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Posts tagged with: unemployment benefits

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.

 


Great News and Advice Needed

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I found out yesterday that the unemployment audit has been decided in my favor! Win!

I will receive 14 weeks of unemployment benefits. I will also be offered COBRA insurance and anything else that employees receive when they are let go.  Details to come once I know them.

That being said, there are still some processes the Department of Labor must go through to finalize everything. I don’t have a timeline for when I will receive any money, but it will be a bulk payment since my 14 weeks have past.

My closest guess is that I will receive $330 per week x 14 weeks = $4,620.*

Advice Needed

How do I allocate the money? Do I focus on debt? Do I focus on getting ahead on monthly obligations?

My thoughts have run the gamut. But here are what I’m leaning toward as my priorities:

  • Get ahead one month on the monthly obligations.
  • Budget $x toward business expenses, specifically to join the local Chamber of Commerce ($190,) print up some post card sized flyers to hand out as I network and place a couple of ads in the local newspaper ($66 per week.)
  • Put $400 in a slush fund for the summer.
  • Pay down debt?

To be fully informed, I have just under enough to cover the deficit left by my limited income for two more months. I would like to leave it intact. That is the reason why I have not designated any money towards savings in my plan.

So tell me, what are your thoughts? I am listening and wide open. Getting a plan in place before I have the money in hand will make all the difference.

*I have requested that taxes be taken out of the unemployment benefit payout. I’m not sure what rate that will be.

Just a sidenote…I have worked out a barter with Princess’ travel volleyball team for next season. I will be taking over their website and communications in exchange for all fees including tournament, training and uniform costs!  Travel volleyball will only cost us travel costs next season! Woot, woot!


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