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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?


May 2016 Debt Update

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Late is better than never! Plus, my debt payments are all scheduled for middle-to-end of the month so these are all still true numbers, no additional payments have been made in June yet. Here ya go:

PlaceCurrent BalanceAPRLast Payment MadeLast Payment Date Original debt, March 2014
Navient$725356.55%$980May$74218
ACS Student Loans$85966.55%$20May$8215
Balance Transfer Student Loan #2$73500% (through April 2017)$300May$7650
Medical Bills$58110%$25May$9000
Balance Transfer student loan #1$00% -Paid off in March 2016$5937
PenFed Car Loan-2.49%-Paid off in January 2016$24040
License Fees-2.5%-Paid off in April 2015$5808
BoA CC-7.24%-Paid off in June 2014$2220
Mattress Firm-0%-Paid off in May 2014$1381
Wells Fargo CC-13.65%-Paid off in May 2014$7697
Capital One CC-17.9%-Paid off in March 2014$413
Totals$94292 (April balance = 95,250)$1325Starting Debt = $145,472

The past couple months (April & May) had smaller debt payments than what I’d originally planed. One of our 2016 goals is to pay $30,000 toward debt in total. Here’s a table showing planned and actual debt payments:

Month 2015 2016 GOALS 2016
January $1678 Goal: $3500 $4013
February $1822 Goal: $1000 $1261
March $653 Goal:  $1000 $2134
April $1796 Goal:  $2000 $1521
May $1708 Goal: $2000 $1325
June $725 Goal:  $4000  
July $2125 Goal: $4000  
August $2250 Goal: $2500  
September $2575 Goal: $2500  
October $5513 Goal: $2500  
November $2751 Goal: $2500  
December $2522 Goal: $2500  
Total $26118 Goal: $30,000  

At this point (Jan-May), our goal was to have paid $9,500 in debt so far. Our actual payments put us at $10,254. So even though our recent payments have been below our goal, overall we’re still on track to hit our annual goals. Just as a note, the reason why the goal is set so high for June and July is because I get big checks from my part-time job these two months (instead of spreading out the payment across 4 months, which would be normal sized, I don’t get paid in May or August at all, but instead I get double-sized payments in June & July). Right now it feels scary/intimidating/impossible to be making a $4,000 debt payment (though, to be fair, I haven’t been paid yet this month so that’s probably why). I still want to be cautious and re-allocate some funds back to our emergency fund after having to raid it for life’s recent emergencies.  But I still think (fingers crossed) we should manage to make some pretty hefty sized debt payments, too. Time will tell and I’ll keep you updated! : )

Hope you all have a great weekend!