by Hope
Once again, I was paid a month in advance. As soon as the money hit my bank, I sat down and scheduled payments and reviewed my forecast. Man, it feels good to be on my feet again.
This month I had to take care of some things ahead of focusing solely on debt:
- Figure out taxes and get ahead of the game on those.
- Make a double payment on my auto insurance since I requested an extended due date last month. I wasn’t certain of when I would start this job or get paid and I didn’t want to take a chance of being late.
- Get some of the needed maintenance done to my car that they mentioned last fall. I’ve gotten my brakes done, but there are a few other 100K mile services that I have been advised to do as I can.
- Getting my eyes checked – scheduled later this month.
I was able to pay off about half of the Sam’s card, but otherwise, no major movement on debts. I am feeling good about the progress I have made on all fronts. With ease! Hallelujah! (You can see last month’s debt update here.)
| Debt Description | October, 2023 Total | Interest Rate | Minimum Payment | Current Total |
|---|---|---|---|---|
| CC - Sams | $1,106 | 29.99% | $40 | $679 |
| CC - Wander | $1,630 | 29.24% | $75 | $1,701 |
| Personal Loan #1 | $2,500 | 0% | $500 (beg April) | $2,500 |
| Personal Loan #2 | $2,500 | 0% | $500 (beg April) | $2,500 |
| CC - USAA | $5,000 | 19.15% | $135 | $4,941 |
| CC - Frontier | $3,857 | 29.99% | $131 | $3,602 |
| CC - Amazon | $1,497 | 29.99% | $53 | $1,457 |
| Dad - New Furnace | $2,600 | 0% | $2,600 | |
| Car Loan | $19,581 | 12.69% | Gymnast Pays | $17,109 |
| Student Loans | $22,121 | 2.875% | In Deferrment | $22,450 |
| CC - Apple** | $500 | Paid off every month | $0 | |
| CC - AMEX | $894 | 29.24% | $0 | $0 |
| Total | $61,186 | $483 | $59,539 |
Updates
I did rearrange my debt table a bit with the goal of putting things in the order I hope to pay them off. And then also moving the paid off item to the bottom so that the beginning balance does reflect progress. (In the past I would remove the item when it was paid off and then I can’t really see the progress as easily.)
And I do plan to continue with bare bones spending through the Spring, well, really as long as I can. I am laser focused on getting back on my feet and getting out of debt!
Gymnast and I are exploring moving him off the insurance. We have scheduled some time together next Monday to file his taxes and get on the phone with some insurance companies to see what our options are. (His options.)
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
I fear that you are playing with fire with a potential big liability or claim denial by not figuring out the car insurance and car titling quickly. Have you confirmed with complete certainty with your insurance company that Gymnast is currently covered appropriately based on his place of residence and also that you meet Texas state minimum coverage (slightly higher than Georgia)? Is Gymnast on the title for the car at all as a second party? I would hate for you to be paying this absurd bill for car insurance only to find out that you are not covered and they deny a claim.
Believe me, this is something I checked on before he moved, after he moved, and even more recently. We are completely covered and above board on everything.
He is not on the title. He is just listed as a driver on the insurance.
I have spoken in depth to Georgia DMV where car is titled and registered and our USAA car insurance rep. We are covered.
Hi Hope,
We also have USAA and they were crystal clear with us (and we have 3 of our kids who have moved out already) that you cannot stay on your parents insurance if you do not live at home AND are not in college. Only a dependent student can stay if they move out. Maybe there is an age difference that allows it in his case, all my kids moved off after they graduated college, however I would check it again with USAA. I agree with the above commenter that you are paying a LOT and it would be horrible to find out you aren’t covered due to non-adherence to their policies.