Accountability

iVillage Member
Registered: 04-10-2003
Accountability
10
Sun, 04-21-2013 - 2:42pm

Hi all. I figure I'll just do these on Sunday nights now since I have more time :)

It was a good week. I spent $90 this weekend on a night out with a friend and on food for the week. I still have a lot of frozen meals to get me through the rest of the week so no need to worry about eating out. Not only has it saved my pocket book, I have lost 5 lbs so far this month! Focusing on eating well and working out stops me from spending money that I don't have :)

I've made a decision about school but I think that is for another post. So here are my stats:

So, here is where I stand:

Car Loan as of 04/15/2013: $5,970.64

Car Loan as of 04/22/2013: $5,970.64

Difference: $0.00

Student Loan as of 04/15/2013: $18,427.44

Student Loan as of 04/22/2013: $18,322.94

Difference: $104.50

HELOC as of 04/15/2013: 10,356.45

HELOC as of 04/22/2013: 10,356.45

Difference: $ 0.00

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

Total debt as of April 15, 2013: $34,754.53

Total debt as of April 22, 2013: $34,650.03

Difference from last week: $104.50

Difference from start of year: $3,942.28

So close to having $4k paid off! I get paid this week so I will definately get it done this week!


Bex -

iVillage Member
Registered: 11-14-2008
Sun, 04-21-2013 - 4:25pm

Bex you are doing so good. What is your target debt I forget? Are you going to combine any of the debt when it gets smaller or just leave it as is for the long haul?

I have been working this weekend. I am doing some clean up at my store so that has been keeping me busy. We have not spent any money this weekend.

However, we are doing our taxes tonight so I hope that still stays true lol. Fingers crossed.

I am doing a bit more meal planning than usual and I don't even think I need groceries this week. Bonus. I'm using what we have! And his parents are cooking tonight so that always helps.

Have a great week everyone!

iVillage Member
Registered: 04-10-2003
Sun, 04-21-2013 - 6:53pm
Thanks for the support and encouragement! My original goal was to pay of $12K this year but I think I want to up that to closer to $15K. Again this is assuming that I don't get a bonus. If I do get a bonus then the debt will get kicked harder! I also have a few other things on the go in terms of career plans and such so the next few years are going to be interesting to say the least!

Bex -

iVillage Member
Registered: 10-09-1999
Mon, 04-22-2013 - 11:24am

Monday & snow on the ground once again.  So OVER winter, hopefully it will pass soon, I need some sunshine!!!  We are still plodding along.  I treated my Mom to a pedi this weekend for an early Mothers Day.  Now we just have to figure out what to do for MIL.  Also, have nieces wedding June 1st & would like to do something for my DIL who is graduating college, just finishing up her student teaching!  I have been putting $200 a month into a ROTH & I'm starting to think I should close that account & pay down our mortgage.  I so want our mortgage gone...We owe $42,000 & I think we can have it paid off in 21 mths, but even quicker if I pulled that ROTH account...the balance in it is $17,000...  Any thoughts on that idea?  We do have about $370,000 in a pension/profit sharing account 100% vested & is for retirement.  The thing is I think if we pulled that IRA & got the mortgage paid off quicker I'm not sure we'd be good about still putting money away...we might fall off the wagon & spend $ like crazy...

Have a good & frugal week!

Cindylee

iVillage Member
Registered: 11-14-2008
Mon, 04-22-2013 - 12:20pm

Cindy...........yes, you would put it back. I know you!! and then you would put in more because you have the extra money.  Come on, really lol? And I recommend this to hardly anyone!

Total up how much interest you would save in 21 months and spend crazy on that.

Freedom! At last. Taste it!

Karen

iVillage Member
Registered: 05-08-2006
Mon, 04-22-2013 - 8:53pm
Cindylee, I totally disagree. Leave the Roth alone. Keep working on the mortgage. You will get there soon enough, and then really focus on retirement savings.
iVillage Member
Registered: 04-10-2003
Tue, 04-23-2013 - 10:43am
I have to agree with SJ. I'm assuming your mortgage rate is fairly low (given that most of them are these days) so the money saved may not make up for the growth in the Roth.

Bex -

iVillage Member
Registered: 07-24-2001
Tue, 04-23-2013 - 6:14pm
Slow and steady progress . . . though I'm feeling a bit "budget fatigued" I ended up paying off the Wells Fargo student loan with our personal line of credit. It's about a wash on the interest rate, AND I won't have to deal with Wells Fargo anymore (I HATE them - lol!) ----- Our only debt (besides the mortgage) is the LOC (student loans). Jan balance $24,769.96 Current balance $17,044.71 YTD Principal Payments = $7,725.25
iVillage Member
Registered: 11-14-2008
Fri, 04-26-2013 - 10:00am

You know bumbling, a lot of this journey is about how you feel and i'm glad you don't have to deal with a creditor you can't stand. You will have more control over your debt, and can probably make payments a lot easier. I can't wait to not have to deal with our truck loan anymore. I would have to physically go to that bank and make a payment or DH would have to wait on hold at work and deal with them over the phone because they would not talk to me(its in his name) even though my name is on the truck! That was to make extra payments. We don't have a lot going on at that bank either so we would have to make sure there was money in that account for the payment to pull. Such a huge pain! And I think we will get rid of it with our tax refund this year when it comes, save ourself some interest. It will be so liberating! We might even have some left to put in our house account. I am so exicted, the taxes our filed but not counting chickens until the eggs are hatched over here. But I can dream! 

Your progress is sooooooooo great! Keep up the good work!!!!!

iVillage Member
Registered: 04-10-2003
Fri, 04-26-2013 - 1:25pm
Karen I couldn't agree with you more! I am battling with the idea of paying off my car with my line of credit. Even though it would cost about $50 more to do this, I can't easily make extra car payments. To do so would require me to call the bank and set up a withdrawal. If I move it to my LOC I can add payments in any amount online. And yes, I have been known to make payments as low as $0.25 . . . but its amazing how a dollar here and a dollar there adds up . . . something I can do with the current set up!

Bex -

iVillage Member
Registered: 07-24-2001
Fri, 04-26-2013 - 7:34pm

Thanks Karen!  I agree. It's so much better for my peace of mind NOT to deal with Wells Fargo.  I don't understand how anyone can deal with them - arg!  But at the same time, my LOC was my safety net.  So now I'm flying without much of a net . . . I guess that's more reason to stick to the debt repayment plan, huh?  

I'm happy to hear you are getting some monies back from your taxes to pay off your truck.  How exciting!!