Wednesday, January 2, 2013

Just for Prosperity

Since I update our sidebar totals, if I don't note the starting amounts, I will never figure it out later.

On 1/1/13, our numbers stand at:

  • Retirement Loan  - $31,603.91
  • Student Loan - $26,314.80
  • Car Loan - $10,320.08
  • CC - $4,877.75
  • Medical/Dental - $2,965.61

  • Grand total - $77,245.15


Here is the kicker with this stuff....the Retirement Loan, Student Loan, and Car all have fixed minimums.  None of them are going to go back up since they aren't "revolving".  Just the minimum payments for the year equal $15,388 (give or take a few dollars for the miscellaneous cents we pay).  Doing nothing else but paying the minimum pays off 22% of those loans this year.  Doing nothing but what we are already doing....those 3 loans will be reduced to $52,850 from $68,238.

The remainder...that is the problem.  The medical/dental will go up.  As long as we continue on the payment plan we are on, it only satisfies the company that we are paying SOMETHING.  Each month, the amount we are charged is more than what we pay.  So that impacts the bottom line.

The CC....as long as we don't use the card, it will go down.  Any "extra" we have toward debt repayment will go toward the CC.  But again, the medical will go up by roughly the same amount we are paying.  In the end, I don't see the CC and Medical numbers really "moving" over the coming year.  They will probably end up swapped.

My as long as we can handle any emergencies (using EF, overtime money, side hustle money)....our grand total number a year from now will be about $62,000. 

Let's see how it goes.

I am not setting any real goals this year financially.  I do understand goals...but for me, the disappointment of not making a goal is way harder on me than the excitement of reaching a goal.  I just end up not feeling good about anything.  So I am not doing it this year.  I will say that I am hoping that we will just be able to maintain what we are doing.  Tax hikes, gas prices (we spend over $600 a month in gas....)...those will drastically impact our bottom line.

We have a few home maintenance projects that we need to complete.  We would love to do some IMPROVEMENTS, but I don't see that in the cards at this junction.  The few dollars we may be able to save toward the improvements won't be enough to actually complete any part, so it will just be a continuing saving effort.

I wish I could have the enthusiasm that we are going to beat debt this year!  That we are going to hit it hard and intense!  We are going to have a great year!!!  But I have done that already....hasn't happened.  2013 is going to be the year of.....let's just get by the best we can.


16 comments:

  1. If you don't mind me asking, how much is the interest on the dental/medical bill, and what are you currently paying every month? you wrote that any extra you have towards debt repayment will go into the credit card. Can I ask, is it possible to put this towards the dentist/medical bill? In hopes of reducing some of the interest you are paying?

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    1. No interest on the medical bills. That is why the CC is ahead of the medical stuff. The dentist allows us to make payments monthly (I try for $100, but some months it is less). But as soon as one of us goes for a cleaning (which I tend to skip because of the cost....but G-man has to go to because of other dental issues), it will go right back up. Our insurance covers $8 of the visit. EIGHT.

      Bossy's supplies....run about $250-$300 a month. We pay $50. We used to have a financial waiver, but they took it away when they changed billing companies. If you make more than $17,000 (or was is $27K??), you don't get any help. Yep....you have to be living in a dire poverty to get help.

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  2. This is probably a dumb question, but is there any chance that you can get a supplemental insurance policy to cover more of Bossy's expenses? Let's say that the supplemental policy is $150/month, but covers the remaining expenses - that would at least be a fixed amount you could plan on.

    How is your medical insurance through your employer? Is it worth looking for a new job that would provide more comprehensive insurance?

    Fingers crossed that 2013 surprises you by far exceeding your expectations!

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    Replies
    1. Nope....we make too much money on paper to qualify for a supplemental policy. And even if we did...taking your $150 scenario...we would have to find another $100 upfront per month to cover it.

      Med ins through my company is LOUSY. It is a small company, so the premiums are high, and covers less than what we have through G-man.

      We have EXCELLENT medical insurance. It is just we have a medically needy child. So 90% of things are covered, and co-pay is $20 for most things. The other problem is if we try and switch policies....he has a pre-existing condition.

      Not trying to be snotty....just we have already looked at all of this for years....

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    2. Is there a different medical company you go for look into, maybe an online service to the needed supplies?? I'm sure with the state of the economy, there must be an online company that can give competitive pricing for those needed supplies. Just a thought.

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  3. 15,388 is a lot of money! just make the minimums and save money for all that other stuff you know will come up.

    HS

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    1. We save for car repairs, and cat bills, and kids camp, and kids EF. House repairs, and blah blah blah. And it leaves nothing.

      All we can do is pay the minimums...and at that rate...we have 5 more years to go....

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    2. 5 years is nothing by next Christmas it will be 4 years... not bad.

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    3. We have been doing this for over 3 years now....are higher than we were then. We have paid tens of thousands of dollars....and are no better than we were 3 yrs ago.

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  4. Mysti you and I feel the same way.

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  5. You arents digging it deeper though. That is a good thing.

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  6. I like that line, "the year of getting by the best we can." I think in reality that's what we all do...with some bumps and boosts along the way.

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  7. Ok, what is the average amount of money that you pay to all debts during the course of a month? What is the average NEW debt coming in each month? I'm trying to figure out how your debt total has gone up over 3 years. I hope this doesn't sound rude, I'm just trying to see the big picture.

    You mention that "Bossy's supplies....run about $250-$300 a month. We pay $50". Does that mean you are adding $200-$250 to the Bossy Supplies category each month?

    What is going on the CC4?

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  8. I may do a new post on the "history" but roughly $1500 goes to pay debt (minimums plus a little extra). The retirement loan is auto debited from a paycheck, so because of the "3 paycheck month" a little extra goes to that.

    Bossy's supplies...you are correct, we add $200 to $250 a month in "new debt" per month. We had a financial waiver which ended without notice. We appealed it, and lost. They backdated the bill to the end of the waiver, so we started off the bat with a $1200 bill.

    CC4 - That card was never paid off. It was down to under $500, then there was one careless month (back to school was part of that). In November we had flight (times 4 people) to see my parents (which was not planned for, and not a vacation in any sense), some car repairs, and a few misc things.

    Some of the debt over the past years has been paid off, and then replaced with something else. We paid $10K off on G-man's car, then my car died and we bought a "new to us" car for $12K. We paid off hospital bills, then got new hospital bills. I had surgery, dental work (to the tune of $2K). We had a retirement loan, that was never part of my numbers that was paid off, but we took out another loan that consolidated the CC debt at a lower rate.

    We were making progress (look at Finest Geekery page), and in 2011, we had ALOT of car issues, personal issues. A great deal of money was spent. 2012 was a regrouping year.

    Hope some of that explains it.

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  9. Did you consider getting a smaller car to save on gas? I went from $350/mo to $230 by changing from minivan to a compact car.

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