Budget updates

I have managed to stay on budget pretty well for the past pay period.  I ended up needing gas for the car but will just take away what money I would use on my next pay period and try my best to not use it up.  I had to make an unexpected trip to Toronto so that took a large portion of what was in the tank.  I purchased tires for my car but had been saving for them so I only had to use $20.00 from my budget which I will make up next pay period.  I still need to save a bit extra for installation and a rim. 

It's still a few days to pay day yet though.

This is what next pay period looks like:

God's Money	$ 130.00
Car Payment	$362.69
Rental Insurance	$11.42
Car Insurance	$107.33
Gas for Car	$0.00
Groceries	$70.00
Animals	$100.00
Entertainment	$20.00
Bank Fees	$8.95
Student Loan #1	$200.00
Savings/Tires	$100.00
MC	$150.00

Total                 $1260.39
Income              $1131.00
Reimbursment      $149.50
Balance                 $20.11 (makes up for extra $20.00 on my tires)

My current balance on my Student Loan #1 is $645.00.  The plan is to pay it off with the next 2 pays.  Then I will start saving on my emergency fund.

Worrying doesn't do any good

Well I had to put an extra 800.00 on my credit card.  I have no emergency fund and what savings I have are for new tires that I need.  But worrying about it isn't going to do any good.  I will just add it to my total debt and keep on plugging away.  I don't like to wish my life away but it seems I just keep waiting for the next pay day so I can pay more down on my debt.  How did I live in denial for so long?  Well I guess I didn't live in denial I lived in stressed and worry, a lot of it.  I want those days far behind me.  And they will be, I just need to be patient.

Can you offer your advise or opinion, please?

Ok I need some advise.  My current plan is to pay off the remaining balance on one of my student loans ($645) and save up an emergency fund.  I think this is a good idea but the impatient side of me wants to just pay off the other student loan right away since it will only take 2 more months (end of June).  So should I stop paying extra on any debt and save up an emergency fund?  I would like to have $1000 - $2000 saved.  Or should I continue on with the debt?  And is it wise to tackle the other student loan or the credit card first?  I think it just bothers me that I owe so much on that silly CC and I want it gone.  But I want it all gone anyway!

A reminder of my debts: Student Loan $645, Student loan $1180, CC $3750 and one other loan that I am not too concerned about at the moment.  Those 3 debts are my main concern and having an emergency fund. Once the $645 student loan is gone I will have right around $500 a month extra to either save or pay on debt. 

What do you think?

Just some Friday stuff.

So my income tax is done and the verdict was a refund of $739.  I played around with the budget a little more and made a payment of $300.  So that means that the student loan stands at about $645.  At the end of the month I will make a further payment of $160 and I will pay the outstanding amount between my two April pays.  It will be a nice feeling to have another student loan paid off and only one more to go. 

Since I currently do not have an emergency fund there is something that has come up that will need to be put on my credit card.  I don't want to use it but in this case it is necessary and I know that I will be soon working on paying that card off, as well as building up my emergency fund.

It feels nice to have this blog and the accountability it brings.  Having this and a plan and seeing the debt number decreasing already makes the burden feel a bit lighter.  I understand now why Dave Ramsey encourages people to attack there debt with gazelle like intensity.  The faster its gone, the better you feel. 

Starting in April my pay will increase a little.  I had a small payment of $46 coming off my pay but that ended this month and I will also get a small increase in my pay.  My estimates are that it will mean about $30 more a pay which will be put towards the debt repayment.  Every little bit helps. 

Have a great weekend all!
Little Lamb

I broke through the double digits!!!

YAY!!!

Allow me to explain.  I separate my debt into two categories.  One is what I more or less classify as consumer debt (even though it includes my student loans) and the other is my car loan.  Tomorrow is pay day and once I make my debt payments I will owe less than $10 000.00 on my consumer debt!!!  More encouragement to keep me plugging away!

I'm getting closer to not being a slave!!!

Proverbs 22:7 

"The rich rules over the poor, and the borrower is the slave of the lender."

Some quotes I found about debt that I like:

“A man in debt is so far a slave.” - Ralph Waldo Emerson

"Debt is like any other trap, easy enough to get into, but hard enough to get out of." - Henry Wheeler Shaw

"Be assured that it gives much more pain to the mind to be in debt, than to do without any article whatever which we may seem to want." - Thomas Jefferson

It's the little things....and my mid-month budget

So as I have mentioned in my little description I have 3 bunnies and a dog.  I love, love, love my animals but they aren't cheap!  Today I made a routine trip to W-mart after church to pick up bunny veg.  I try to always do this because  the containers of veg I buy are at least $1.00 to $1.50 cheaper  per container there than other stores.  This store is in the next town over so I don't go there unless I am already in town for other reasons.  I picked up five containers and when she scanned the containers the price came up at $2.97 instead of the regular $3.97!  YAY!!!  That saved me $5.00 on veg!!!

A beautiful painting of my boys that I received as a gift. 






Here's what my budget looks like for mid-month
pay:

God's Money   $ 115.00 Student Loan #2 $50.00 Student Loan #1 $275.00 Union Gas $71.00 Hydro $66.27 Cell Phone $93.15 Satellite $50.00 Internet $34.60 Animals $90.00 Gas for Car $60.00 Groceries $95.00 Entertainment $25.00 Savings for Tires $100.00
Income     $1131.00
Expenses  $1125.02
Balance          $5.98
Little Lamb

The Plan to get Debt Free

So I do have a plan to get rid of this burden of debt.  And as far as March goes this is what my plan includes

Student Loan #1 at $1685.00 
March Payments   $400.00 
Income tax refund $700.00 (rough estimate)
This will leave a balance of $585.00 - YAY!!!

Regular Payments on the other debt for March.

Once this student loan is gone my plan is to stop paying extra on the debt in order to save an emergency fund.  The only reason I am not doing this to start with is because I think I will feel so much better to get rid of one more debt.  Another student loan will be gone!!!  I think this will just get me all the more motivated to continue on full speed ahead.

The next thing I will tackle is the other student loan.  I know some people think you should pay off the highest interest loans first but I like Dave Ramsey's snowball plan where you pay off the smallest debt to the largest debt to keep you motivated.  The next to go is the credit card. UGH!  The credit card.....  can't wait for that to be gone!  I'm not too concerned with the misc loan at this point because the interest rate is very, very low.  After all that is done I will work on the car loan and then be DEBT FREE!!! 

A Journey with my Dollars and Sense (or lack there of)

Here goes... my very first attempt at a blog.  I've been reading a few personal finance blogs regularly for a few years but never thought I would have my own.  After reading many more personal finances journeys and having a determination to become debt free and attain financial freedom I decided I liked the idea.  I like the idea of the accountability of actual putting my numbers out there.  I also think the PF community out there is a great resource.

Here is a bit of my story...  I'm in my early 30's and have pretty much been a financial mess for years.  I have never saved money.  As soon as I got my first pay when I started working at 13 until recent years I spent what I had almost immediately.  I got my first credit card when I was about 18 and have had debt since then.  Like most I thought it was normal.  I'm so happy to be learning a new normal!

I have been trying to pay off my debt for a few years now.  I do well and then fall off the wagon, time and time again.  In that time I have paid off 2 student loans, my credit card a few times and other miscellaneous loans.  I really have no idea the amount.  I had a very poor tracking system and at times didn't even want to face the numbers so refused to put them in print.  I currently have 2 more student loans to pay off, a credit card, a misc loan and a car loan.  The task feels daunting but at the same time I am determined to make being debt free a reality!

My numbers:

Student loan #1 - $1685.00 
Student loan #2 - $1220.00
Credit Card - $3745.00
Misc Loan - $3500.00
Car Loan - $12 000.00 (rough estimate at time of posting)

Total Debt - $ 22 150.00

So there it is.  UGH!!!  Join me on my journey?  Help me along?  I can use all the support I can get!!!

Thanks for reading!!!

Little Lamb

PS - please forgive my "work in progress" blog.  I'm a total newbie and don't know anything about all of this!