Slow down for a month (or two)

July 10, 2012 at 2:56 pm (paying debt)

Decided to take a little intermission for the next month or two and catch up on my debt and savings plans. I’ve been running pretty close to the edge the last few months. I get greedy to pay down my debt, pay a lot a bit too early, and by the end of the month have to borrow a bit from savings or put some expenses on my credit card. Of course, I always want to pay these back and off immediately so there’s never any finance fees, but it does derail the following month a bit and I use money earmarked for debt to pay off my credit card or pay back my “temporary loan.” This then also¬†skews my budget on the dates I pay for things.

I decided that this month I will scale back my debt payments, consolidate, pay off, top up, and the like. What that means is that I’ve reduced my autopayments to my debt to $300 for the month (down from $650). I’m going to see where I am at the end of the month, and pay that towards my road bike loan, the GE Capital. I want that close to paid off by the end of the month. Next month I’ll then be free and clear. I hate having that 0% credit reduce my regular-debt-paying momentum.

Of course, I always seem to forget that I have to pay an annual web hosting fee for my main real-life photography website, and I also get whammed with my SBA annual fee, both of which are $150, both of which occur in July. So here’s the score for this month:

July SBA debt payments: $300 ($200 on the 1st paycheck, $100 on the 2nd)
Road Bike loan: $200 ($500 left to pay)
Car Loan: $253.11 (minimum payment)
Web Hosting: $150

It makes me sad that I can’t pay $600 towards my SBA loan. I feel like I’m treading water this month. Next month I’ll be able to pay off my road bike fully, and that will bring me back to normal for September – I’ll be back in fighting debt trim.

Oh, and I updated my stats on the right. I used up a lot of my car fun to get a bunch of work done, oil change, some engine work, and of course the timing belt. Totaled about $900 in 2 visits. Now that that major repair is over and done with, I’m gonig to scale back my car fun savings to $100/month for a while (down from the $150-$200 I had been socking away).

debtmaven out

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1 Comment

  1. Leanne said,

    I can totally relate…I get paid and get a little overzealous to pay things and often find myself a little short of money as the next payday nears. Ugh! I hate that and I end up pulling out the credit card to try to make it to payday. Like you, I’m working on curbing this cycle. I know I’m still making progress on debt reduction, but it’s not as good as I’d like. I always pay off any new charges I’ve made and additional debt reduction, but it’s not going down as quickly as I’d like. I’ve finally put a note in my wallet that I see every time I open it with the current balance on my credit card, I’m hoping this will help curb the urge to splurge. Since you’ve been on this hiatus, how are you doing? Hope it’s all under control.

    Once I get the credit card paid off, my next debt to obliterate is my car loan. That’ll be the next sticky note in my wallet.

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