Congrats to Obama on reelection. Good thing I voted for him. Now let's get down to business.
My current revolving & short term (med bills) debt totals have been trending as follows:
- $63139 2012-06
- $56709 2012-07
- $57386 2012-08
- $58353 2012-09
- $59132 2012-10
- $57275 2012-11 <~ Yay!!!
Damn, paying off shit makes me feel good, though part of the payoff isn't quite "real", it's a step in the right direction. I've been able to pay off $1857 in real debt. How much did I pay in interest? I really don't want to look, but It's at least $400-500 down the drain. So what happened this month?
- Refinanced house from 5.8% to 4.25% going from a 1200/mo to 1018/mo payment. Free'd up about $200/mo in cash flow, but I increased my 401k from 1% to 4% to take advantage of my employers matching. So cashflow remains exactly the same.
- Received about $3k in cash out from the refinance.
- Received another $3k bonus ($1800 after taxes) from work.
I had an extra $4800 to play with this month, and why did my total balance only go down $1800? This is where it went:
- $1000 catch up on last month's bills. (grrrrrrrrrr, ugh)
- $2000 added to budget cushion. My 2x paychecks in November will pay for December's bills. I used to have it where the prior month's last paycheck & current month's first paycheck paid for the current month. Now I have a full month's buffer. In a sense, it's also my kind of my $1k emergency fund without putting aside an emergency fund.
This left $1800 to pay down extra principle and pay down the credit cards.
Here's the current state of my revolving debt.
- 16290 Chase @ 2% till payoff
- 12806 Chase @ 3% till payoff
- 1660 Discover @ 0% till 10/2012 (not sure after)
- 7214 BoA @ 20%
- 4376 Cap1 @ 17.9%
- 2455 OldNavy @ 25%
- 2380 Citi Diamond @ 6.24%
- 1960 Chase Amazon @ 20.24%
- 1518 Citi Plat @ 12.24%
- 1547 Advanta @ 8%
- 1573 Barclays @ 18%
- 1200 Cap1 @17.9%
- 766 Kay @ 25%
- 542 GE Amazon @ 0% till 06/2013
- 450 Hospital @ 0%
- 200 Cap1 @ 11.9%
The following were paid off providing $195/mo in extra cashflow. The conventional Dave Ramsey wisdom says to take that $195/mo and snowball it into an entry above, but since my budget is upside down, the debt snowball begins now. In my budget, I've committed $1400/mo in the pay down debt column. http://unbury.me says that I should be paid off in December of 2015 sometime. I'm hoping that it's sooner. Come March, I should be able to kill at least 10k worth of these pesky things if I don't get fired.
422 Chase @ 30% ($25/mo) 325 Home Depot @ 0% (50/mo) 280 Macys @ 25% (25/mo) 65 Macys @25% (25/mo) 150 Hospital @ 0% (30/mo) 120 Hospital @ 0% (40/mo)
Now to stay strong and not spend $ on bullshit stuff! My wife did just call asking me to pick up some mint choc chip icecream. There goes $5 =P