:::: MENU ::::

Browsing posts in: Emergency Fund

May 2016 Debt Update

by

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!

 


Rain Cloud

by

I feel like Eeyore, with the tiny rain cloud following me around. It’s not that I have a negative outlook on life (I like to think I’m a pretty positive person),  but I can’t shake these sad life “happenings” that seem like they’re going to persist…at least for the foreseeable future.

Let me back up. Guess where I am!!!

Hint – I’m not at home or work. I’m not even in the state of Arizona. I’m back in Texas. Flew in (on a $700 last-minute flight, no less) for a funeral. My maternal grandmother unexpectedly passed away. I should say “unexpected” in quotations because although we weren’t anticipating it, she has been in a nursing home for 4 years, is 84 years old and in only mediocre health, so these things don’t come entirely by surprise.

Her death comes right on the heels of Rocky’s death and the sting is real. Guess what else – Chris’ grandfather was just placed on hospice. So he may be making a last minute trip back to Texas for a funeral soon, too.

For a number of reasons, we decided we would each go back solo to attend our respective grandparents’ funeral. In addition to the funeral trips, we’re also planning a trip back up to Utah. For newer readers, my Dad used to live in Utah and still owns property there. When he was diagnosed with his incurable disease, we moved him to an assisted living facility in Texas closer to family. But his Draper home sits unoccupied. The goal is to go up, completely empty the thing out, and get it placed with a property management company that can take over its management and care. Originally we were going to sell the home, but when we actually looked at numbers we realized he didn’t have as much equity as we’d thought. After accounting for closing costs, etc., the house would probably just about break even or net a tiny amount of profits. I’ll outright say that I really wanted to get rid of this property simply for my own sanity – I don’t want to keep dealing with it!!! But I was outvoted amongst the siblings and I respect the group decision to keep it and hope to build up some equity as we get some renters in there paying all the bills and upkeep (plus extra for profits). It feels like a scary risk to me (what if the roof needs repair? the foundation cracks? some other huge $$$ disaster occurs?) but, again, not my decision.

So that’s what’s up on the old summer 2016 docket:  three deaths, two funerals, and a trip to Utah. Oh, and my brother is going through a horrific divorce, the likes of which I’ve only ever seen before in movies (I mean, it’s D.R.A.M.A.). So there’s that.

I don’t know why this little rain cloud won’t leave our family alone, but I’m totally over it. I’m really trying to refocus my priorities on work and family and to keep a positive outlook on life, making the best of even bad situations. On that note, I’m excited to see a couple cousins who will be flying into town today (my grandma’s funeral is tomorrow). We’re going to have a swim and pancake party tonight at my brother’s house and I can’t wait! Wish my kiddos were here (they’d love it!), but given all the circumstances I don’t regret the decision to fly back to Texas solo. I’m happy to spend time surrounded by extended family, love, support, and fun stories of our sweet Nana.

Financials…

I can’t just end this post without getting to the meat of the matter. Which is to say that I’ve taken another $700 from our emergency fund in order to cover the costs of this unexpected last-minute trip. I owe you lots of posts soon (May budget update; May debt update) to fully update you on our whole money situation. The Cliff’s Notes version is that our May debt updates were small, we had NO savings in May, and we ended up having to raid our EF to help cover the end-of-life expenses for our beloved dog. BUT (looking at the positive) – NO NEW DEBT and I was still able to make a little dent in our current debts, too. I have to call that a win with all things considered!

Let’s not dwell on the negatives. Tell me something POSITIVE about your summer:  some fun plans, exciting activities, new debt milestones or debt payoffs, etc. etc.  I’ll tell one of mine:  We took our girls up to Sabino Canyon last weekend and had SO MUCH FUN! We rode a little tram thing, hiked around, and “swam” (waded) in some bodies of water that result from the snow melting up on the mountain. Being the desert, we don’t have a lot of water in Tucson so it was a real treat to get to play in a natural body of water (not a swimming pool), and it was the girls’ first ever “hike” (a very light hike). I love making these types of memories with the kiddos!