My starting point for 2013

iVillage Member
Registered: 04-10-2003
My starting point for 2013
9
Sun, 01-06-2013 - 10:51am

Hello all, I thought that I would take the opportunity to "fess up" to my starting point for 2013. I am planning on starting my own weekly or biweekly accountability so that I can follow my progress. So . . .

Car Loan as of 01/06/2013 : $6895.94 (biweekly payment $140.00) calculated at 0.9% fixed

Student Loan as of 01/06/2013: $19,306.43 (monthly payment $275.00) Note this one will go up on a daily basis as interest is calculated daily at about $2.67 calculated at 5.5% variable (interest is tax deductible)

HELOC as of 01/06/2013: $12,389.94 (biweekly payment of $50 plus a montly interest only payment) calculated at 3.5% variable.

Total debt as of Jan 6, 2013: $38,592.31

Target debt for December 31, 2013 : $25,000.00. Its a BIG goal but I think I can do it! 

So my plan is as follows:

Redo my  budget to allow for an increase in my biweekly payments to the HELOC (even if it's just $25 extra a week).

Redo my budget to allow for an increase in weekly spending money. I actually haven't raised my spending or gas allowance in over 3 years and the cost of food eats up most of my weekly allowance and my gas money won't even fill the tank anymore. The result is that I jump to the CC's to gill gaps (probably more than I should) and then the debt repayment gets sidetracked).

Split all extra money that comes in (i.e. tax refunds, extra paycheck months, mileage cheques) 50/50 target debt and a target sinking fund (i.e. if there is something I really want I will target the "me" fund. If I konw the dogs are coming up on their vaccinations, I will target that).

Every day go in and "round down" my account to the nearest dollar and send the extra to my LOC (I did this when I was saving for my vacation and it added almost $40 without me even noticing!).

WIsh me luck!


Bex -

iVillage Member
Registered: 12-31-2010
Wed, 01-16-2013 - 8:58pm
  • Big life changes hmmm... catching the drift and that could definatly mean higher tax brackets too!  LOL
  • You are doing great Bex, debt will go away eventually.  You have your head on.

-Marie

#Marie
iVillage Member
Registered: 04-10-2003
Mon, 01-07-2013 - 9:29pm
Bahahaha will try not too. As you may have noticed, I can be impulsive at times (blushes). No, BF and I had a good talk over the vacation and we both have goals we want to meet before we consider any big life changes if you catch me. So the more I dedicate myself to my goals and meeting them, the faster I can start planning for the future (if you catch me ;) )

Bex -

iVillage Member
Registered: 11-14-2008
Mon, 01-07-2013 - 6:04pm

Just don't change anything lol! And you will be good! A heck of a year!

iVillage Member
Registered: 11-14-2008
Mon, 01-07-2013 - 6:04pm

Just don't change anything lol! And you will be good! A heck of a year!

iVillage Member
Registered: 11-14-2008
Mon, 01-07-2013 - 6:04pm

Just don't change anything lol! And you will be good! A heck of a year!

iVillage Member
Registered: 04-10-2003
Mon, 01-07-2013 - 2:04pm

I got kicked into a higher tax bracket which significantly impacts my take home :( In order to wipe out the entire debt this year, I would have to spend 40% of my take home income to do it. Is it doable? Sure, Do I want to eat beans and rice for a year. . . not really :) I'm starting to actually enjoy myself and budget better so I'm okay extending out a year or two. The key is to target my variable loans and not rack up any CC debt (they are all at 0 I am happy to report!).

Now, IF I get my full bonus this year, that is a different story :) That is dedicated to debt so I could potenetially knock most of it out in one fell swoop!

That's what I'm aiming for!

 


Bex -

iVillage Member
Registered: 10-01-2008
Mon, 01-07-2013 - 1:37pm

I have faith in you...I know you can do this.  Check by and let us know how you doing every litte bit.  GOOD LUCK!

iVillage Member
Registered: 12-31-2010
Mon, 01-07-2013 - 10:58am
Bex - Come on, with your income, and if you were really careful, you could wipe that $38K out completely this year!! OR push for half of it gone. Maybe put 75% of all tax refunds and such into the debt instead? You travel a lot for work, and I know you do spending funds, so save a bit for this year's well deserved vacation, but find some hobbies that are free, or nearly free to help fill those times when you want to do something. I know YOU CAN DO THIS!!! Reaching for more in 2013!! -Marie
#Marie
iVillage Member
Registered: 11-14-2008
Mon, 01-07-2013 - 10:29am

Ohhhh aggressive! I like it Bex.That would only leave you with $13,000 left!!! I am wishing you all the best!

Mine is agressive for 2013 too. Pay off all my tickers I had on last year and probably before. The rest of the truck loan at $5,655 and the roof loan is on my ticker at $12, 968. Its pretty aggressive but I think I can do it! I would love to put more in the house fund as well. I have to keep in mind I am not even going back to work until August so this is very aggressive and most of it may get completed with regular payments and not until August but I am still opptimistic!

Go 2013 for us!