1. cc debt (3256)
2. personal savings (325)
3. House emergency savings (2900/ 5000)
4. mortgage (40,136/25,000)
The next two months our emergency fund is going to get tapped to assist with higher than expected oil bill. Don't expect to make much progress here until
cash flow improves after oil and taxes get paid in July. Got an estimate on oil bill so I can see what the gap is between what we saved and owe. We'll be ok. Seriously, every year things are a little tight around this time of year and we plan and we save to make the next year better. And the weather is gorgeous and I have some vacation time to relax at the end of July. I couldn't pick a better time to stress out about this winter's oil bill. We are very lucky.
My job is offering long term disability for the first time and HR says this may be the only time to sign up. They are likely to continue carrying it for people who sign up this year, but not offer it again. Must sign up for both short and long term. Currently have short term and will likely stick with that because the expense, even pretax, relative to potenial benefit not worth it. Better off agressively saving, I think. Long term disability is something I would like to consider if husband's job ever offers it.
New wrinkle that I hadn't anticipated this year is medical expenses. Husband had major dental expense that we planned for through our pre tax medical account this spring, but neglected to plan for the other regular expenses (co-pays mostly) for the rest of the year. I've got to look more closely at this. Husband has more ongoing medical expenses (drugs, doctor visits, etc) than I realized and I haven't even thought about my own. This month alone his expenses have been $300 not covered my insurance.
Made a big dent in credit card debt this month, in part because I shifted a good chunk of change from my personal savings to pay off new debt.
I have $2500 in old cc debt at a 12 month low (1.99) interest rate and new- this- year- debt on a department store card ($457 @ 22.9) and another card ($firstname.lastname@example.org).
I'm paying off my old debt by cutting back on my retirement contributions and as soon I pay it off I will resume maxing out my retirement funds.
Reviewed costs this morning of paying off smaller, newer, more costly debts sooner with money I was using to pay off old debt and came to the conclusion that this would only might make sense if I could be sure I wouldn't incur new debt. Based on the past 6 months, I'm not sure I can. Plus I tend to have irregular big expenses and I have budgeted monthly for some $ for new expenses on other two cards every month but maybe not enough.
I budget $100/month for department store card in part because I work there, shopping is convenient and I have access to amazing deals coupled with my employee discounts, and employee $s off coupons. This is a tricky part of budgeting/spending for me because spending here falls into both necessity and optional and the spending opportunities are plentiful. I am here every day and there are always good deals in one department or another. This is a big chunk of my personal and household spending for gifts, personal items, household items, furniture and clothing. After 8 years I have cut way back on most of my spending here as my house is now set up and we both have basic wardrobes. I know if my card isn't paid in full each month, then some of my best deals are not the very best deals I can get. In order to take advantage of the best deals on what we need or want, I need to either figure out a way to have either the cash available pay off the balance or figure in the interest cost when figuring out the deal. Ideally, I'd make a payment as soon as I purchased something to take full advantage of discount and avoid a bill. For now, I'm willing to live with balance as I had an unusual opportunity to buy something we need and will use for the long term. Until this is paid off, I'm not buying much else with the card.
The $292 remaining on the last card is a pain, but I'm going to pay just a little more than minimums and keep it on the back burner for a couple of months.
I want to keep what I have in savings and take care of the other stuff for another 6-8 weeks.