<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Category: Debt
 

Viewing the 'Debt' Category

Budget for the Year-ish

January 7th, 2017 at 05:43 pm

Getting my budget together. I think this is the first time I've put this on here. LOL. My bar is updated with all my debts that I pay on. My parents do pay on several and I've decided that in the meantime, I will let them keep up with the amounts.

DEBT:
Apartment reno: $10
Timeshare: $85.07
Rewards Card: $160
Navient: $240.73
Car Loan: $360
Nelnet: $102.16

Expenses:
Rent: $931
Water: $61 - Apt utilities
Sewer: $11 - Apt utilities
Trash: $10 - Apt utilities
Common Area Electric: $4 - Apt utilities
Service Fee: $4.68 - Apt utilities
Electricity: $85 (average)
Renters Insurance: $11.41
Motorcycle Insurance: $28.36
Car Insurance: $213.38
Petrol: $180
Groceries: $200
Cellular: $150 (multiple phone lines)
Hulu: $7.99
NetFlix: $15.98
Internet/Cable: $60.00
F.I.T. Radio: $3.99
Entertainment: $50 (consists of movies and books)
Restaurant: $50


Adds up to $3,145.07 for expenses.

My take home is approximately $3,400.00.

I need to get my expenses down to less than $2,000 hopefully by early next year. Those expenses will not count rent, apartment utilities, and electricity.

Now with the 2.6% raise the military received, I should be able to pay down debt with almost an extra $300. But I'm still spending too much on restaurants. I need to get that portion of spending under control. I'm already at my limit for the month on restaurants and it's only the 7th... SMDH...

I've updated my debts and put them from lowest to highest amount left. I'm going to snowball them that way. Although I'm still not paying off the apartment reno because there isn't any interest on it.

My plan when I get my tax refund, is to pay off one of the lower amounts which will be my timeshare. Then I can pay off the maintenance fees (which I'm trying to find out what it is but I'll say it's approximately $1,000) that went with it and sell it off. I doubt I will get any money back on it. But I'll be rid of it once and for all. YAY!

Never will I ever get another timeshare....

I will get the interest rate down on my car loan. I have to wait 6 months at least. But I'll keep working on it until I can get it back down to as close as what I had on the previous vehicle which was 4.5%.

I do know that my budget will be impacted by two things this month. I will be cooking food for a friend because she will be having surgery and I want to make sure that she's good to go. Also I will be going on a field training exercise this month so therefore, the food I buy for the meals should be a wash.

My ultimate goal is to get divorced which will be sometime next year. I need to make sure that I have enough money to pay my bills and expenses when that happens. I want to be able to move forward with my life.

SNAFU: New Vehicle

December 31st, 2016 at 06:25 pm

This is a bit winded.

So on Monday, I bought my new to me vehicle. I absolutely love it! I went from a 2004 Kia Sorento to 2012 Cadillac SRX Premium. This SUV is sweeeeeet! Although anything would be an upgrade.

So this is how everything got messed up......... And why it's taken me several days to write about this because I have been upset but I'm doing a little bit better now. So I'll start at the beginning.

While I was in Korea for a year, I gave my parents some money to get some things and the A/C fixed in my Kia. That cost me about $1k. I got back and noticed that I was still having some issues with it, so I took it to a mechanic for a diagnosis. Clutch, oil valves, and carrier bearing all needed to be replaced, approximately $3k. At this point I only owed $1,200 on the vehicle. I had it for 4.5 years, but only have driven it for 2.5 years. So at that point, I decided that it was time for a new vehicle. Used of course.

So the search began. I got a pre-approval through my bank which was contingent on my trading in my Kia and I found a 2011 Chevy Equinox for $13,600 with 127k miles with a lot of bells and whistles. I had to get it shipped through CarMax and it arrived in early November. I was elated, but the paperwork was not acceptable for my state and it took until Dec 22 for it to come through. While waiting, I had to do another pre-approval because it ran out so another credit hit and the interest possibilities increased.

Well I did test drive it but it needed a new battery and I wanted to test drive it again. Well on the 23rd the vehicle wouldn't start. So I started looking for another vehicle. I found a 2011 and a 2012 Cadillac SRX Premium. I tried to test drive the 2011 but it wouldn't start. So I left to test drive the 2012 at the other dealership.

I ended up liking the 2012 and signed the paperwork for the buy. They didn't take trades (I bought the Caddy through a broker) and sold my vehicle separately. Well by doing that, my bank wouldn't honor the pre-approval check. So I had to do another loan, but this time for the actual amount because now I had the vehicle. Another hit to my credit.

My interest rate ended up being 16.94%! I had no clue as to why it was high. I hadn't opened or closed any accounts. Only the credit inquiries for the past several months were hitting my credit. As far as I knew, my credit was in the 680s!

So I pulled my credit report that night. It dropped from 680 to 617! Why?! Because two of my student loans were bought out by Navient (Sallie Mae). So it shows as a negative on my account now. Two of my oldest accounts is now in the negative section because of HOW the creditor closed it...

I immediately went to another bank and did another auto loan and got it down to 13.8%. Not good but not as bad as 17%...

So now my credit has dropped and hasn't been this low since 2010.

I WILL refinance in a year, but now I need to play clean up with my credit...

I can afford it, but now my plans have changed a bit and I will be reworking my budget. Goals have been delayed but not stopped.

Still Trying to Buy a New Vehicle

December 25th, 2016 at 06:44 pm

So for the past few months I've been trying to purchase a 2012 Chevrolet Equinox LTZ fully loaded except for the rear DVD entertainment for $13,600. There were issues with the paperwork. The DMV wouldn't take the title from the form DMV because their titling laws were different and it took another month to get it fixed. So I've been waiting on this particular vehicle since October.

Well the paperwork came through on Thursday. I had already test driven the vehicle prior but I knew that it needed a new battery. Well when the paperwork came through they replaced the battery that day, and on Friday... it was dead.

So now there may be electrical issues or an alternator wrong with it.

Well at this point I'm no longer wanting to deal with them and I don't really want the vehicle anymore so I started looking again (although I was looking the whole time).

So at this point I have found two vehicles that I like. a 2011 and a 2012 Cadillac SRX Premium Collection. The 2011 is at $16,240 but the internet sale price is $15,741. The 2012 was at $21,998 and now at $17,998.

I can afford these but I do want to negotiate for lower. I know I suck at negotiating but I think that I have time on my side. Meaning it's the last week of the year and the dealers want these cars off their lots so they don't have to pay taxes on them.

Does anyone have any advice for me in the meantime? I am already financed and will be going on Monday to the two different dealerships.

Downsizing My Paycheck

November 24th, 2016 at 06:59 am

I will be downsizing my paycheck in about a years time. My paycheck will be going down to half of what it is when then. So I'm working on getting my complete budget under that amount. What I was counting on was the car loan being paid off and not having a car payment for two years. Unfortunately I have to purchase a new vehicle because the current one needs $2,800 of repairs and I've already put in $1,000.

So the current payment is $200 on the current vehicle. It will go up to about $220, but I plan on making payments of $250. So I need to get rid of approximately $2000. Approximately $1,020 is the rent and water (it may be a bit more than that), electricity is approximately $100, and my parents are paying off two of the bills. So I just need to get rid of $120 more and I can be good to go on living on less.

Good News, Bad News...

May 21st, 2015 at 09:02 pm

Bad News first... One of my credit cards has started an annual fee which is $25. This does NOT make my rate better.... It was just added...

Good news! This same card? My rate DID decrease to 6%. Why? you ask? Because three years ago I submitted paperwork to get my rate lowered (I'm military), and they refused. I last submitted paperwork over a year ago. It's been a three year battle and I had actually given up. They kept telling me one thing they needed then another. So about two months ago, out of the blue, my rate drops....

I was paying $51/monthly on it and now the minimum due has dropped to $25! So I'm not changing my amount that I'm paying them and it'll be paid of at a maximum of three years. But I'm snowballing payments so it'll be paid off sooner than that!

YAY ME!

I also closed my Rooms-to-Go account because I haven't used it in a long time and I'm going overseas again so there isn't a point in me keeping it. It was about to close anyways due to inactivity so I just went on ahead and closed it myself.

So this means that all of my accounts that I had before I joined the military are now 6% or less, or paid off and closed! WHOOHOO!!!

Future Plans!

January 4th, 2015 at 10:26 pm

Well as of the first of this month I am getting ready for the future. I will moving not too long from now and I am in the process of getting the rest of my finances and belongings in order. There will probably be several yard sales and craiglist/ebay listings. And I want to be able to payoff three (3) accounts before I leave so my finances are on "lockdown" lol.

YAY me. :P

Paid Off Another Card!

November 17th, 2014 at 05:57 am

I paid off of my Rooms to Go card! WHOOHOO!!! I'm keeping it open because it gives me credit. They say I have to buy something annually at least that's no problem. $25 lamp here I come! LOL!

I only have two cards left to pay off now. I'm glad about that. I thought I had less on one but I can't them to take off the charges... Frown

I have to re-order the list of debt that I have so that I'm paying it off by which ones are paid off the soonest but I'm still snowballing.

A slow but financially sound progress!

My Student Loans

July 3rd, 2013 at 07:12 pm

Student loans are loathed and not just by me. I have a lot of student loan debt but I am also using the tuition assistance as well in order to offset the usage of more student loans.

But the past damage is done. So I have to pay it off. I won't start paying it off until I pay off my other debt first.

But after looking at the debt and the fact that the other debt will be paid off, I'm looking at about three years of being able to pay it off!

A total of 7 years until I am completely debt free! And that's the MAXIMUM amount of time it would take.

I'm so excited!

The Fast Five

June 29th, 2013 at 05:57 am

I have an app on my phone that lists my debts that are in order from how I entered them to highest interest rate to lowest balance, etc.

It also lists at the top how much I am putting total towards my debt. I have so much debt that if everything that I owed was due this month I wouldn't have enough to cover the minimums...

But fortunately for me most of my debt are student loans.

So I've decided to put in only five accounts. These are the five that I'm currently paying on (basically everything except for the majority of my student loans).

So the five that I have in the list are:

car loan
timeshare
WF student loan
apartment collections
medical collections
Sallie Mae

This app also compares all the different ways I could pay it off and gives me both the amount of total interest that I would pay and the month/year that it would be paid off at.

For instance, if I chose just the minimums then I'd pay $5,143.23 in interest and paid off by Nov 2047. Whereas if I chose highest interest rate first I'd pay $3,786.28 total interest but paid off by Apr 2018.

Right now I'm wanting to do a 5 year debt plan so this latter would actually fit better.

My minimum payments for these debts are $664 and I'm able to put as little as an extra $100 towards them for now and as much as $400.

This isn't including pay raises/promotions or even when I stop paying alimony. I'll adjust it accordingly but those adjustments won't just go directly to my debt payoff plan. They'll also go into my other savings category because I don't want to feel restricted with what I can and cannot do with my money.

My main objective is to pay off my debt within 5 years but to do it so that it's a workable plan. My first promotion will be sometime between August and November so I don't mind the restrictions that I currently have for two to five months. I still have "some" pocket money but I won't be really doing anything for a while.

Right now even looking at my budget, it has several wants that I'm glad that I can budget for such as Christmas and Birthday presents. In the past it's been about a $5 dollar budget for each person (twelve people). I'm ecstatic that I can increase it. Although it'll never go beyond $25 per person (I normally give the couples a gift card so that way they can put it towards whatever they want).

My plan states to pay it off in this order:

car loan
Sallie Mae
timeshare
WF student loan
apartment collections
medical collections

I won't start this until July because I'm still recovering and I just want to set everything up this month. And plus I'm still waiting for the timeshare people to lower my interest rate from 17% to 6%. They have my paperwork but I'm just waiting for it to be applied to my account.

My plan is to put almost $800/month towards debt (including minimums). Which means I'm NOT doing any other money challenges right now. That'll have to come next year at the earliest.

Keep in mind that my goal isn't to pay off the collections. They are at 0% interest and I don't mind giving them a few dollars for the rest of my life which goes directly towards principle.

My idea is that when I've paid off the non-collections, to start chipping away at the rest of my student loans. Maybe I can be completely debt free in four (4) years! Although my goal would be sooner than that!

Budget until Promotion/Pay Raises

June 28th, 2013 at 03:49 am

After inputting things into YNAB this is my budget for next month, although my rent will be a little off because of moving from one apartment to the other. So for now I'll keep that as the original amount:

car loan: $194.31 (I plan to at least put an extra $100 towards this debt to pay it off first)
timeshare: $132.80
WF student loan: $108.52
medical collections: $20
apartment: $10

newspaper: $13.95
cell: $143.58 (parents pay $40 for their portion)
cell insurance: $7.49
Netflix: $10.47
auto insurance: $132.29
rent: $779.00 (roommate pay $200 for her portion)
renter's insurance: $19.83
civilian clothing: $10
groceries: $50
health & beauty: $5
household goods: $10
fuel: $225
military clothing: $10
restaurants: $10
salon & spa: $40
spending money: $10
emergency fund: $73
vehicle maintenance: $10
home maintenance: $10
birthdays: $9
Xmas: $40
timeshare fees: $27
property taxes: $10
electronics/games: $5
genealogy: $5

Although now that I look this over some things will change. I'll be changing things during the next month anyways to flow with how I pay things.

Actually I'll be re-doing my YNAB because it's not setup like I want it so my official starting month will be July. I want to be sure that I'll get off to a new start.

I have several money challenges that I want to start participating in so that I can save money and start really putting money in my retirement. But that won't start until next year (although I'll begin participating in my retirement again this year).

Umm... Another Refi?

June 27th, 2013 at 01:27 am

So I went to a different bank today in order to open a CD with a good APY. So I went to them in person but I need to open a checking account in order to open a CD. After talking to the representative she asked if I had a car loan. I told her that I JUST refinanced with my current bank and got 7.1%.

So I said sure I'll put in a loan application for a auto loan, what can it hurt and it could be to my benefit.

Well as she put that in the system I signed up for my checking account and low and behold I learn that they are doing referrals and I end up getting $25 in my account and one of my friends accounts. YES! Free money, LOVE IT!

So she comes back and gives me a high five (I just rolled with it), I got refinanced for 4.49%!

AWESOME!

She also informs that since I refinanced I get a $250 to my checking account!

That is now $275 of FREE MONEY!

So from my original loan I have now cut my interest more than half the amount and I'm also now paying abut $20 LESS than I use to!

I'm stoked for the rest of the year! HAHAHA!