H and I have agreed to combine our finances to pay off the debts together and save, save, save. We both kept our own accounts and a certain portion of our checks go into them for “fun” money. I don’t get much, but I can order a latte when I want without the guilt. I have transferred all my payments to our joint account and H will continue to pay the auto-debits with his Credit Card and pay the card from our joint account. We pay it off every month and have accumulated $200 in unused points so far. At some point we will probably use them for household items such as dog flea/tick stuff. H still has his car payment and the mortgage coming out of his own account. They might move eventually, but for now it works.
We also decided that we are going to have the last credit card paid off this year. We are shooting for this Summer.
H deposited his parting pension money ($4000) from his former employer into our joint savings account to put toward the credit card. I can’t wait to send it in. It requires me to swallow my pride and highly independent nature to do this, but in the end we are in this together. I am waiting until I complete our taxes to do this, just in case. This will be our first time filing together and our combined income is basically double what mine is and I am worried that about the funds he cashed out and our withholding. It’s kind of funny sad, H grosses less than me, but his net pay is higher. But then I pay the medical insurance for both of us, really expensive Long-Term Disability Insurance, I have union dues, and I have to pay to park at work.
After we pay off the credit card, we decided to attack my house debt over the car and student loan. We will talk to a real estate lawyer first, but we think we might be able to pay the house down enough in two years to break-even on a sale. This would simplify our life immensely.
I think we can, I think we can, pay off $12,000 in debt in six months…….
I have new totals up for the end of November. My last credit card is below $13,000.
Now that I’ve whittled the number of debts down, I have all the payments made by the middle of the month. I feels a bit weird to only have a couple of debts to keep track of.
I am not sure what to do with myself. I think I might just start extra payments next month just to give me something to do…….
I will not miss you!
Today is payday, and today my 401k loan is gone, baby, gone!
What started as $10,100 debt is now at ZERO!
In October I hope to crow again……
As of yesterday, I have paid off 50% of my original consumer debt. This figure does not include the auto loan that I took out this year or the student loan debt.
I know it should, but since the student loan debt was so high, I started tracking the rest separately. Technically the auto loan should be in that figure, but that loan has an asset, so I guess I should call it unsecured debt. Plus, it occurred after I started tracking this number.
Whichever way I define it, it still makes me feel good and gives me momentum. In the end that is all that matters.
On a side note, I am anticipating that the Credit Card #1 and 401K Loan 2 will be gone in August! Technically I have the money to pay them now, but we are saving that for wedding deposits, etc. I can’t wait to only have three payments to make!
I missed my blog birthday. *sniff*
Last year at this time I had passed the 100,000 mark. This year? I am nearing the 100,00 mark again.
I am a little sad that I went backwards this year and accumulated more debt. However, I enjoy driving a nicer car.
That being said, it is what it is, and I am close to getting the debt under 100,000 again. Happy Times!
We are getting our money back!!! Woo Hoo. The Michigan Supreme Court upheld the lower court ruling that the Legislature violated the constitution by withholding 3% for “Retiree Healthcare“. It is the Civil Service Commission that has the authority to determine our pay and benefits. Accordingly, I will be receiving my money in one of my January paychecks.
I havent sat down to figure out how much yet. I know its over $2000, they have been withholding the money for over a year. I am hoping $1700 after taxes are removed, that combined with my savings and tax return should wipe out credit card #1.
I can’t wait, one less payment to track and worry about. I debated whether to put the money into my 401 or use it toward a down payment on the car. In the end I came to my senses and decided wiping out the debt was more of a priority.
I can’t wait for January. Oh, and my paycheck this week has the 3% back it my net pay.