$98,971.34 in the hole.

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Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
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Postby Adam » Tue Oct 20, 2009 9:56 am

I think I found an extra $600 this month. Sweet.

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
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Re: Two steps back :(

Postby Adam » Wed Oct 21, 2009 8:38 am

Adam wrote:BOA CC = $6,240
Zales = $4,120.81
Consolidation = $18,992.62
Truck = $11,195.12
Student Loan = $13,648.18

----------------------------------
$54,196.73

Total debt paid: -$1,144.35



BOA CC = $6,240
Zales = $3,220.81
Consolidation = $18,992.62
Truck = $11,195.12
Student Loan = $13,648.18

----------------------------------
$53,296.73

Total debt paid: -$244.35

Sent $900 to the Zales card since my last update. $300 today. I thought I'd have $600 extra, but I have HOA dues. $300 is better than $0 though. I'm close to breaking even from when I started, which sucks, but considering I added $10k to the debt pile in between I guess that's a plus. I'm not exactly in line with my budget this month, but I'm doing a hell of a lot better than normal. From an overall expenditure point of view, I'm ahead, but in 2-3 categories I've overspent a little.

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
Contact:

Re: Two steps back :(

Postby Adam » Fri Nov 20, 2009 7:54 am

Adam wrote:BOA CC = $6,240
Zales = $3,220.81
Consolidation = $18,992.62
Truck = $11,195.12
Student Loan = $13,648.18

----------------------------------
$53,296.73

Total debt paid: -$244.35

.


BOA CC = $6,178.16
Zales = $1,970.43
Consolidation = $18,992.62
Truck = $11,074.93
Student Loan = $13,580.52

----------------------------------
$51,796.66

Total debt paid: $1,500.07

So I'm back in the black again. I'm focusing on the Zales card now, just so I won't have to show my fiance when we combine finances. After that I'm actually thinking about going after the BOA bill, just because I could pay it off faster. Thing is, min payments on that are only $91, whereas the min payments on the consolidation loan go back up to $560 in Feb. I've been listening to Dave Ramsey again and I know he'd say next on the list would be the BOA cc. But following his logic I'd be leaving the Consolidation loan for last, and I just don't see doing that. So right now I'm debating on what to pay next, BOA, or Consolidation. Whichever one I pick I'm going to stick with until it is 0 before I move on.

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dtr
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Postby dtr » Sun Nov 29, 2009 11:04 pm

Adam, just plug the numbers in and see which would save you the most in interest. If stating with the BOA CC saves you more, then go for it. make a decision based on the data. Not on anything else.
DTR

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
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Re: Two steps back :(

Postby Adam » Fri Dec 04, 2009 8:53 am

Adam wrote:BOA CC = $6,178.16
Zales = $1,970.43
Consolidation = $18,992.62
Truck = $11,074.93
Student Loan = $13,580.52

----------------------------------
$51,796.66

Total debt paid: $1,500.07



BOA CC = $6,204.56
Zales = $1,606.31
Consolidation = $18,992.62
Truck = $11,074.93
Student Loan = $13,580.52

----------------------------------
$51,458.94

Total debt paid: $1,593.44

Total debt in the last post is wrong, that's how much I managed to pay in that month, not cumulative. I sent another $400 to zales and incurred some interest on the BOA card. I may be able to pay the balance of the zales with my next paycheck, which will feel nice. :)

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
Contact:

Postby Adam » Fri Dec 04, 2009 8:54 am

dtr wrote:Adam, just plug the numbers in and see which would save you the most in interest. If stating with the BOA CC saves you more, then go for it. make a decision based on the data. Not on anything else.


The consolidation loan is the highest interest by quite a bit (11.75% vs 5.24%), so it makes sense from the mathematical perspective and the emotional.

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
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Postby Adam » Fri Dec 11, 2009 12:41 pm

Today is payday. I set up a bunch of electronic payments to go out, and essentially spent my entire paycheck already. The good news is, Zales is paid off, so that only took 3 months. I've still been considering what to pay next, I was thinking about the credit card again because of everyone having their rates changed. Then I realized that the change wouldn't effect my existing balance anyways.

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
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Re: Two steps back :(

Postby Adam » Sun Dec 13, 2009 5:20 pm

Adam wrote:
BOA CC = $6,204.56
Zales = $1,606.31
Consolidation = $18,992.62
Truck = $11,074.93
Student Loan = $13,580.52

----------------------------------
$51,458.94

Total debt paid: $1,593.44

Total debt in the last post is wrong, that's how much I managed to pay in that month, not cumulative. I sent another $400 to zales and incurred some interest on the BOA card. I may be able to pay the balance of the zales with my next paycheck, which will feel nice. :)


BOA CC = $6,104.56
Zales = $0.00
Consolidation = $18,992.62
Truck = $11,074.93
Student Loan = $13,496.09

----------------------------------
$49,668.20

Total debt paid: $3,384.18

So the ring is finally paid for. Next at bat? Consolidation loan methinks. First I'm going to make sure I take care to get the everyday cc down to 0 after Christmas shopping and plane tickets and whatnot. The first or second week of January I should find out how much of a raise/bonus I'm getting, and I'll also have a good idea of what I'm getting back in taxes (if anything this year). I typically file quickly and get my refund in February.

Also of note, I finally got the total non-mortgage debt under $50k again, so that feels good. I haven't made the truck payment yet, but that will only make a small dent anyways.

alexx_2010
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Joined: Thu Dec 17, 2009 8:33 pm
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Postby alexx_2010 » Thu Dec 17, 2009 9:40 pm

It sounds as though the balance on cc#2 is just the current months expenses but i think not so big as can be paid if you organized your output and input of your income.

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
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Re: $49,530.07 in the hole.

Postby Adam » Mon Mar 29, 2010 8:32 am

Well its been one year, so its time for some introspection.

BOA CC = $5,985.42
Zales = $1,984.91
Consolidation = $17,837.04
Truck = $10,487.86
Student Loan = $13,234.84
----------------------------------
$49,530.07

Total debt paid: $3,522.31

*sigh*

Not exactly where I was hoping to be at this point, but at least its lower? Here is the scary part, if I add up just the months where I made a positive change (as in, did not incur more debt than I paid off), the number is significantly higher than the total debt paid above.

$16,219.82

That is almost enough to completely pay off the consolidation loan :oops:

$16,219.82
-$3,522.31
-------------
$12,697.51

I spent nearly $13,000 on other stuff. Engagement ring, wedding bands, honeymoon, etc... (that's not all of it obviously). I guess the positive thing to take away from that is I didn't go $13k more in debt, I actually PAID for that already and still managed to knock the grand total down another $3500.

Next year I won't be getting married again, so hopefully I can take a much larger chunk out of this pile. Still, I need to bookmark this specific post to keep looking at that number.

$16,219.82

And think about how much that would have helped :( :@

Edit: I wanted to calculate these numbers too
3/2009-3/2010
Consolidation:
$23,355.51
-$17,837.04
--------------
$5,518.47

Student Loan:
$14,352.42
-$13,234.84
---------------
$1,117.58

Truck:
$12,385.97
-$10,487.86
---------------
$1,898.11

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
Contact:

Re: Two steps back :(

Postby Adam » Wed May 05, 2010 12:45 pm

Adam wrote:BOA CC = $5,985.42
Zales = $1,984.91
Consolidation = $17,837.04
Truck = $10,487.86
Student Loan = $13,234.84
----------------------------------
$49,530.07

Total debt paid: $3,522.31


BOA CC = $5,913.32
Zales = $1,906.67
Consolidation = $16,639.04
Truck = $10,322.79
Student Loan = $13,136.49
----------------------------------
$47,918.31

Total debt paid: $5,134.07

I just sent $2100 to my visa card, that hurt. That would have made a pretty nice dent in the consolidation loan, but I'm still making progress on that one.

I've been keeping the running total as the banner on my cellphone so I see it a few times a day to remind myself.

Vile Merchant
Posts: 173
Joined: Tue Dec 04, 2007 3:49 am
Location: Australia
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Re: $49,530.07 in the hole.

Postby Vile Merchant » Sun May 09, 2010 5:17 pm

Hi Adam,

I have the same theory of using an everyday rewards CC for all my expenses. You do realise you don't have to pay it to 'zero' every month, you just need to pay the full closing balance of the statement? Eg/ right now I owe ~3800 on mine but the last statement closed at ~2200 so that's my next payment to avoid interest.

I think a good simple plan is

-Let all your pay checks build up in the bank and earn interest (except for minimum payments you pay as they're due)
-Consider the CC's due date as your 'end of the month'
-Pay the CC's full closing balance when it's due (you've already paid the minumums on the others for the month)

Whatever amount is left minus $1000 is your snowball amount. The $1000 left in the bank is incase you need to overspend on the CC the following month on emergencies or general stupidity.

It makes for very simple accounting, you always leave yourself 1K in the bank, your CC closing balance is always the amount you spent last month allowing you to track your spending and the amount you have left to snowball is the amount of extra progress you've been able to make above the minimums. If you find you don't have any money left to snowball or you don't even have the 1K left in the bank you know you've gone backwards for the month and need to rethink your spending.

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
Contact:

Re: $100,535 in the hole.

Postby Adam » Wed Sep 22, 2010 8:50 am

Well its been a while. I got married. I added her debt and a boat. So now I'm sitting at just about $100,000 (90% of what she added is student loans). I also managed to add another mortgage since she had her own house, but I'm still not going to count those just yet.

So now, with a new household income, a new budget, and a new pile of debt, I figured I'd update this thing.

Current calculations show about 29 months to being debt free.

kombat
Posts: 1978
Joined: Tue Mar 11, 2008 12:19 pm
Location: Ottawa, Canada
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Re: $100,535 in the hole.

Postby kombat » Wed Sep 22, 2010 8:59 am

Congrats on the new marriage! Now that it's official, you might as well include her numbers. How about an update of all assets and liabilities to see where you stand?

I'm sure you've already heard this before, but they say the two happiest days in a boat-owner's life are the day he buys his boat, and the day he sells it. ;)

Adam
Posts: 123
Joined: Tue Feb 10, 2009 10:17 am
Location: SC
Contact:

Re: $100,535 in the hole.

Postby Adam » Wed Sep 22, 2010 9:13 am

kombat wrote:Congrats on the new marriage! Now that it's official, you might as well include her numbers. How about an update of all assets and liabilities to see where you stand?

I'm sure you've already heard this before, but they say the two happiest days in a boat-owner's life are the day he buys his boat, and the day he sells it. ;)


Its true, boats are not cheap, but they sure are fun :) Luckily we went with a well used one we got a pretty good deal on all things considered. The amount of joy it brings was worth the cost in other words.

BOA: $5,561.94
Consolidation: $15,357.78
My Student Loan: $12,695.15
Her Student Loan: $40,866.96*
Truck: $9,726.86*
Car: $9,163.66 *
Boat: $7,123.41
-------------------------------------
$100,495.76


* = Awaiting update on balance.

I updated the thread title number based on the total at the beginning of this month. There are a few things I don't have set up yet online, or I'm waiting on payments to go through on. For example, I think we sent $1,500 to her car but haven't seen the updated balance yet.

So now the snowball is $2000, but we're still working out a budget. Ideally we'd live off my income and her whole income would be the snowball, but we're playing it safe right now. There were a few things that slowed progress since the last update. The honeymoon, a dining room table, plantation shutters in the new house, her dad wrecking my truck, new tires for her car, etc. The good thing is all of that was paid for out of checking, not just slapped on the CC.

We're going to knock out her car by Christmas hopefully, then switch to the consolidation loan and work from there. Everything else being equal, the boat sets us back 1 month I think. Maybe 2.

edit: looking at my last update, I'd be at $43,341.73 not counting her debt or the boat. Add the boat back in and I'm at $50,465.14. One step forward, two steps back.


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