I should also check my balance at a children's consignment store and see if I can have them cut me a check- I will apply that toward the BOA-cc.
My DH and I argue about money vs. time quite a bit of the time. He works his full time job and then does handyman side jobs on the side. Like 6 days of the week. I would like him to be at home to help me with the kids, or just plain be active in their lives. At what point is getting out of debt worth it? Don't get me wrong, I would love to be 100% out of debt, but it's not going to happen overnight, nor probably within the next few years. I want him to be present in their lives and heck MINE too. I married him to have a relationship with him-FOREVER. But being with my children for 6 days a week straight isn't good for my sanity level. Anyone else dealing with these kind of issues? I'm almost ready to tell him to quit the side jobs completely, but they're helping us not put things on the CC's. UGH...what to do?
1-This month I would like to not be in the red at the end of the week in our checking account.
2-I would like to start putting money into our IRA's and the kids 529 plans again.
5-Pay off CC totaling $1400