Looking Forward: October 2014
So, I’ve been feeling like I’m not making much progress as far as paying down my debt and saving up for my EF.
I’ve been at this since January and I haven’t yet hit $1k for my EF and I’ve only paid off one credit card (which started with a very small balance). It can sure be frustrating to read other blogs where they started in March and have already paid off a couple of credit cards with $2k+ balances.
I’m trying to keep my positivity up but it’s a struggle since I’m naturally a pessimist. The only thing that’s helping right now is looking forward to September/October.
In September, I will make my last payment on my furniture credit card (CC#9)! This balance started out over $1k in January and I’ve been paying almost $150/month to get this paid off within the promotional period to avoid interest charges. Once this debt is paid off, I will have a little more wiggle room in my budget.
Currently, my plan is to increase my planned savings rate from $20 up to $40. I also plan to start a new category for medical expenses with $20/month. Currently, I pay for my monthly RX out of my grocery money, but lately I’ve been needing that whole amount for food (since I’ve eaten my pantry and freezer down quite a bit). This money could also be used for medical appointments, etc when needed. I’m not planning on permanently increasing any of the other categories, but at least I will be able to increase them as needed with the money from the furniture loan payment from then on.
The remaining $110 will be used as a snowball payment on CC#4. According to my current projections, I should have CC#4 paid off in November! Getting rid of the furniture loan in September is really going to help get the ball rolling, so to speak. It’ll also make me feel better about my progress, especially since my debt with my parents went up which pushed my debt free date back 2 months, from July 2017 to September 2017. 🙁 I’m still hoping that with bonuses and any other “extra” money I can find that I will be able to get back on track and pay off my debts by the end of December 2016!
What are you most looking forward to right now?
Photo courtesy of: Beckywithasmile
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