excel tracking

iVillage Member
Registered: 11-29-2004
excel tracking
2
Sat, 02-25-2006 - 2:40pm

Hi Everyone,

I used to come browse this board as I used to be a dreaded bill collector and sometimes I feel I can have some positive feedback for ppl. I have not been here for a very long time, but I do remember reading a few of you have ways to track your spending by an excel chart. I was wondering if I could get this. I of course have debt, but have recently quit my job as I am going to school, my spouse still works but now we need to watch our money. Can anyone help?

Thanks so much!

Mandy :)

Mandy
iVillage Member
Registered: 11-29-2004
In reply to: mandyjk
Sat, 02-25-2006 - 3:23pm

I thought I should add some things, maybe you guys will have some ideas.

First of all, I love to spend of course, but I have been really cutting that down by just not going to stores if I dont have to...especially when I am bored.

Second, my spouse goes away for work a lot and spends TONS on food. I had a fit awhile ago when he did this...he spent a little over $700 on food in 2.5 weeks, I was furious. So now he gets a hotel with a kitchenet and buys some groceries only spending about $200 while gone for that long (still goes out once in awhile, and I can live with this ammount)

Third, I never know how much he will make...minimum will be about $1700 every two weeks and it goes up from their. He also gets a bonus of about $700 every three months. I need to figure out something for this...do I just use his minimum he will make and use the rest to pay things off and save? I have been trying to save $400 each cheque ( I just started this last month so I have $800 saved as of right now.)

Fourth, I am stupid and agreed to a trip to Mexico...that is paid for but we go there May 1 -15 and now need money to use while there and for the hotel.

Fifth, I want to figure out some type of allowance for my girls. Although they are only 6 and 8 I want them to know how money works so they wont have as much trouble when they get older!

Sixth, Our truck. We have a durango that we still owe about $25000 and it needs about $8000 or more work on it. Dont ask it makes me sick to my stomach to think about it. We would like to trade it in, but as a trade in we would only get about $10000 for it. So confused. My last car put us in this bind, that is why we owe so much more than it is worth. He has a company truck, so only I use the durango but I need it to get to school, pick up kids and get to my part time job because no public transit here and would take about 2 hours to walk to school :S

Here is what I owe: SCARY to actually write it all down, dont think i have ever actually done this!

Monthly payments:

Mortgage - $90000.00 but we own two houses on this mortgage and my dad rents one, so we dont have a mortgage payment as he pays it.

Mortgage insurance - $19.41

Durango - $597.06

Other Loan - $289.06

Water - $50.00 (approx)

Power - $150.00 (approx)

Gas - $200.00 (approx) some months way lower

Student Loan $75

Phone $75 (long distance plan since spouse is away a lot)

Cell $70

Girls Dance/Swimming Lessons/Hot Meals at school - $120

WHAT I OWE:
Durango $25000
CC #1 - 1932.62 (have limit of 2100.00)
CC #2 - 1683.87 (have limit of 2000.00)
CC #3 - paid off phew! (have limit of 500.00)
CC #4 - 776.42 (have limit of 1500.00)

would love to transfer to one card but the limits are not high enough

Loan #1 - 5000.00
Student Loan #1 - 6000.00
Student Loan #2 - 7000.00 plus I have two more years of school so it will be up to about $15000.00 when I am finished

and that is it...wow it is scary all written down!

Mandy
iVillage Member
Registered: 05-09-2005
In reply to: mandyjk
Sun, 02-26-2006 - 12:58pm

It would probably help to know what the monthly takehome household income is -- that would be your income plus the definite 3400.00 (1700 every 2 weeks) that your husband brings in.
Then, could you list the interest rate for your loans? Also, does your husband get reimbursed for the living expenses while he is away at work? Some kind of "per diem" pay -- or does that come out of what he earns? Could you list the amounts of your obligations --

1. "other loan" balance:_______interest____________minimum due 289.06
2. Credit card #1 balance:$1933 interest___________ minimum due______________
2. Credit card #2 balance:$1684 interest___________ minimum due_____________
3. Credit card #3 balance:$ nothing (put it away!!)
4. Credit card #4 balance:$776 interest___________ minimum due_____________
5. Durango balance:$25000 interest___________ minimum due 597.06

I am guessing you are not paying on the student loans since you are still in school??
So we will worry about them later.

It does not sound like you are having trouble meeting your minimums since you were ablt to put $400.00 into savings the last 2 months.

So -- the general advice is to do one of 2 things -- either list your credit card/loan/car payments by highest interest first -- then pay the minimum payments on all of them except the one with the highest interest. Put any available $$ money you can come up with toward that debt. When it is paid off, keep paying that amount to the next credit/loan on the list (along with the minimum payment you were already paying) -- and keep that pattern going through the list. OR list the obligations by smallest total amount due and put all extra $$ toward that debt and minimums toward the others. When that chosen (target) debt is cleared, keep sending that amount (plus the minimum amount due) to the next crditor on the list. Some folks like paying the smallest off first, because then they can see visual progress quickly.

Also, you might want to check out the book by Dave Ramsey "Total Money Makeover" since he has a reasonable (doable) plan for getting rid of debt -- probably your library could get it, or you could order it from Amazon.com.

So good luck with getting this organized. I personally think I would not budget the "extra" money your husband brings home -- and when it comes, apply it to the target card on your list, OR save it to put on the Durango repairs. You want to avoid any more credit card charges if at all possible.
Megan




Edited 2/26/2006 1:01 pm ET by looking4info2005