by Hope
Boy, lifestyle creep is a real thing. But I am recognizing my proclivity to become more relaxed with my finances as I get more and more caught up. And I am NOT going to let up.
This time last year, we were making it on less than $2,000 per month, barely making it. And here I am making almost 4 times that and somehow, getting to the end of the month feeling a bit desperate. Yup, lifestyle creep is happening. And it’s got to stop now!
This month, I return some of my focus to saving more intensely. As of June 1, 10% of every bit of income is going directly into savings. I am paying myself first. I’ve been so focused on digging out and catching up, that I have failed completely to save. That stops now.
Priorities:
- Regular and focused savings: 10% of every income.
- Payoff personal loan debt.
- Make sure Princess senior year is paid for.
- Regular and significant payments to CC debt.
Before you jump down my throat about #3. I will explain in the next post. But there are this month’s debt numbers.
Debt Update
| Debt Description | October, 2023 Total | Interest Rate | Minimum Payment | Current Total | Payoff Date (Est) |
|---|---|---|---|---|---|
| Personal Loan #1 | $2,500 | 0% | $500 (beg April) | $500 | July, 2024 |
| Personal Loan #2 | $2,500 | 0% | $500 (beg April) | $1,000 | August, 2024 |
| CC - Wander | $1,630 | 29.24% | $75 | $1,418 | September, 2024 |
| Dad - New Furnace | $2,600 | 0% | $500 (beg July) | $2,600 | December, 2024 |
| CC - Amazon | $1,497 | 29.99% | $48 | $1,433 | August, 2024 |
| CC - Frontier | $3,857 | 29.99% | $131 | $3,618 | |
| CC - USAA | $5,000 | 19.15% | $135 | $3,274 | |
| Car Loan | $19,581 | 12.69% | Gymnast Pays | $15,532 | |
| Student Loans | $22,121 | 2.875% | In Deferrment | $22,602 | |
| CC - Apple** | $500 | Paid off every month | $0 | ||
| CC - AMEX | $894 | 29.24% | $0 | $0 | Mar, 2024 |
| CC - Sams | $1,106 | 29.99% | $0 | $0 | April, 2024 |
| Total | $61,186 | $1,389 | $51,977 |
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 3 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.
This is exactly, down to the dollar values, the same as the last update that you posted. Did you forget to update numbers?
I double checked, and these are definitely the updated numbers.
Lifestyle creep is a real thing. That’s all I can say.
Are you saying your current income is $8000/month? You said previously you were saving all of your income from the fast food job – have you not been saving that?