- 1. Pay off credit cards 2, 3, 4, 5, and 6. Total = $5843.
- 2. Transfer $6K of credit card 1 to credit card 2 @ BTR of 5.99% until 01/10 and no BT fee.
- 3. Transfer remaining $1165 of credit card 1 to credit card 5 @ BTR of 0% until 03/09 and 2% BT fee.
As of 10/28/08
* 4 cards have been paid off
* $250 is freed up from my budget & will be used on debt payoff in Nov.
- 4. Apply $1500 payment to CC 2 and minimum payment ($25 est.) to CC 5 in November.
- 5. Apply $1500 payment to CC 2 and minimum payment to CC 5 in December.
- 6. Apply $980 payment to CC 5 which should pay it off and use portion of tax refund to payoff the remainder of CC 1 ($3000 est.).
The only thing that could get in the way of the joyous day is me. I need to keep a firm hand on the purse strings and make sure I do not over spend and keep to my budget. The fact that the next two months are binge shopping months won't help.
Needless to say, a couple of things are in the works to help me keep on the path to ZERO CREDIT CARD DEBT bliss.
I received my 401K distribution from my past employer yesterday. It is $403.20. Because it is under $1000 I will have to cash it out. Minus the 20% tax, I'll receive $322.56 back sometime next week. That money will go into a Holiday fund that I created. My goal for that fund is $350. Once I receive my $10 check from MySurvey.com and $20 from TextLink Ads, I'll add them to the account to reach my goal. Of the $350 budget for the Holidays, $250 will be allotted for Xmas gifts and the remainder will be put towards decorations, food, and other misc Holiday stuff.
I should be receiving a $125 refund sometime this week from an AmEx card I closed (annual fee refund). That will be put aside in my Travel fund and be used for the traveling I will be doing for Thanksgiving and Xmas (primarily for gas).
My birthday is almost around the corner (Jan 3rd). My plans are to relax, relate, and release at a spa in a far away city with some wonderful girlfriends and have a fun filled weekend. I am saving my $50 SpaFinder gift card that I got using my AmEx rewarsd to use then. I don't need anything specific for Xmas so I'll request to get cash instead and put that away to use during my birthday. Aside from that, I'll be working on earning some money from my side hustles and saving up for a fab birthday weekend that will soothe the soul without hurting my pockets.
I updated some goals (top right hand corner of blog).
I currently have $734 in my emergency fund. I will add $266 to it in November to make it an even $1000. After that I will be directing all my excess money to pay off my credit cards. That should be done by the beginning of February 2009. Once that is accomplished I will work on my $5K Home Fund goal which will consist of the remainder or my tax refund, and excess money in February, March, and April . I'll most likely start house hunting in mid March. Once I buy my first house (fingers crossed!!!) and IF plans go my way, I'll use $2000 of the Home Fund to furnish my home and transfer the remaining $3000 to my emergency fund. With $4000 in the emergency fund I will then work on increasing that to $10K by the end of 2009.
I'll give an update on my 2008 Goals and Career Goals next post.