Paying off my Debt - Log

[hehateme000]

Hey guys, just wanted to post up all my debts and savings to keep track of my progress. I am 23, live with my fiance and 2 kids, and really want to pay off all my debt as fast as I can. I recently just realized that this debt isnt going anywhere until I pay it, I hate how it is hanging over my head.


Current Savings:

EF: 1,450
Silver: 550
401K: 219

Total Savings: 2219

Current Debt:

Student Loan (me): 16,761 ----------- 4 different interest rates, 3.4, 5.6, 5.6, 6.8
Car: 12,392 --------- 9.49%
Court Fees: 3,080
Student Loan (fiance): 2,650 ----------- 6.8%
Bail Payment: 1,440
Car Accident: 1,377
Diamond: 1,276
TV: 500
Ticket #1: 223
Ticket #2: 200
Old insurance payment: 55

Total Debt: $40,374


Optional Debt:
Cancelled Capital One card on fiances credit - 475

[bjl584]

Good job posting this and realizing that you need to do something about it.

I know that you touched on how to start tackling this in your other thread, but have you done any more detailed brainstorming? Do you have any plans to start paying this back? Please list them if you do. There are plenty of smart people here that will be more than willing to chime in to offer suggestions.

[hehateme000]

Good job posting this and realizing that you need to do something about it.

I know that you touched on how to start tackling this in your other thread, but have you done any more detailed brainstorming? Do you have any plans to start paying this back? Please list them if you do. There are plenty of smart people here that will be more than willing to chime in to offer suggestions.

thanks!

Well I have already been paying on these things for a while, so those balances used to be higher. Currently, in my budget I have 300 left over every month after paying all these debts. That 300 we are putting 50 into wedding, and 250 into EF. Here is the detailed budget:

Income:
Me - 2,300
Fiance - 1,400
Roommate - 300

Total Income: $4,000

Expenses:
1st: Rent - 1,195
1st: Fiance tanning - 63
5th: Diamond - 320
6th: Car Insurance - 155
7th: Wells Fargo CC - 40
7th: Student Loan (me) - 165
11th: Capital One CC - 40
11th: Direct Tv - 65
15th: Traffic Ticket - 50
15th: PGE - 60
15th: Internet - 40
15th: Water - 53
15th: TV - 50
15th: Insurance (fiance SR-22) - 28
15th: Student Loan (fiance) - 50
21st: Car payment - 278
21st: Phone - 160
26th: Bail - 175
26th: Old Car Accident - 105
26th: Court fees - 20
Gas - 600

Total Expenses: $3,712

Total Leftover every month: ~$300

[hehateme000]

So every month we are paying

Diamond - 320
Student Loan - 165
Student Loan - 50
Traffic ticket - 50
TV - 50
Bail - 175
Old car accident - 105
Court fees - 20

So every month we are paying 935 toward debt.

[hehateme000]

The good thing is that I budget my fiance to make a certain amount of tips based on what day she is working, Wednesday will be 40, where Saturday will be 70. The last 2 days she made 150 and 105, which was 135 total over what we budgeted. So that extra money is going to go towards debt and a date night once a month.

[LivingAlmostLarge]

Where are your groceries? Cut fiancee tanning it's bad for health. What is going on with the phone? Can you cut it? Can you decrease your gas bill for your cars?

[mgkimsal]

Suggestions:

Cut the tanning, and cut directv. Neither are fun or easy to cut, but that's another $120/month that would go to a bigger EF, or faster debt reduction, or a more fun wedding/honeymoon. Those two cuts would mean your two tickets could be taken care of in just a few months, freeing up, by your numbers, *another* $50/month (is that for one or both tickets?). That would mean in, say, 4 months, there's now at least $170/month *extra* to go towards EF/debt/wedding. Or perhaps food, as you don't mention food (or electric) anywhere in the list of expenses.

Any chance you or your fiance can pick up an extra job?

[BuckyBadger]

You said that your fiancee needs to tan because of her modeling jobs yet there is no line item for income from these modeling jobs.

I think that if the 'modeling' can't even cover the cost of the tanning, perhaps the tanning, should be cut. It's increasing her chance of skin cancer, anyway.

[mgkimsal]

You said that your fiancee needs to tan because of her modeling jobs yet their is no line item for income from these modeling jobs.

Perhaps that's in the $1400 income he reported earlier? Otherwise, I'd agree. Actually, even for $1400, I'd likely agree.

[BuckyBadger]

Perhaps that's in the $1400 income he reported earlier? Otherwise, I'd agree. Actually, even for $1400, I'd likely agree.

In a previous thread he says that she makes that money bartending. The modeling gig wasn't mentioned as a source of income until people questioned the money spent on tanning.

[mgkimsal]

sorry must have missed that...

[hehateme000]

Where are your groceries? Cut fiancee tanning it's bad for health. What is going on with the phone? Can you cut it? Can you decrease your gas bill for your cars?

Groceries are included in the 650 spent for gas. The phone we cant cut since they are on contracts, so we are waiting for the contract to be up and then we can switch. Unfortunately the gas bill stays the same because I have to commute to work 4x a week

Suggestions:

Cut the tanning, and cut directv. Neither are fun or easy to cut, but that's another $120/month that would go to a bigger EF, or faster debt reduction, or a more fun wedding/honeymoon. Those two cuts would mean your two tickets could be taken care of in just a few months, freeing up, by your numbers, *another* $50/month (is that for one or both tickets?). That would mean in, say, 4 months, there's now at least $170/month *extra* to go towards EF/debt/wedding. Or perhaps food, as you don't mention food (or electric) anywhere in the list of expenses.

Any chance you or your fiance can pick up an extra job?

what about the cancellation fee for both those? We are both looking for extra stuff, thats why shes starting to do the modeling thing

You said that your fiancee needs to tan because of her modeling jobs yet there is no line item for income from these modeling jobs.

I think that if the 'modeling' can't even cover the cost of the tanning, perhaps the tanning, should be cut. It's increasing her chance of skin cancer, anyway.

Sorry for the confusion, she is starting her first thing on tuesday. Its nothing big, I guess shes gonna wear snowboarding stuff so its not like its nude stuff or anything, 2 hours will be like 50-60 bucks... So I havent reported anything yet because she technically hasnt started

[mgkimsal]

what about the cancellation fee for both those? We are both looking for extra stuff, thats why shes starting to do the modeling thing

Never had a cancellation fee for canceling directv or dish before. Are you sure there will be one?

Call up to cancel - they may instead get you a lower rate for 3 months to keep you from quitting.

For canceling tanning - I dunno - I would not sign up for a service like that that required a cancellation fee - my gym membership is monthly only, for example.

[hehateme000]

I know directtv there is a cancellation fee because got i cheap for the first year

i have learned that getting into yearly contracts sucks and is a headache. I am letting everything go until they cancel, and then I will do things that re month to month from now on just in case anything ever happens and i need to cancel.

[snafu]

Good on you for realizing you need to dig out of debt and plan for the future. Sadly some past problems and contracts for phone, TV, tanning likewise cause financial stress. An old accident [$105], court fee [$20.], bail [$175.], traffic accident [$150.] gobbles $ 450. each and every month. It's important to bring in more income and while modelling may be appealing, it's too sporadic at a time when debt ratio is too high for income. If she can't get more hours at current bar, I suggest she seek another bar/employer.

My suggestion is to bolster the Emergency Fund, it's too low. It's being on a learning curve to cut expenses to the bone for the short term and throw as much money as possible to debts starting with smallest to largest like $ 55., $ 200., $ 223., $ 1,377., $ 1,440., $ 3080. Add any income from any part time work you can find to get through this as fast as possible while keeping up payments to your creditors. Please don't add to your red lines. For the short term keep asking yourself is this a NEED or is it a WANT. Avoid any expenditure that isn't absolutely necessary. Keep asking... 'What is the worst thing that would happen if you didn't buy/spend on XYZ?' Entertainment needs to be limited to anything free, library DVDs [free], and your Direct TV offerings. Meals made at home, brown bag lunches, take a jar of instant coffee to work with a mug to make-it-yourself. I hope you can cook or learn to cook to give fiance a hand.

it's just for a short time...that's the mantra and it'll all get fixed I'm confident you can get this done.