Possible car, On track with debt

I completed a balance transfer to my new CU card. I got 2% cash back and after the transfer I paid off the remaining credit card debt on the large card. Now, I'm only 1,198.15 dollars in credit card debt. This means I could possibly really be cc debt free by the end of this year. However, I am probably going to post pone it just a month or so to help transition myself into a used Corolla from Hertz used rental cars. I have a test rental starting on Thursday. I would be getting a loan for 14,000 at 5.99% for 5 years. My goal is to pay it back in 2.5 years or less. The car is 13,000 plus tax and fees. I know taking on a huge loan on top of my other debt seems unreasonable, but I really don't want to buy a cheaper car that won't last at long. I imagine a 2010 Corolla would last me at least a GOOD 10 years. Ten comfortable years with working windows and no pieces falling off.

I changed my payment plan for my student loans to graduated. My payments start at 160.44 in March and stay at that rate for 24 payments. I will pay the minimum until my citibank loan is finished and then I will step it up while reserving a 200 dollar payment towards my personal debt. I'm allocating 20% total of my income to debt repayment in 2012. 35% will go towards my car- including payments, insurance, and gasoline costs.

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:

Debt	60.00%
Food	12.00%
Wants	10.00%
Auto	9.00%
Medical	9.00%

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!

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!