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Posts tagged with: auto loan

Small Goals Met – Emergency Fund, Credit Repair and more

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Just dropping in to share some exciting news…I’ve met one of my small financial goals on my road to getting back on my feet.  I now have $1,000 socked away in an emergency fund.  Woohoo!

With that goal met, my next goal is to clear up my credit a bit.  When I originally met with the mortgage company a few years ago regarding financing our build, they referred me to someone who came highly recommended.  At the time, I was able to qualify for the amount needed without it, my credit actually wasn’t too bad.  (Not good, but not too bad.) But now…yea, it’s in the pits.

Since I am able to pay my bills on time again and have relatively steady although fluctuating income, I decided it was time to get that going.  So I met with the company this past weekend, put down the non-refundable $400 deposit and now just have to wait.  Their work typically takes 2 months but can take up to 4 months.  So we will see.

Last small update…I am just a little over a month from having my ex-husband’s car paid off.  Sticking to him paying these last 2 payments.  I am looking forward to transferring the title and being rid of this last legal financial tie (excluding our kids but that is not at all the same thing.)

I haven’t forgotten about getting a real numbers update to you.  I will, I promise.  Thanks for your patience with me.

But I do have a question for you…have you ever used a credit repair service?  Experience?


Shauna’s Debt Introduction

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Note: This is an introduction from Shauna about her current debt situation in hopes of being the next blogger at BAD. Feel free to ask her any questions and leave comments about her situation. More information is available about the new blogger position here

Hello, my name is Shauna and like many of you I am trying to balance paying off debt, saving for my children’s education, saving for retirement and just paying everyday bills. I’m 36 recently married with two kids and about $70k in debt all my own. While I look at that number and think “How did I get that far into debt? I’m a smart person who doesn’t live an extravagant life” the reality is I know full well many of the choices I’ve made that have gotten me to this point.

The short version of this story is that when I first lived on my own I got a credit card, took out more student loans than I needed to pay for college and lived beyond my means. I married young to someone who lived even further beyond his means, since he made more money than I did I didn’t question it. Add a move out of state, a surprise divorce and loss of my job due to a company bankruptcy and as you’d imagine my finances didn’t fare so well. While trying to get myself back on my feet in an almost non-existent job market and during a custody battle I went back to college, sinking further into debt. Of course all the while with the idea that one day I’d be able to fully tackle it all when I did land a job again. Here I am five years after I did get that job I was hoping to land, even further into debt than I was before.

When I got married for a second time a year and a half ago my husband’s finances were in much better shape than mine. He made all the right decisions with his money along the way having a house, truck, motorcycle, etc. all paid in full; a sizable retirement account and a decent savings account. Mostly due to my embarrassment and partially due to guilt for amassing so much debt I have not wanted to put any of the burden of this debt on my husband. While he’s aware in general of my sizable debt, it’s not something we talk about. Right now we each handle our own expenses for the most part. Since the house is paid off the arrangement is that I pay for all the groceries and household supplies and he pays for the utilities (Natural gas, Electric and Cable) and the taxes. I’m responsible for all of my debt payments, my daughter’s expenses and my other bills for things like car insurance, cell phone, etc. We have some shared daycare expenses with our new son. As time goes on I see us sharing more expenses, like when we do find a new home to buy together.

While this is not the beginning of my debt journey, I’ve finally reached the point where I have the time and energy to face my debt head on. I’ve been trying to pay my debt down for years now, but it seems to keep growing slowly each year. As I look at how much money each month I have to put towards debt, and dream of much better things I could be doing with all that money I’ve reached the point where I don’t want this debt to run my life anymore.

I hope that by putting all the numbers out for everyone to see not only will I feel more accountable for my actions, I will also get a better idea of how I’m sabotaging myself. I’m hoping to be able to laugh together about my mistakes and look for advice on the best ways to get my debt paid off. I’m opening to trying almost anything to get this tackled as soon as possible.

Where I stand now:

  • $4,666 in credit card debt
  • $14,101 in auto loan debt
  • $58,698 in various Student Loans (Currently on a graduated repayment plan so I can afford to pay them each month) At this rate I’d be paying for my student loans up until I meet retirement age. Yikes!

Currently I’m making monthly payments of $250 to my credit card; $525 towards my auto loan and $370 towards my student loans. I often “budget” to pay more toward my credit card, but often I don’t pay more or end up putting more on my card so it ends up being a wash each month.

First things first I’m going to have to take an honest look at what I spent last year ($1,400 at Amazon.com alone last year to my credit card) and create a realistic budget and debt repayment plan from there. I’m looking forward to any questions, comments and suggestions.


Debt Update…

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Drum roll please…

We paid off… $3,500 this month!!!!!!!!

We paid the money remaining in savings and had some extra from December being a 3 paycheck month and knocked out a nice sized chunk!

Here are the new numbers:

My Debt
Original Debt: $38,495.86
Added Debt: $1,781.50
Total Debt: $40,277.36
Paid: $36,084.36
Remaining: $4,193.00

Broken Down
Auto Loan 1: $0.00
Credit Card: $0.00
Student Loan: $4,193.00
Auto Loan 2: $0.00
Vet Loan: $0.00

Tick tick tick. Counting down!


Debt Update… Kinda

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Why the ‘kinda’? Well, hubby has a large side job he hasn’t been paid for yet and I have to guesstimate where we are. I haven’t been working much in the last few months and, without his extra work, I would have blown through all our cash a long time ago. Here we ‘kinda’ are:

My Debt
Original Debt: $38,495.86
Added Debt: $1,781.50
Total Debt: $40,277.36
Paid: $32,498.36
Remaining: $7,779.00
Cash Savings: $2,500.00

Broken Down
Auto Loan 1: $0.00
Credit Card: $0.00
Student Loan: $7,779.00
Auto Loan 2: $0.00
Vet Loan: $0.00

*Reminder, Cash Savings is in addition to our emergency fund. When things settle next month, the $2,500 will be applied to the student loan.


Late Debt Update…

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Sorry for the tardy update. We’re still shuffling cash around and it’s hard to pinpoint the status. Here is the latest (I think!):

My Debt
Original Debt: $38,495.86
Added Debt: $1,781.50
Total Debt: $40,277.36
Paid: $32,415.36
Remaining: $7,862.00
Cash Savings: $4,500.00

Broken Down
Auto Loan 1: $0.00
Credit Card: $0.00
Student Loan: $7,862.00
Auto Loan 2: $0.00
Vet Loan: $0.00

Hubby has been working a lot of odd jobs lately and we haven’t had to use as much out of savings as we thought. Yay!


Debt Update…

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Well, I thought last month would be our last positive cash flow into savings month but we eeked out one more thanks to the ‘extra’ paycheck in the 5 week month of July. We’re up about $1,300.

My Debt
Original Debt: $38,495.86
Added Debt: $1,781.50
Total Debt: $40,277.36
Paid: $32,242.45
Remaining: $8,034.91
Cash Savings: $6,590.00

Broken Down
Auto Loan 1: $0.00
Credit Card: $0.00
Student Loan: $8,034.91
Auto Loan 2: $0.00
Vet Loan: $0.00

*As a reminder, cash savings is in preparation for costs of time missed from work and from any hospital fees. All remaining funds will be applied to debt.
**Cash savings is in addition to our emergency fund.


Debt Update…

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Sigh.

Yup. I’m starting this debt update with a sigh.

We had hoped to add more money than we did to savings this month but it just wasn’t possible.

Between school expenses, baby room paint and curtains, a few medical bills, and random ‘gotcha’ items, we had to pull $600 out of savings. The good news? We still ended up $200 ahead. Sure, the month could have been awesome without the unexpected bills, but at least we didn’t end in the red!

My Debt
Original Debt: $38,495.86
Added Debt: $1,781.50
Total Debt: $40,277.36
Paid: $32,173.18
Remaining: $8,104.18
Cash Savings: $5,300.00

Broken Down
Auto Loan 1: $0.00
Credit Card: $0.00
Student Loan: $8,104.18
Auto Loan 2: $0.00
Vet Loan: $0.00

*As a reminder, cash savings is in preparation for costs of time missed from work and from any hospital fees. All remaining funds will be applied to debt.

**Cash savings is in addition to our emergency fund.


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