Tuesday, August 23, 2016

A Yearly Big Update

Oh, the numbers.  Lest we forget about them.  Let's start with some general stuff.

I am still working part time, so my job really just stopped the "bleeding" from the move.  Despite a lower cost of living, we also are making considerably less, but alot of bills stayed the same.  My current "hiccup" is electricity.  We have been on a budget plan for over 10 years, so paying the ACTUAL bill in the summer is screwing me up a little.  We have been running the A/C since May, but it seems that temps are starting to fall, and we are hoping to be open the windows soon.  Come January, when we have 12 months of bills behind us, the electric co-op will let us go on a budget plan.  Water is more expensive here (we double checked for leaks and the such).  Cable is higher, cell phone plan went down a bit.  At the end of the day....a lot of it is a wash.

I will (hopefully) start back with the SAT scoring come October.  Of course, now that the essay is no longer required, many students won't take that part.  I am hoping that if I can make a few hundred dollars a month from this, it will start to move things in the right direction. This money will most likely go towards upcoming expenses that we haven't been able to save for...like Christmas, cat bills, etc.  If I can get those funded in the coming months, then I will feel better about using that money elsewhere in the future.

Alright....here we go.  Yes, this next part is confusing for a minute.  I have my side bar divided out so I can personally see what categories we have.  However, several of these numbers are part of a larger number.  Yeah, I know it is confusing for you.  I pay the bills as a whole, but I account for the total by dividing it.  Yep, it is messy.  Just go with me for a few minutes.  My numbers won't go entirely in order of the side bar. But I will show you how it is all broken up.

Personal Loan - $18,518.00
As a quick recap....this is the loan we took out last fall that paid back the retirement loan and gave us cash for our closing when we sold the house. The total loan is $435.50 per month.  This loan is auto-debited, so unless we purposefully put money toward it, it will just continue on its way down.  We have just over 4 years left on the total loan as it stands today.

Part One: $9,079.84
This is the section that paid for the house. 

Part Two: $9,438.16
This is the remainder of what was left on the retirement loan when we paid that off , which is under consumer debt on the side bar. 

Consumer Debt - $31,638.22
This is a big mess to write out.  It makes sense to me.  It makes sense in my little notebook that I track everything.  It is nasty looking when I write it out.  You will see that I have done some balance transfers, or are contemplating them.  We have two Bank of America cards and can't transfer between them.  That is where the Discover card comes into play.  Still working out all of this.

BOA - Mysti: $16,640.00
I previously called this CC by some number, but this is easier.  It is a Bank of America card (or it now....this card has been sold several times over the years), and I had this card before I was married, so it is in my name.  This balance is what I transferred from CC4 (Discover).  I have 18 months, 0%, with a minimum payment of 1% (which is currently $166).  This is half of what I was paying when it was on Discover (which is a 2% min payment, and I was paying $324 a month).  The transfer fee was $640 total.

My plan is to continue to pay $300 (I like numbers that end in zero) and chip away at it.  When the 0% offer is up, I will probably transfer it again.  Yes I incur a transfer fee, but it is less than the interest.  

BOA - G-man (Previously CC2): $6,560.55
I am debating doing a balance transfer to Discover (either 0% for 12 mon, 3% fee OR 3.99% for 18 mon, no transfer fee.....the savings between the options isn't much, less than $100 over the life of the transfer). Current minimum payment is $126, which will go up to $144 if I do the balance transfer. Of the two, I am thinking of doing the 18 mon offer, mostly so the 18 months pretty much aligns with the other balance transfer I did. 

Part One: $2,682.74
This is what was left from the physical move.  I had planned on using our tax refund to pay this off.  Then the cat got sick and died, so the money got diverted. 

Part Two: $3,877.81
So, this was a dirty little secret.  But here ya go.  Now you know. 

Discover (Previously CC4): $471.86
This is left over loose end that I didn't transfer to BOA - Mysti.  I was trying to keep numbers whole, and it just was a stupid decision.  This will be gone in about 6 weeks.  However, if I do the balance transfer, then this card will continue to have a balance, and BOA - G-man will be zero.

Mysti's Car: $610.99
Look at that sexy number....so close to the finish line!!!  This will free up $230 a month.  As I mentioned, I am thinking of using this money (or at least part) toward family health/exercise class (I did look up the YMCA, which would be $76 a month for the family....which would still leave $154 towards something else).  Or I may continue to just save it up toward a new car for when the time comes.  Or it may go toward debt.  This is a whole other post.

G-Man's Car: $599.30
Another sexy, almost gone, number!  This was a 5 year loan and we were able to shave 2 years off.  Here is the current kicker with this debt though:  It doesn't free up any money.  Yep.  You read that right.

Prior to the move, my paycheck was paying for this ($127 a month).  When we moved, I kept some slush money in the account to buffer us while I was looking for a new job.  So for 6 months...I have been just draining the slush.  Now we are almost paid off.  Since I am not actively using any money to pay this debt, it doesn't do anything for the bottom line right now.  I will probably throw a little extra toward this in a few weeks thanks to a 3-pay check month...trying to get this paid off at the same time as my car. It will be nice to just have this gone....one less thing to track.

Medical/Dental: $724.01
So, our FSA totally got messed up this year.  We are contributing the maximum amount ($2,500).  However, when we moved, Bossy's new medical supply company screwed up the billing....which has just recently been resolved.  However, the on going screw up resulted in the FSA management company paying out the full $2500 in one shot (it gets deposited into our banking acct).  We have this in a Capital One 360 account, and as bills arise, we transfer the money.  We are cautious with this money because we have only gotten one bill from the medical supply company, and want to make sure we have enough to cover this.

I mentioned that I needed some intensive chiropractic care.  That whole bill was $1117, based on roughly 30 sessions, x-rays, and mild physical therapy.  This was paid out of our FSA money, as we got a discount for paying in full.

I also mentioned a few weeks ago that I needed some dental work.  Our insurance doesn't cover fillings....so we had to pay the full "out of pocket" cost.  The reported balance is on a CareCredit card, with 0% for 12 months.  I am paying $75 a month (one payment so far) so that it will be gone within the time frame.  If we still have money left at the end of the year, we will transfer more of the FSA money toward this.

And last but not least....

Student Loan:  $19,058.04
One more payment and we roll down to the next thousand.  Yay.  Nothing to say on all of this....until other stuff is cleared up, this loan just gets its $229 a month and nothing else.

Subsidized:  $896.33

Unsubsidized: $18,161.71

There it is.  The dirty secret is added in.  New Medical debt.  New debt from balance transfer.  Putting us at $63,182.85.  Removing the house stuff puts us around $51,000....which is around where we were 15 months ago.  None the less....the true number is still $63,182.85.

The positives....the cars are both almost paid off...the medical debt has a potential to be paid off by the end of the year, but certainly before interest comes due....and we aren't paying interest half of the consumer debt.

The negatives....still have a huge amount of consumer debt.....income still not at a point where we feel comfortable.....not able to save up for expenses we know are coming.

No need to try and put a positive spin on it if you comment.  No need to tell me how crappy of a job we have done either.  I know both sides.  Just facing it head on....and plodding along.