Credit Card #1: Current balance: $400
It will be paid off in a couple months.. $200 was put in in my account and I was just dreaming of new shoes, Starbucks, and bath bombs from Lush but I got home and the first thing I did was put that straight to the card. Can't have that money sitting in my account like that...I would just spend it.. foor reealz.
Monday, January 5, 2009
Friday, January 2, 2009
Another New Year
Happy New Year!
I am young, under-mid-twenties single mom of one. I am in debt and I want to get out by the time I'm 30 (hopefully it won't actually take that long - that's more than 5 years).
I have three credit cards and two student loans to pay off.
Credit Card # 1: $600 - currently paying $200 monthly
Credit Card #2: $2,500 - currently paying min. bal. - about $45 monthly
Credit Card #3: $3,200 - currently paying min. bal. - about $104 monthly
I am on interest relief (IR) and only pay $10 per month on each student loan. Since the government is paying my interest on these guys, I can focus on the credit cards first.
Student Loan #1: $2,200
Student Loan #2: $3,400
I'm starting this blog to keep myself in check and on track.
Money Goals for 2009:
Goal 1: Pay off two credit cards.
- Plan: Put $200 towards Credit Card #1 every month no matter what.
- Potential Success: Credit Card #1 will be paid off by March 2009.
- Plan: Put $240 towards Credit Card #2 (starting April 2009) until tax return is received.
Use tax return for remaining debt on Credit Card #2.
- Potential Success: Credit Card #2 will be paid off byJune 2009.
Goal 2: Be as frugal with food as possible.
The most money-consuming habit I have is FOOD. I'm seriously hopeless at cooking and spend at least $50 a month on food and drink outside of groceries. And when I do grocery shop, I spend at least $70 a week. This doesn't even include baby formula, wipes, and diapers (I set aside $100 a month for that).
On food alone, I'm spending more than $300 per month. That's for a 1.5 person household.
- Plan: Create a food budget/calendar thing that works. Maximum I would like to spend on
food per month is $200 (I'm sure we can live on $50 of food per week).
- Potential Success: Monthly money savings and hopefully a new skill?!
Goal 3: Create an Emergency Fund (or keep the one I have LOCKED DOWN!)
I guess I already have one, but it's definitely been dipped into for things that are needed but wouldn't be considered emergency. For instance, I blew $300 on groceries, food, and presents in December. I have $80 left and dented someone's car. I hit but I didn't run. I now have to pay her deductible (which I have no idea how much that is going to cost) and my car has a big, nasty dent too. I have not yet gotten an estimate because I know there is no way I can pay it right now anyway.
Also, another thing I've been doing is using the ER fund as Savings and vice versa which brings me to ...
Goal 4: Keep the ER fund and Savings seperate
Truth is, I already got like 3 accounts. One of them is my daughter's. I know I shouldn't, but because her money is not to be touched anyway, I've labelled it ER money. $100 already goes in there monthly..but the pressure of the seasone leaves me with only $80 in there. Emergency only! Emergency only!
Not much goes into the Savings account. Like $20 a month. And I even dipped into that a few months ago!! But it's a lot harder to access than my other accounts so I KNOW I won't be dipping into it this year. Which leads to my final goal ...
Goal 5: NO MATTER WHAT ... DO NOT DIP INTO THE SAVINGS ACCOUNT!
*Sigh*
Cheers to getting kept in check!!
- Mama
I am young, under-mid-twenties single mom of one. I am in debt and I want to get out by the time I'm 30 (hopefully it won't actually take that long - that's more than 5 years).
I have three credit cards and two student loans to pay off.
Credit Card # 1: $600 - currently paying $200 monthly
Credit Card #2: $2,500 - currently paying min. bal. - about $45 monthly
Credit Card #3: $3,200 - currently paying min. bal. - about $104 monthly
I am on interest relief (IR) and only pay $10 per month on each student loan. Since the government is paying my interest on these guys, I can focus on the credit cards first.
Student Loan #1: $2,200
Student Loan #2: $3,400
I'm starting this blog to keep myself in check and on track.
Money Goals for 2009:
Goal 1: Pay off two credit cards.
- Plan: Put $200 towards Credit Card #1 every month no matter what.
- Potential Success: Credit Card #1 will be paid off by March 2009.
- Plan: Put $240 towards Credit Card #2 (starting April 2009) until tax return is received.
Use tax return for remaining debt on Credit Card #2.
- Potential Success: Credit Card #2 will be paid off byJune 2009.
Goal 2: Be as frugal with food as possible.
The most money-consuming habit I have is FOOD. I'm seriously hopeless at cooking and spend at least $50 a month on food and drink outside of groceries. And when I do grocery shop, I spend at least $70 a week. This doesn't even include baby formula, wipes, and diapers (I set aside $100 a month for that).
On food alone, I'm spending more than $300 per month. That's for a 1.5 person household.
- Plan: Create a food budget/calendar thing that works. Maximum I would like to spend on
food per month is $200 (I'm sure we can live on $50 of food per week).
- Potential Success: Monthly money savings and hopefully a new skill?!
Goal 3: Create an Emergency Fund (or keep the one I have LOCKED DOWN!)
I guess I already have one, but it's definitely been dipped into for things that are needed but wouldn't be considered emergency. For instance, I blew $300 on groceries, food, and presents in December. I have $80 left and dented someone's car. I hit but I didn't run. I now have to pay her deductible (which I have no idea how much that is going to cost) and my car has a big, nasty dent too. I have not yet gotten an estimate because I know there is no way I can pay it right now anyway.
Also, another thing I've been doing is using the ER fund as Savings and vice versa which brings me to ...
Goal 4: Keep the ER fund and Savings seperate
Truth is, I already got like 3 accounts. One of them is my daughter's. I know I shouldn't, but because her money is not to be touched anyway, I've labelled it ER money. $100 already goes in there monthly..but the pressure of the seasone leaves me with only $80 in there. Emergency only! Emergency only!
Not much goes into the Savings account. Like $20 a month. And I even dipped into that a few months ago!! But it's a lot harder to access than my other accounts so I KNOW I won't be dipping into it this year. Which leads to my final goal ...
Goal 5: NO MATTER WHAT ... DO NOT DIP INTO THE SAVINGS ACCOUNT!
*Sigh*
Cheers to getting kept in check!!
- Mama
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