Category Archive: Paying down my debt

Insurance is a pain in the butt. I spend $100 on it each month, and have yet to reap any benefits. =o=

I get paid $182 on Friday… so I keep $100 for server payment, and then I put… $50 towards my Kohl’s? That’ll leave me with about $30 to live on. Oh joy. :-D

I’m gonna be near 40 hours this week, so my next paycheck should be over $250… I’ll dump another $100 towards CapitalOne, and probably keep another $100 locked away so that I have money for the lovely ticket that I got awhile back. :(

This stupid blogging is helping. Each time I’m tempted to buy something I think “Oh gawd, if people see my balances go UP, they’ll know I’m buying stuff.”

So yeah, haven’t been buying stuff.

…except for the $6 that I spent to legally obtain the new Train and Selena Gomez CDs. Amazon had them for $2.99… I wasn’t about to pass that up!!!!! But other than that, I haven’t put a single thing on any of my charges :-D

And I haven’t been eating out either… been buying stuff from Cub before I go into work… $2 versus $6 == good savings. That’s like $20 saved each week. While really does add up.

—

Okay, let’s assume I make an average of $150 per week. (I normally make more, but we’ll go with this)

That’s $600 a month.
- $100 for insurance
= $500 a month.

For April and May. Then I move. Oh dear. :< So I have a guesstimate of $1250 net coming in before I move. - $200 for stupid speeding ticket = $1000 that I’ll have to put towards the debt of doom. So I’ll be able to pay off Discover no problem… only got a little over $200 left on there… and then I can move on to pay off Chase. Or should I do Kohl’s? I’m not sure… Maybe what I should do is pay $10 every day I work! That would be smart. :-P I dunno. T___T Money sucks. I would be much richer if I didn’t rack up these stupid credit cards. Discover is to be gone by the end of April. I think I’ll actually keep the Chase & CapitalOne cards though. Chase = because I get 3 points for every dollar spent at Amazon. Seriously, this is a Good Deal… if I pay it off. CapitalOne = my oldest card, and gonna keep it for my credit history.

I’m doing well on my Road to Recovery. So well in fact that I decided to up the amount I’m paying towards Discover this month :-) Instead of $25, I’m now posting $50.

So…
Discover
… credit line: $300
… current balance: $261.60
… scheduled payment: $50.00 on March 5th
… resulting balance: $211.60

Yay! And I did that return on my Kohl’s and have fought MANY urges to buy stuff. So current balance is $361.57. I picked up a couple shifts in the coming weeks, so I should (I think) be able to post about $100 towards it on the 12th. It’d be sweet if I could pay it off. Maybe when I get around to doing taxes. X_x

So, here’s the first in a series of hopeful blog posts that will illustrate my attempt to kill my debt.

What is this debt? Well, I am a Dumb Kid who doesn’t know how to manage money. At all. So this is gonna be my attempt at whittling away at it all, so that hopefully by the new year, I will be almost debt free. :D Except for school debts. x_X

I want to have nothing sitting on credit cards. :-)

Current Situation
CapitalOne
… credit limit: $750
… current balance: $756.03
… scheduled payment: $100.00 on February 26th
… note: I missed the payment date by a few hours last month, which is why I’m over :( I got them to remove the overlimit fee tho, which is great
Chase Amazon
… credit line: $700
… current balance: $684.76
… scheduled payment: $40.00 on March 5th
Walmart
… credit line: $400
… current balance: $353.32
… scheduled payment: $25.00 on February 26th
… note: I have until January 2011 to pay it off with no interest, so it’s taking a lower priority.
Discover
… credit line: $300
… current balance: $261.60
… scheduled payment: $25.00 on March 5th
Kohl’s
… credit line: $400
… current balance: $376.02
… scheduled payment: Not sure yet :’( Will depend on how much I end up getting paid on March 12th.
… note: the problem is that I work here and am way too tempted :( so after I made a return tomorrow (which will decrease my current balance to $361.57 it will be leaving my wallet!
Macy’s
… credit line: $600
… current balance: $0
… :)

Total
… credit lines: $3150.00
… current balance: $2431.73
… after Kohl’s return: $2417.28
… after scheduled payments, before interest: $2227.28

Short Term Goals
1) Charge nothing new to any of the above accounts, instead use my check card / cash / PayPal account exclusively
2) Pay down more on the CapitalOne account, and when I can, transfer the entire balance of the Discover card over to it and close the Discover account.
3) Pay just above minimum balance on Walmart card until fall, at which I want to get it paid off so I don’t incur any interest. Will take priority over CapitalOne at that point, which will hopefully be hosting the remaining balance from the Discover card.
4) Have Kohl’s card paid off by fall
5) Make extra money where I can :-)

What I also owe…
Brother – $1200
Parents – like $1700
BFF – $100
D:D:D:D:D: