PF Under 30

Paying off debt and finding my financial lifestyle

Archive for category CC Debt Progress

2009 Resolutions Results – I’m worth a Mil!

Jan 29

Posted by kiki in CC Debt Progress, Insurance | No Comments

In late breaking news, I got notice the other day that my application for additional life insurance thru work was approved. So now, I’m officially worth a million (if I croak, of course), and can cross off #4 on my 2009 New Years Resolutions. (A little late I know, but it’s not too far from New Years Eve!)

Here’s how I did last year:

  1. Pay off car ($3,978) DONE!
  2. Pay off Citibank and close ($8,880) DONE!
  3. Pay off Advanta and close ($10,358) FAIL – Still working on – $4100 left
  4. Close Costco Amex Business in February DONE!
  5. 800 Credit Score with all 3 Bureaus FAIL – This one may never happen
  6. $1 million in life insurance DONE!
  7. New house in the Spring DONE!
  8. Start using an accountant for all personal/business tax needs FAIL
  9. Update my trust to current assets/wishes FAIL
  10. Scan all financial info paperless filing system (put into Evernote)FAIL (About 3/4 complete)

Looks like I got a 50% for the year. Not too great if you’re grading me, but the weighted average would look much better, as paying off debts, getting adequate life insurance, and buying a home are much more important than my credit score. An accountant is a “nice to have” but not critical.  The biggest failure is not updating the trust, which could be a huge issue if something were to happen to me (read International crotch bomber incident here).

But paying of $19,116 is nothing to slouch at – especially since I was unemployed for 6 months. There’s no way we would be where we are today if it wasn’t for the extreme amount of debt that we’ve ridden in our lives the past few years.

2010 Goals havent’ been posted yet, but basically include the final chapter of debt in our lives. We’re going to get rid of the remaining debts left, put $30,000 in the bank for an Emergency Fund, and be in the position to start funding our retirement with 15% of our gross income by the end of the year.

Teamwork is an amazing thing!

Getting Angry at Debt

Nov 10

Posted by kiki in CC Debt Progress, Credit and Debt | No Comments

I’m in a weird mood today. It’s a combination of freaking out that we’re not going to pay off the $5998 on the Advanta card by the end of the year, the fact that I just saw the charge at Home Depot my boyfriend put on the CREDIT CARD for $266 yesterday, (He told me after the fact, but it was supposed to be more like $120) and my mom whining at me this morning that her credit card debt is too high for the umteenth time even though she’s not really willing to take any steps to reduce her um “lifestyle expenses”.

SERIOIUSLY PEOPLE!

It doesn’t matter how good you nickel and dime a home improvement project if you’re going to end up paying 17% on that money! Just like it doesn’t matter to my mom if she cuts out $20 per month on cable and telephone expenses if she’s paying 14% on the money she’s already borrowing!

You have to get ANGRY at your debt, magnet it to the FRIDGE, and stare at it everytime you walk by it. Yeah, we can “maintain” the monthly payment, but WHY? It’s kinda like alimony – if you did something stupid in your past do you want to be writing a check for it every month for the rest of your life?? Or do you want to bust your butt to save your nickels only to hand them over to the bank? (interest) Isn’t it bad enough that our federal goverment is already giving them OUR money?

I may be considered un-patriotic for not paying the banks interest just so I can earn 4% cash back on my gas purchases. That is dumb logic - if I’m carrying a balance I would still pay them WAY more then they would pay me.

Last night I sold my old 2G iPhone for $200 and immediately gave the cash to the BF for the impending home improvement projects. CASH people! What a concept???

**This has been a Public Service Announcement for the “Stop Being Stupid with Your Hard Earned Money Coalition”. Thank you for listening.**

The Great Advanta Payoff Trek

Nov 2

Posted by kiki in CC Debt Progress | No Comments

So I’ve been doing “mostly” good this year on my 2009 resolutions, (considering I was unemployed for 6 months) but I’ve got $7998 left on my 0% APR transfer before Advanta kicks my APR up to 16.99% come January 1, 2010. Yeah, seriously.

We just eliminated the $2500 American Express debt that my boyfriend had, which also gave us $26 per month back in minimum payments. Yeah, whooptee, I know. But the Advanta $200 minimum monthly payment would create lots more wiggle room in our monthly budget. Even without adding anything extra, I could take that and add it to the $187 minimum monthly payment we’re currently paying on the boat. But adding extra thanks to getting my FAT paycheck back, and the snowball becomes and AVALANCHE!

I’m getting ahead of myself though. Goal #1 for the rest of this year is to pay off that puppy by New Years Eve. I’ve got a large amount of cash sitting in my checking account right now, but it’s been seriously depleted by the fact that I had to front all of the expenses for a business trip to the east coast last week, as well as making the house, etc payments until I get my first check on November 13th.

But when I do get paid… it will be a really FAT paycheck! This will include 3 weeks of work, plus about $1300 in reimbursable expenses from that business trip. Minus approx $90 for health, dental, and extra life insurance for me and the honey, it should be seriously eye-popping!

So, I’m betting that I can kick this pig by the time the ball drops on Times Square, but I will tap into my $2000 Emergency Fund, if need be, to put me over the top by New Years. Cause 16.99%? Are they CRAZY?

New Years Resolutions Update

Jun 1

Posted by kiki in CC Debt Progress | 1 Comment

It’s not quite half way through the year yet, but I thought I’d update everybody on my progress. Things have been going very well until now (unemployed again, another post altogether), but I am now faced with the reality that MY finances have now become OUR finances, and with our finances, there is quite a bit of catchup to play.

For the current list:

  1. Pay off car ($3,978 to go!) DONE!
  2. Pay off Citibank and close ($8,868 to go!) (Completed Feb 27, closed May 28th)
  3. Pay off Advanta and close ($10,358 to go!) (Now $9000 to go)
  4. Close Costco Amex Business in February Completed Feb 17
  5. 800 Credit Score with all 3 Bureaus (This one may never happen this year)
  6. $1 million in life insurance (I rejected their offer because of the high premium that they foolishly considered me “high risk”. Will re-evaluate soon as time allows.)
  7. New house in the Spring DONE! Closed May 8th!
  8. Start using an accountant for all personal/business tax needs
  9. Update my trust to current assets/wishes
  10. Scan all financial info paperless filing system (put into Evernote) (About 3/4 complete)

Now that “me” has become “we”, we have a few more obsticles we need to overcome. This year’s new debt snowball:

  1. Payoff Advanta card ($9000 to go)
  2. Payoff Boat Loan ($14,048 to go)
  3. Payoff USAA Amex “car loan” ($26,862 to go)

And our necessary contributions:

  1. $3000 HSA Contribution for me
  2. $3000 HSA Contribution for the BF

I would like to make our Roth contributions as well, but the primary goal of this year is debt elimination. It’s a heafty load, but do-able considering both of our average incomes. I’m not expecting a miracle, but I am holding us accountable for this.

Resolutions progress

Mar 10

Posted by kiki in CC Debt Progress | No Comments

Sorry for the extended blogging vacation, but I wanted to post about my financial New Year’s Resolution progress. Got lots of stuff accomplished (especially for it being only March). I think I’m in a good position, but I’ve got a long road ahead of me on the boyfriend’s financial front. Lots of loose ends to tie up, and it’s going to take a good few months to get everything manageable. Here’s for keeping your crap pile small.

Here’s my list:

  1. Pay off car ($3,978 to go!) (Now $1600 to go)
  2. Pay off Citibank and close ($8,868 to go!) (Completed Feb 27, will close after #7)
  3. Pay off Advanta and close ($10,358 to go!) (Now $9600 to go)
  4. Close Costco Amex Business in February Completed Feb 17
  5. 800 Credit Score with all 3 Bureaus (Will come close when payoff from #2 updates.)
  6. $1 million in life insurance (Waiting on approval)
  7. New house in the Spring (Made an offer)
  8. Start using an accountant for all personal/business tax needs
  9. Update my trust to current assets/wishes
  10. Scan all financial info paperless filing system (put into Evernote) (Bought new printer/scanner to make it easier)

Keep on your goals this year. I know the economy has everyone scared, but now is the time to be bullish. Sometimes it may feel like 1 step forward and 2 steps back, but as long as you don’t give up, you will get there.