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Sunday, October 17, 2010

New Budget

I have updated my side bars and have become both depressed and hopeful at the state of my financial affairs. Repairing my car ended up costing my $1536 which left me with only $500 in savings. I am trying to decide if I want to put that money back into my savings account or put the money toward paying down one of my credit cards. Now that I know my credit score has improved to the point that a bank was willing to give me a car loan (I was approved, but I turned it down) I am now obsessed with the prospect of paying off my credit cards.

I would love to have them paid off by this time next year, but I know that would be next to impossible. I am now willing to make the necessary sacrifices to get this monkey off my back. My goal is to buy a new car by December of next year.

Here is my new budget.

Monthly Income - $2000

Sallie Mae - $600
Direct Loan - $200
Electric - $200
Cable/Phone/Internet - $170
Cell - $100
Master Card - $100
Amex - $150
Visa #1 - $140
Visa #2 - $90
Snowball Credit Card Payment - $200
Savings - $50

I can't believe that I am throwing $680 a month on credit card payments.

My first goal is to pay off my Amex, it has the highest interest rate. I called them and asked for a lower interest rate, they told me they could not lower the rate on past purchases but could give me 7% on new purchases. I am tempted to do a balance transfer but I don't want another inquiry on my credit report.

1 comment:

  1. Now that I have managed to add progress bars to my blog I am frustrated that my savings and my Emergency Fund have nothing in them, so as soon as my Daughter,s Wedding is over I,m going to work hard at getting those bars moving.

    Good luck with your goals.

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