We did our taxes today, I always claim 0, so we know we should get a return. We will be getting $4,120 back in the next 2-4 weeks. Here is our plan for this money.
2900- Credit Card
473- Children's clinic Bill
500- savings
247- Student loan 1-06
I will process everything once we actually have the money deposited in our accounts and upload statements at the end of March with our totals.
Tashina
Monday, February 29, 2016
Friday, February 19, 2016
Mission out of Debt: Goals
I have made a couple of decisions, one it to recalculate our debt
totals every other month. I will post our monthly budget results after
the end of every month showing what extra we have paid.
Here is a quick summary of our goals.
Arlen is doing plasma: Goal is to pay 200+ a month from that.
We dropped our satellite, and stopped current contributions to Arlen's 401k which combined with extra from our checks should equal 300+ every month.
We get paid every other week. Which means we have extra checks in August: We are going to put 1600 toward our debt in August after that happens.
This combined with tax returns means an extra 7,000 extra paid off by end of August. This is our goal.
I know we are shooting high, but we want this to work as soon as possible. We may be able to find some extra income in the meantime too!
Here is a quick summary of our goals.
Arlen is doing plasma: Goal is to pay 200+ a month from that.
We dropped our satellite, and stopped current contributions to Arlen's 401k which combined with extra from our checks should equal 300+ every month.
We get paid every other week. Which means we have extra checks in August: We are going to put 1600 toward our debt in August after that happens.
This combined with tax returns means an extra 7,000 extra paid off by end of August. This is our goal.
I know we are shooting high, but we want this to work as soon as possible. We may be able to find some extra income in the meantime too!
Sunday, February 14, 2016
Mission out of debt! Getting started
We have recently realized the importance of getting our debt paid off. Since we bought our house in 2014, we have had some major changes. The hardest changes for us have been financial. Here is what has happened
#1 Health insurance almost tripled for us. (obviously the affordable care act didn't help us)
#2 I changed Jobs *yay* however with the increase we no longer qualified for our income based repayment for Arlen's student loans. This meant and additional $200 a month.
#3 Tioni was in a swing accident (5 days in the hospital, lacerated liver, lots of follow up, fun fun) (between 4-5k in medical bills even with pretty good insurance.
Because of all these things we realized that as long as we have our debt we will never be financially comfortable to have a large family and do the things we want to do.
I have a great friend who had been doing Dave Ramsey's plan. I even have had one of his books I have read. I have planned to do this in the past. However we have never made the full commitment to make the changes we need. With all these things happening Arlen is full on board, the hardest part was convincing him to end our satellite subscription. Which since earlier negotiations was only at $39 a month but we have to be all in!!
BABY STEPS right? Right now our step is to set aside $1000 to emergency savings. We are almost there! With the taxes we should get back we should be able to finish this and pay off our Credit card.
My goal is to do a monthly blog summarizing our month, and the extra payments we are able to make!
Here is our debt! We will be doing the snowball method! here is how it looks!
Total Debt (without house) 38,714.12
If there is any questions or things you want to know let me know!
Tashina
***I realized after posting I didn't include one medical bill. We owe 512 to the Children's clinic for Tioni's hospital visit. It will be added on next months totals!
#1 Health insurance almost tripled for us. (obviously the affordable care act didn't help us)
#2 I changed Jobs *yay* however with the increase we no longer qualified for our income based repayment for Arlen's student loans. This meant and additional $200 a month.
#3 Tioni was in a swing accident (5 days in the hospital, lacerated liver, lots of follow up, fun fun) (between 4-5k in medical bills even with pretty good insurance.
Because of all these things we realized that as long as we have our debt we will never be financially comfortable to have a large family and do the things we want to do.
I have a great friend who had been doing Dave Ramsey's plan. I even have had one of his books I have read. I have planned to do this in the past. However we have never made the full commitment to make the changes we need. With all these things happening Arlen is full on board, the hardest part was convincing him to end our satellite subscription. Which since earlier negotiations was only at $39 a month but we have to be all in!!
BABY STEPS right? Right now our step is to set aside $1000 to emergency savings. We are almost there! With the taxes we should get back we should be able to finish this and pay off our Credit card.
My goal is to do a monthly blog summarizing our month, and the extra payments we are able to make!
Here is our debt! We will be doing the snowball method! here is how it looks!
| Amount Owed | Min Payment | |||
| Credit Card | $ 2,600.00 | $ 25.00 | ||
| student loans 1-06 | $ 1,194.97 | $ 13.19 | ||
| Student loan 1-01 | $ 2,134.95 | $ 26.08 | ||
| student loan 1-05 | $ 2,347.69 | $ 25.93 | ||
| 2nd mortgage | $ 3,619.86 | $ 45.00 | ||
| Student loans 1-02 | $ 4,224.47 | $ 50.28 | ||
| Student loans 1-07 | $ 5,073.12 | $ 60.53 | ||
| Student loans 1-04 | $ 5,053.15 | $ 57.27 | ||
| Student Loans 1-03 | $ 5,135.54 | $ 60.32 | ||
| Car | $ 7,330.37 | $ 246.00 | ||
If there is any questions or things you want to know let me know!
Tashina
***I realized after posting I didn't include one medical bill. We owe 512 to the Children's clinic for Tioni's hospital visit. It will be added on next months totals!
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