November Bill Breakdown
Alright, it’s bill payment time. These totals are as of November 2nd, 2012. The budget is still in the works, but now I have a little more understanding of my finances and what leeway I have to get things working. Also, all of your comments and encouragement have been really helpful! I’ll be taking some of your suggestions to heart these next coming months. So… Let’s work this shall we?
Car loan: $4,302.77. This one does not need to be broken down. The loan is through a credit union, and has slowly been paid off by adding an extra $50 onto the principle every month. As discussed before, I will be doing this every month until it’s gone (or until I need to fund that extra $50 to say… my student loans). This month’s payment will be $301.00
Credit Cards: Last month I revealed that I pay more than the minimum payment. Some of you suggested actually using Ramsey’s snowball effect however and picking a card to eliminate right off the bat, working with the smallest balances first. Well, that’s a great idea, but I still like to have a little more than the minimum. So this month, we’re going to try something new. This month, I’m only putting an additional $5 on the minimum balance and the oddball change (except the Amazon and Paypal Balances just because) and then putting a major chunk on one of the card balances to take a massive bite out of it.
- Chase: $2,298.40 Minimum payment: $48.00. This month’s payment will be $53.40.
- Pay Pal Bill Me Later: $1,830.01 Minimum payment: $51.00. This month’s payment will be $66.53
- Best Buy Store Card: $1,138.70 Minimum payment: $36.00. This month’s payment will be $41.70.
- Amazon Store Card: $822.48 Minimum payment: $20.00. This month’s payment will be $39.48.
- DressBarn Store Card: $450.08 Minimum payment: $25.00.This month’s payment will be $30.08.
- Capital One: $481.99 Minimum payment: $25.00 This month’s payment will be $30.99.
- Best Buy Mastercard: $351.65 Minimum payment: $15.00.This is the card that I have decided to bite this month, so this month’s payment will be$100.65
Total Credit Debt: $7,373.31 Total Payments: 362.83
This is compared to last month’s credit debt of $7,660.84 and total payments of: $390.84, which means that I have downed my credit card debt by $287.53! Not bad, but considering that more than $100 of last months payments was interest, that just blows my mind. Does anyone else hate credit card debt as much as I do right now after putting that into perspective???
ECSI: $650.00 Still in grace period.
Direct Loan: $18,862.74 Still in grace period.
For the months of November and December I am going to be allowing this grace period to do its job. I have way too many big bills in the month of December to be saving for to worry about the student loans at the moment, so I won’t. I will be kindly nodding my head in approval to grace I’ve been given and just deal with the inner voice that’s frustrated that I won’t be able to work on these until January. There’s not much I can do when I have an additional approximate $400 that I have to pay out for car insurance next month though…
Other anticipated bills this month:
Automotive Winter Prep: This might mean new rotors for my brakes, but the bare minimum will be windshield wiper fluid, new wipers, some de-icer, and some sidewalk salt to start stockpiling for the much anticipated winter weather (especially since my mother will be having knee surgery this month… Making sure all ducks in a row is essential)!
Complete Total Debt: $31,188.82 Total Payments: $663.83.
Slowly starting to wittle things down. Let’s see if this new plan of attack works!
Please let it rain!