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Posts tagged with: debt update

Hope’s Debt Update – July, 2018

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You can see my June debt update here. My business continues to grow, which I am very grateful for.

Creditor
Balance

(as of 10/14/17)
Interest
Min. Payment
Student Loans$34,4852.88%$0 (income based deferment)
Car$6,4907.00%$308 (pay $92 extra every month)
Credit Card$3,78217.00%$36
Collections 3 (Ex-husband)$4,7076.25%$246
Collections 2 (Apartment)$499$0
Self Lender$19410.57%$97
Total$50,157$687

While my plan was to finish paying off my Self Lender account and then the credit card, I got ahead of myself and put all my extra towards the credit card. This month I’m committed to getting rid of the Self Lender payment. That will free up $97 per month.

School Starts

Not much else going on. School starts Thursday. I’m adding $80 to my budget each for Princess to purchase lunch at school. Gymnast’ school provides free breakfast and lunch to all students so I don’t have to worry about him. I told Princess when she runs out of money, she will have to pack a lunch. I felt this was a good compromise. (New budget coming soon.)

I’m ready for school to start. These last couple of week’s have been hard to handle with balancing all the in and out for Princess volleyball and work commitments. Having a regular schedule will really help.

Trip to Virginia

We will drive up to Virginia in a couple of weeks to bring Sea Cadet home from his summer camp job. We will get to spend a day with History Buff while we are there. I’m really excited. (And sorry if this is not new news, I cannot remember if I wrote about this plan.)

Sea Cadet at Summer Camp

Sea Cadet at Summer Camp

Gymnastics Update

Well, there is one big piece of news. I have compromised on Gymnast continuation in gymnastic’s training. He’s been out for 2 1/2 months now. And despite time to think about the free time he would have, trying another sport and so on, he is at committed as ever to returning to gymnastics.

I am committed to making better financial decisions. I will write more about this piece of news later.

Right now, I’m feeling good about my progress with my debt payoff for this month. It feels good.

Were you able to make it through the summer without blowing the budget? What changes do you make to your budget for the school year versus the summer?

 


Hope’s Debt Update – June, 2018

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I didn’t realize it had been so long since I published a debt update. You can see my last one published in February here.

June, 2018 Debt Update

Here are my debt numbers as of yesterday. Despite limited income over the last few months, and primarily living off savings, I have stayed on track with paying off debt.

Creditor
Balance

(as of 10/14/17)
Interest
Min. Payment
Student Loans$34,3752.88%$0 (income based deferment)
Car$6,8647.00%$308
Credit Card$4,98217.00%$36
Collections 3 (Ex-husband)$4,9536.25%$246
Collections 2 (Apartment)$499$0
Self Lender$29110.57%$97
Summer Camp (2018)$00.00%$0
Taxes (State)$00.00%settled with refund for 2017
Total$52,150$687

I removed the debts that were previously settled. Since the February update, the kids’ summer camp was paid off and my VA state tax debt was settled with my 2017 refund.(Received word of this, this week – yeah!)

State and Federal Taxes

I had both VA and GA earnings so had to file in both states. I am still waiting on the GA results, but I anticipate a refund. Because I am a first time filer in GA, I had to file via paper and their website says it can take up to 9 weeks to hear anything.

I am also anticipating a federal tax refund. More on that once I hear from the IRS. (Because of the final year of the adoption tax credit, W2 job where I had more than required withheld and my estimated tax payments from my consulting business, I was well covered.)

Looking toward the Future

As I put in the comments yesterday, I have now contracted out full time hours with my consulting business. While some hours I only earn $17 per hour, the bulk of the hours are contracted at $40 per hour.

After I get a month under my belt, I will publish an anticipated budget. For now, as many BAD readers advised when I wrote about the unemployment benefits I was to receive, I am only spending the minimum on the monthly bills and saving the rest.

Once I get back on stable ground with all the new clients, I will begin with a new debt pay off plan. My first goal…pay off my single credit card!

Your advice has been invaluable these last four years, but most importantly the last few months. Doing at this debt update gave me a lot of hope that being debt free is not too far off.

 


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