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The Next Step

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Well, one week of being consumer debt free in the books. And now I am ready to move on to my next goal. However, it’s been a bit of a roller coaster ride over here due to things beyond my control. So I still don’t have a solid plan for this yet, but wanted to let you know what I’m thinking and get your feedback.

You might recall that I have a debt in my name that I do not pay…my ex-husband does. (This is spelled out in our divorce papers as well.) I got a lot of grief over this last fall, so let’s not re-hash that. This is just how it is and it works for us. The monthly payment is $246 per month which he pays me and then I pay the lien holder. This makes it comfortable for me, but does not work well when trying to finance say a house as they want to see that he has paid the loan directly for at least 12 months. So, I want to get rid of this debt.

My plan was that he would continue paying his regular payment and I would put my extra payments towards it, tracking those of course, until it’s paid off and then he could just continue to pay me. Make sense? So I was all set on this course of action, until he called and said he wanted to sell the vehicle, yada, yada. Ok, great! Let’s do that.

Then a couple more weeks passed and he called to say, “hey, I’m moving to another state within the next 30 days.”

Then a week after that, he called to say “hey, I’m going to need to keep my truck to drive to my new state.”

Ok, see where I was referring to the roller coaster ride? So I am now back to my original plan, with a small caveat. If he is taking the car out of state (a 23 hour drive from me,) but it’s titled, insured, etc by me, well it gets a bit complicated. So I’ve got on my to do list to call my insurance company and check on the nuances of this situation. But now I’m especially confident that paying off this debt is the best next step.

Thoughts?

Just to make sure you have all the information…my only other debt are student loans with a balance right around $30K. Ok, now go, what are your thoughts on this next step.

Oh, one more thing…timeline for this…end of this calendar year for payoff, with me loosening up on my budget just a bit.

Ok, now go…


Weekly Debt Update #14- Happy Mother’s Day!!

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Happy Belated Mother’s Day to all the mothers out there that read this blog. All mothers are amazing in their own way. Here’s to you!!

I celebrated the Mother’s Day weekend up in the Buffalo. Instead of doing what I normally do for my Mother, which is buying a gift, I brought with me some fresh cut flowers and a note I wrote by hand thanking her for all that she done for me over the years and how much she appreciates it. It felt like small gesture (to me, anyway) but according to her, it was the best gift I’ve ever gotten her.She loved it so much she cried and hung the note on the fridge. I’m very happy that I took everybody’s advice and went with a more sentimental and thoughtful gift than one that I would have picked out in a hurry at Bed, Bath and Beyond or something.

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How do you celebrate Mother’s Day- do you visit, call, or write your mother on Mother’s Day? And Mother’s- how do you wish to be celebrated? I see a lot of Facebook posts and tweets wishing their Mother a happy Mother’s Day (or birthday, or any other holiday), even if the person isn’t on the social networks. This just bothers me as it always feels disingenuous and more of a popularity/competition thing. Ugh. Is anyone else bothered by this, or is it just me?

As for Mother’s Day at our home, even though we don’t have kids, we do have “kids” (AKA dogs, lol). So we each do a little something for each other on our day. This year I made GF a little bag with some awesome smelling candles, and a card (each “from the kids” of course). I also made her dinner, took a nap with her (I seldom nap) and relaxed as we watched Game of Thrones. Nothing monumental, just a acknowledgement of how much I and “we” appreciate her.

As for my debt balances:

Loan NameInterest RateOriginal Balance- May '09Current BalanceTotal Paid Off
Sallie Mae 015.25$27,837.24$23,985.23$3,852.01
Sallie Mae 024.75$22,197.02$18,820.44$3,376.58
Sallie Mae 037.75$20,692.10$0.00
$20,692.10
Sallie Mae 045.75$10,350.18$7,407.64$2,942.54
Sallie Mae 055.25$6,096.03$1,255.39$4,840.64
Sallie Mae 06 and 074.75$6,415.09$0.00$6,415.09
Sallie Mae- DOE 015.25$5,000.00$0.00$5,000.00
Sallie Mae- DOE 025.25$3,000.00$0.00$3,000.00
AES6.8$9,000.00$0.00$9,000.00
TOTALS$110,587.66$51,468.70$59,118.96

I’m so close to paying off #5, I can already feel it.

BTW- my feeling from last post (here) has passed. Yay! So I’m back in the mindset of hitting the debt (semi) hard. I have a real good feeling about my “fun” fund and setting that money aside to get me through. Thank you for all your support!

Have a great week!

 


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