Wednesday, November 30, 2011
Credit cards
My credit score is 675 from Experian. That is the credit collecting company that my credit union uses. I also found out an old account left me in debt repayment mode which almost disqualified me from opening a new credit card. They were able to over look it but I immediately called that card which was paid in 2009 and got them to fix the debt repayment note. I got a 2,000 credit limit visa at 13.55% with a four month intro rate of 10.55% and 2% back on balance transfers. Which means I need to complete a balance transfer from my large card ASAP.
Saturday, November 26, 2011
CC Debt Free by 2012
I've changed my mind yet again with respect to my budget. From now until the end of the year I will clear my meager savings to put towards debt and pay down debt at a rate of 60% of my take home income. This puts me on track to be credit card debt free by the end of 2011. Here is my new budget:
Personal finance goals for November:
Stick to weekly budget
Pay off at least 1,000 dollars on the large credit card
In the month of November I put 1,677 dollars towards credit card debt. As such I realized my true goal of being credit card debt free by the close of the year was possible and have thus re-adjusted my budget and December goals.
PF goals for December 2011:
Pay off all credit card debt
I'm keeping it simple. Despite a few medical costs this month I am determined to eradicate my credit card debt completely and keep it off all of 2012!
| Debt | 60.00% |
| Food | 12.00% |
| Wants | 10.00% |
| Auto | 9.00% |
| Medical | 9.00% |
Personal finance goals for November:
In the month of November I put 1,677 dollars towards credit card debt. As such I realized my true goal of being credit card debt free by the close of the year was possible and have thus re-adjusted my budget and December goals.
PF goals for December 2011:
Pay off all credit card debt
I'm keeping it simple. Despite a few medical costs this month I am determined to eradicate my credit card debt completely and keep it off all of 2012!
Wednesday, November 23, 2011
Financial Bucket List
Financial Bucket List:
1. Pay off just over 2,000 dollars of credit card debt in 6 weeks to start 2012 credit debt free!
2. Pay down at least 10,000 dollars of debt in 2012.
3. Be student loan free by age 30.
4. Own a car within 3 years.
5. Build a 5,000 emergency fund within 3 years.
6. Fund Roth IRA at least 2,000 a year starting in 2013 (or earlier).
This post is in response to:
“the $500 Give Me Back My Five Bucks competition, sponsored by Life Insurance Finder, the life insurance experts” Please go and check it out!
1. Pay off just over 2,000 dollars of credit card debt in 6 weeks to start 2012 credit debt free!
2. Pay down at least 10,000 dollars of debt in 2012.
3. Be student loan free by age 30.
4. Own a car within 3 years.
5. Build a 5,000 emergency fund within 3 years.
6. Fund Roth IRA at least 2,000 a year starting in 2013 (or earlier).
This post is in response to:
“the $500 Give Me Back My Five Bucks competition, sponsored by Life Insurance Finder, the life insurance experts” Please go and check it out!
Saturday, November 19, 2011
2012 Budget Revamp
See the below chart.
On the left is my current budget, on the right my goal budget I hope to be following by the end of 2012. This means siphoning money towards debt to savings and transportation costs. I will use 10% of my savings for long term and 10% for short term (travel and events). My transportation costs will go up in 2012 as I hope to get a used Corolla for around 13,000 and would be paying the loan back (which I would classify under transportation rather than debt). A modest increase in food allowance and medical expenses budgets.
The 25% decrease in debt repayment should be achieved by paying down my high interest, low flexibility debt in the first half of 2012 leaving only my government student loans and some personal debt which I can pay back at a slower rate. I plan on ridding myself of credit card debt and my private student loan by July.
On the left is my current budget, on the right my goal budget I hope to be following by the end of 2012. This means siphoning money towards debt to savings and transportation costs. I will use 10% of my savings for long term and 10% for short term (travel and events). My transportation costs will go up in 2012 as I hope to get a used Corolla for around 13,000 and would be paying the loan back (which I would classify under transportation rather than debt). A modest increase in food allowance and medical expenses budgets.
The 25% decrease in debt repayment should be achieved by paying down my high interest, low flexibility debt in the first half of 2012 leaving only my government student loans and some personal debt which I can pay back at a slower rate. I plan on ridding myself of credit card debt and my private student loan by July.
I've been thinking a lot about budgets
| Housing | ||
| Utilities | ||
| Transport | 9.00% | 20.00% |
| Savings | 10.00% | 20.00% |
| Debt Repay | 45.00% | 20.00% |
| Healthcare | 8.00% | 10.00% |
| Food | 14.50% | 15.00% |
| Wants | 13.50% | 15.00% |
| 100.00% | 100.00% |
Tuesday, November 1, 2011
October/November PF Goals
Personal finance goals for October:
Pay off balance of small credit card ACCOMPLISHED
Cancel small credit card to avoid annual fee ACCOMPLISHED
Okay, I actually only canceled the credit card today, but I had to make a return on it so I waited a bit longer. I still consider myself having accomplished my goals for October.
On to November!
Personal finance goals for November:
Stick to weekly budget
Pay off at least 1,000 dollars on the large credit card
I really want to try to get the card paid off before January and start 2012 off debt free, but the balance is 3623 currently so I think giving myself 3.5 months is more reasonable.
Okay, I actually only canceled the credit card today, but I had to make a return on it so I waited a bit longer. I still consider myself having accomplished my goals for October.
On to November!
Personal finance goals for November:
Stick to weekly budget
Pay off at least 1,000 dollars on the large credit card
I really want to try to get the card paid off before January and start 2012 off debt free, but the balance is 3623 currently so I think giving myself 3.5 months is more reasonable.
First Weekly Budget
Here is my budget for this week. Yes, this WEEK. I am going to budget on a weekly basis right now because I get paid weekly and don't have many monthly expenses.
As you can see, certain categories have no percentage allocated to them for now. This is because I am in heavy debt repayment mode. I'm trying to get my last credit card to zero (in 3 months!). Any time I have left over money from the week it goes to debt (except hygiene which rolls over). In case you are wondering about the large percentages to gas in food, keep in mind I'm not making much hourly, but fortunately I am getting off temp status and going to full and it comes with a nice increase in my hourly pay. Expect to see these percentages change!
| Debt | 45.0% |
| Savings | 10.0% |
| Food | 20.0% |
| Gas | 13.0% |
| Medical | 0.0% |
| Category: Fun | 10.0% |
| Entertainment | |
| Dining Out | |
| Treats | |
| Wants | |
| Books | |
| Clothing | 0.0% |
| Auto | 0.0% |
| Bank Charges | 0.0% |
| Hygiene | 2.0% |
| 100.0% |
As you can see, certain categories have no percentage allocated to them for now. This is because I am in heavy debt repayment mode. I'm trying to get my last credit card to zero (in 3 months!). Any time I have left over money from the week it goes to debt (except hygiene which rolls over). In case you are wondering about the large percentages to gas in food, keep in mind I'm not making much hourly, but fortunately I am getting off temp status and going to full and it comes with a nice increase in my hourly pay. Expect to see these percentages change!
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