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New Numbers for Restart

May 20th, 2011 at 02:04 pm

I wasn't exaggerating when I said that I got off track. I used my credit cards, missed a credit card payment, my student loan payment didn't post, and I overspent. But I'm trying to recover. I am going to work a little extra this weekend to help come up with the LATE FEE I received on my credit card and to hopefully help me pay on my credit cards some more.
So here they are..... WAS/NOW

CC 1 - $773.83/$801.00
CC 2 - $580.76/$587.91
CC 3 - $269.20/$277.00
STUDENT LOAN - $4061.62/$4061.62 (PMT STILL NEEDS TO POST)

CURRENT SAVINGS - $2651.34/$2875.00
RETIREMENT PLAN - $265.75/$334.18
EXTRA ACCOUNT - $13.00

I know its not huge, but when I started this blog I had ZERO in a retirement plan and now I am up to $334.18. Once I get my budget set and working, I can finally up my percentage and save even more. That's my small thing for today. That actually made me feel a little proud.

Posted in Budgeting, Debt, Personal Finance, Saving Money | 3 Comments »

3 Responses to “New Numbers for Restart”

  1. Jerry Says:
    May 20th, 2011 at 02:07 pm 1305900431
    1305900431

    That is the right attitude, when you can see what progress your efforts lead to, and take a measure of pride in them! It may not be all the way to the goal yet, but it is a start, and that is what offers some insurance that it is possible. Nice going! Keep it up...
    Jerry

  2. Ima saver Says:
    May 20th, 2011 at 03:20 pm 1305904852
    1305904852

    Way to go!

  3. skydivingchic Says:
    May 21st, 2011 at 04:13 pm 1305994393
    1305994393

    Why do you have almost $2900 in savings and what I assume is high interest CC debt? Pay off all three CCs immediately - that leaves you with $1209 in savings and no more CC debt.

    I went back through all your posts. I didn't see interest rates posted anywhere, but I used the debt calculator here:
    Text is Debt calculator and Link is http://www.creditcardfinder.com.au/credit-card-calculator
    Debt calculator to run some numbers. I had to make some assumptions, since you haven't posted all the details. I used a 15% rate for all three CCs and a 6% rate for your student loan. When you started this blog 2 months ago you had $1500 in savings, now you have $2875 (good job, BTW). That is an average rate of ~$690 saved per month. That means that it will take you ~4 more months to build up savings to total your outstanding debt. If I read your past posts correctly, this is when you plan on paying off your debts. Using the calculator and assumptions I posted above, I came up with ~$20 of interest charges on the 3 CCs each month. That means if you put off paying your CCs for the next 4 months while building up savings, you will pay $80 extra in interest. Why not just pay them all off now and save that interest? That is $80 extra dollars you could put to the SL to help knock it out faster.

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