<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Archive: June, 2019
 

Archive for June, 2019

An extra payment

June 25th, 2019 at 05:03 am

My little brother made a payment yesterday. He's supposed to pay $465/mo, but he doesn't really even stay at the house anymore, so I haven't bothered with it. He paid $750, which I thought was great and set up a payment automatically to the Freedom card. Come to find out, he's charged about $500 to the card, so that pretty much cancels it out. When I took the card back and told him that, he did offer to make another payment Thursday, so we'll see what comes of that.

The first payment should take the card down to $1300, so hopefully he pays enough to get it under a grand. Then I'd definitely just bite the bullet and pay it off in July.

$933.35

June 21st, 2019 at 05:47 am

That's how much was budgeted to credit card payments this month in YNAB. That's not including new card purchases and interest (which are both budgeted for in other categories). In order to pay off the three credit cards that I'd like to, I need to budget $566.47 plus one more credit card that we're just paying the minimums on for now (it varies, but about $175). That's definitely doable. I can't wait to free up that amount.

We have had more money in our bank account since truly getting on board with YNAB than we've had for years. It's close to 2 months expenses when you count sinking funds and the month ahead. I'm actually very tempted to move some money around and at least pay off the interest bearing credit card which is about $1500. That would still leave $7500 in our main account which is about a month and a half of expenses. If I take the life insurance and Christmas sinking funds, that gives me $800 plus the estimated $700 surplus next month, I can get rid of it in July. That's very tempting...

Posted 2 days in a row!

June 19th, 2019 at 10:46 am

I think I had mentioned wanting to try and pay off one of the transfer balances this month. Well, I sent in the payment 2 days ago, so the Chase Slate CC is back to $0. I also set up YNAB goals to keep me on track. Once I have a better idea of the money coming in each month, I should be able to come up with some concrete projections.

Refocusing on finances

June 18th, 2019 at 09:49 am

I finally got a chance to look at my budget spreadsheet and catch up and reprioritize. I've set a number of goals that I am reasonably sure are attainable by the end of the year. I ended up getting a 5% raise which is wonderful considering I was on maternity leave during the review process, so I thought that may influence their decision. Between that and the extra money coming in while DH is deployed, here's what I'd like to accomplish:

Debt Payoff:
1) Chase Freedom CC ($1500) - This was the credit card that my family was all approved users on. While it rarely gets used, there was about a $3k balance that was going down very slowly due to interest. I transferred half to other credit card offers and aim to pay off the remaining balance this year.
2) Chase Marriot CC ($512) - This is our everyday credit card. I'm not paying interest since we're on the float, but I'd like to get it all the way down to $0 and then continue using it for everyday spending.
3) BOA CC ($1100) - This was a 0% transfer for part of the Freedom balance. It expires 2/2020, so I'd like to have it paid off by Dec for peace of mind.
4) UAS Connect Student Loan ($1600) - This was originally a $16000 student loan. It took me a decade, but I can't wait to have it gone. It's one of the lower interest rates, but a $170/monthly payment, so it'll free up a fair amount of cash.

Savings: We're working on 2 savings goals, but I think I'm just going to focus on the first one.
1) SAHD Fund ($4500): Rather than a large 30th birthday Disney extravaganza, DH decided he really wanted to take the 3 months that the military allows before having to return to his civilian job to be a SAHD. This will help us avoid daycare for the first year and give DH some much needed bonding time with our son. On a bare bones budget, we'll need $1500/month on top of my paychecks. I'd ideally like to have $6k, but realistically, I think we're going to be lucky to hit the $4500. There's currently $750 in the account.
2) Car Fund ($???): I had wanted to save $10k to this, but I just don't see that happening. There's currently only $1500 in the account. We will need a second car when DH returns since I gave my old car to my brother (it's a coupe and wouldn't fit a car seat). The original plan was for me to get a used SUV-type vehicle, and I was hoping to pay cash, so we wouldn't have a second car payment. I'm not sure what will happen with this goal. I'd really like to avoid taking on more debt, but it may be unavoidable. If I can get to $5k and can convince my husband, we may be able to buy a bridge beater type car that we know won't last more than a year or 2 while we save more, but I don't know that I want to risk the breakdowns/my son's safety. I could potentially take my car back and just use my husband's for trips involving the baby, but we had planned for him to have the car to commute for childcare when we're both back at work, and he moves back home.

Trying

June 14th, 2019 at 05:06 am

I feel like my life is a series of trying lately. Trying to keep up with housework. Trying to teach my son new skills. Trying to give the pets attention. Trying to adjust back at work. Trying to relax. Trying, trying, trying...

It's a wonderfully difficult adjustment.

Financially, I paid off the Navy Fed loan that I had taken to help my mom several years ago (which I think I had mentioned). I'm also budgeted to pay off a 0% interest balance transfer to one of my credit cards this month. We still have student loans, a car payment, and 5 credit cards with balances (1 is a 0% interest transfer and another doesn't have interest since we're on the float). I'm hoping to have 3 more of those paid off by the end of the year. So far this month, I've been better about eating out. I'm trying to be more conscious of my diet in general, so that somewhat helps to temper the temptation.