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Payday...Again...

June 13th, 2015 at 07:54 pm

Here I am...only writing after payday again. Not much interesting stuff happens financially in between checks, it seems. My budget is set up to be bi-weekly to follow paychecks, so all of my financial activity occurs then.

Paid down another $400 or so of debt, between "outstanding" and current CC" debts. But...got hit with a few bills for taxes to the tune of almost $3k (no unexpected but I wasn't thinking about them too much, unfortunately). Those have been added into what used to be called "older debt", and what is now called "outstanding debt". Now the only money owed out not listed on my sidebar are my student loans. And frankly, since they are on auto-pay and in good standing, I just don't think about them that much, since I have so many bigger fish to fry. When the time comes that I am debt-free and have robust savings, I will think about accelerating, but the balance is less than $8k at this point. 401k is up another $230 or so, broke the $1k mark!

Had another long talk with my mom about her paying off the car and the approach we are going to take. I asked if she would consider paying half of the amount she offered ($22k) to the car, and the other half to the "outstanding" category. I think by negotiating with some of those creditors, I could get the balance down a decent amount. I would then re-finance the car, for a much lower payment and (hopefully) lower interest rate, since it'll have a much lower balance and no longer be underwater. I decided to hold off on the idea of trading my car in for the one I want...and will then direct all the funds allocated for debt repayment to the moving fund. She seemed amenable to the idea, since it doesn't cost her any differently than her initial offer and still goes towards paying down debt, but we are still in a holding pattern as we are waiting for the closing on her refinance. Fingers crossed that comes soon. Got the appraisal back, so I think it's moving, albeit slowly.

Found another two bank account offers I plan to go after, one for $200 (Nationwide), and one for $150 (M&T). That'll take me to $650 in bank account offers in a fairly short amount of time. The first account opened (Key Bank) should get its first direct deposit next pay period, and then I'll be able to change it back or to a new account (since it takes a pay period to go into effect, only need that one to deposit twice, no fees to maintain a free account here). Once I know what's happening with the different debt categories and have a better idea of when I can expect these bonuses, I'll decide exactly where they'll be allocated. Either debt repayment or savings for moving - these are the main goals right now.

That's about it financially. On the moving front, spent an evening in the neighborhood I want to move in, and it's gotten me very excited - lit a fire under my a**, so to speak. Obviously, the expense of rent skews my budget a bit, but there are several other ways that moving saves me money - commuting, different gym, time savings, etc. It's really what I want, and I think it'll be great, so I am more motivated than I have been in a while to get this moving. No pun intended Smile

5 Responses to “Payday...Again...”

  1. scottish girl Says:

    $400 to debt. Great!

  2. VS_ozgirl Says:

    Getting your mom to put some of the car money towards debt and then you refinancing the balance on a lower rate is a really wonderful idea Smile

  3. FrugalTexan75 Says:

    Have you applied for Nationwide already? I still haven't heard from them and it's been at least a week since I applied for an account.

  4. Jane Says:

    It's great that you are paying off debt and have goals! Those interest rates you list are killer though. Have you considered doing a debt purge (like a debt diet) for at least a month or two this summer? No eating out, minimal entertainment spending (maybe coffee with friends), cancel the current gym membership early and exercise outside or at home, sell things in the back of your closet you don't use, etc. If you have a side job to make extra money, spend your lost entertainment time there (babysitting, overtime, etc). Depending on what your budget looks like now, you might be able to knock off at least your 1-2 highest rate credit cards, which is basically investing for your future self at a 20+% rate of return. Just something to think about

  5. LizfromtheBronx Says:

    Laura, I haven't applied yet. If they take that long, I guess I better apply tomorrow, so I hopefully hear back before the expiration date of that promo! Trying to space it out so my direct deposit isn't TOO too wonky. I'll let you know what happens Smile
    Jane, my "extras" budget is cut about as lean as I am willing to go...the interest rates are a killer, but I'll get there. Slowly but surely. The entire picture will hopefully be changing dramatically in a few months.

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