I have struggled with this next plan. I know focusing on my kids expenses flies in the face of all the personal finance recommendations. But I have to go with my priorities and thinking of my long term plan.
Several recommended after the computers were paid off that I tackle the credit card. Here’s why I’m not doing that…I roll the credit card every month. To me, this means, I am paying it off every month and then reusing it. It’s never paid off at one time, but I am paying no to very little interest because I pay so much toward it and then reuse it. Does that make sense? This puts it at a lower priority to me.
With that being said, the debt that is weighing on me is twofold: 1) ex-husbands debt with a minimum payment of $246 per month and 2) the kids activities and camp payments. I know #2 is completely by choice. But the kids, if you have been reading me for long, are my #1 priority, always!
Currently, percentage wise, the kids costs overwhelm my budget, and I’m really starting to recognize that. Well, maybe not recognize, I have known that. But I’m starting to feel the weight of repercussions of that. (Some of us do have to learn the hard way, don’t we?) I am ready to get some of that weight off.
These are the debts/monthly costs I am ready to get rid of:
- Camp costs (6 weeks of camp) – balance $3,375
- Volleyball (season ends April) – balance $350
- Gymnastics (training through April) – $960
- Gymnastics – typically I pay $240 per month for training. If I pay for this “semester” at one time, I get a 10% discount. That would save me almost $100, making the total $864. And I won’t have to think about it again until May when the costs will go down as we train less over the summer months. My goal is to pay this next week, and breathe a small sigh of relief.
- Volleyball – I am on a payment plan to pay $175 per month until paid in full, but I’m ready to be done with it. My goal is to pay the remaining balance on Feb. 9th (when the next payment is due) and be done with it. Another sigh of relief. (Princess dad did contribute $350 to the $1000 overall price tag.) I don’t think we will be doing this again. I believe she will opt to play a school sport after this now that that it an option.
- Camp – ugh! I am so excited for them to go to camp this summer. They are so excited. But the cost!!! This will be the LAST summer for summer camp for us. However, with my job situation, I hesitate to pay anymore towards this until I know my financial situation after February. But this will be my next priority. I want to pay it off and be done with it. Grateful that I can do it for them, but super relieved that we will be done with camp. (I do know that when I have grandkids, summer camp money is what I’m going to give every year! I can’t think of a better gift both for my grandkids and my kids.)
This plan will get me into February. I am continuing to pay the minimum on everything else, not acquiring any more debt and really focusing on not spending any money that is not absolutely necessary!
Do you have a financial plan in place for the new year? I would love to hear what you have prioritized this year.