Research & Budget Update

November 18, 2008 at 5:47 pm (Uncategorized) (, , )

I’ve been reading up on lots of PF blogs lately – as I find good ones, I’ll add them to my blogroll. I know my current debts, I’m paying close attention to my statements, I’m making sure I don’t run out of money in my checking account and then have to resort to my credit cards or have transfer or overdraft fees. I’ve prepared a beginning budget. I’ve applied for a 0% interest rate card and gotten a 5K limit approval.

I’ve decided since starting this blog (all of 8 days ago) that I should have an emergency fund after all instead of expecting to use my credit cards for unexpected large expenses. I went and got a copy of my credit report to look at – it looks pretty good, nothing unexpected. I didn’t actually pay for my credit score; I don’t really care at the moment and I’ve been told that “it’s quite good.” I know I have a lot of debt, but I’ve always paid what I owe and I’m not usually late on payments. I don’t expect to purchase anything large for several years, so I don’t need to repair anything, just pay off those darn debts!

I’ve made an estimated stab at my debt-free goal of 6 years, but it’s not all that scientific; I’ll adjust it as I continue the journey. I have begun to live much more frugally, and I’ve updated a bunch of widgets on the side of my blog (showing the charts of percentage paid on my various debts). The visuals were fun and I think will be really useful to chart my progress (I know it’s the first thing I look for on other blogs!).

Now I’m anxious to start paying them off! I have had a few setbacks this month. I have been horribly sick and missed 4 days of work. That caused me to lose a lot of hours (I usually have 1-3 hours of overtime every day). It’s also a really short month on both paychecks – 10 days in each (payperiods are on the 15th and end of month). I expect I’ll be $3-400 short from previous months. Next payperiod is also short (10 days) and I’ll be on vacation for the entire weekof thanksgiving, that looses me about 7 hours of overtime, so next month’s first paycheck will also be significantly less than what I’ve come to expect as “normal.” Previously this would have been a disaster on my finances, but I’ll make do and be ok, just be paying less on debt.

Still, I’m looking forward to paying my first payments on my personal loan and paying off my credit card completely! I’ve also learned that my budget will need some tweaking! I think I’ve allotted too much money to food, entertainment, and restaurants. I also realize that I’ll have fluctuating amounts of spending in photography, but I’ll save that category for another post. I’ve also decided that the next budget update (to be done at the end of every month) will have to be in a table-based format.

Here’s to all my co-PF bloggers out there, and thanks for the wonderful motivation and help!


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