New Budget

Current Budget

Income - $2000 per month

Sallie Mae - $600
Electric - $200 (estimate, most of the time it is less)
Cell Phone - $70
Phone/Cable/Internet - $170
Credit Card 1 - $90
Credit Card 2 - $140
Credit Card 3 - $250
Gas/Groceries - $200
Student Loan 2 - $200
Savings - $80

When I start classes the $200 I am paying to my second student loan and the $80 I am saving will be going toward tuition.

Possible Future Budget

Income - $1440 per month ($12 per hour)

Sallie Mae - $600
Electric - $0 (my mother will have to take over this bill)
Cell Phone - $70
Phone/Cable/Internet - $100 (my mother will have to take over the phone part of this bill)
Credit Card 1 - $30
Credit Card 2 - $140
Credit Card 3 - $150
Gas/Groceries - $100
Student Loan 2 - $200
Savings - $10

When I start classes the $200 I am paying to my second student loan and the $10 I am saving will be going toward tuition.


Or....

Income - $1760 per month ($14 per hour)

Sallie Mae - $600
Electric - $140
Cell Phone - $70
Phone/Cable/Internet - $170
Credit Card 1 - $90
Credit Card 2 - $140
Credit Card 3 - $250
Gas/Groceries - $100
Student Loan 2 - $200
Savings - $80

When I start classes the $200 I am paying to my second student loan and the $80 I am saving will be going toward tuition.

Until the final word comes down (or I get a new job) I am living week to week.

Minimum Payment Warnings

You gotta love the minimum payment warnings that credit cards come with, they are helping me plan my assault on the credit card demon that possesses me.

Awhile back I paid off my Master Card, since then I charged it back up and was carrying a balance on the store charge card I got for work. I am glad to say that I just paid off my Master Card for the LAST TIME, I am taking it out of my wallet and giving it to my mother to hold.

Next on my hit list is my American Express with the ridiculously high interest rate (29.99%). According to the MPW if I pay $126 per month I can have the card paid off in 3 years. That is to long for me, I want to have this card paid off in 1 year. That is going to be hard on a $1400 a month budget (remember, I have a pay cut coming any day now.) I am going to try to up my payment to $250 a month and throw any extra money I get at this card.

Project New York

My main focus right now is to find a job and move to New York.

Being the list maker that I am I have a list to help keep me focused.

I. Improve Resume & Cover Letter

II. Create an On-Line Portfolio

III. Sign Up With Every Online Job Board I Can Find

IV. Find And Work Contacts From Linkedin

V. Save Money & Pay Off Credit Card Debt.

Wish me luck.

New Goal - Project New York

About 5 months ago I got a new job, I got the job so easily that for a long time I was suspicious and waiting for the other shoe to drop.

Well, it dropped.

They changed my position to an entry level position and within a year I need to be willing to advance to a managerial position or I will have to quit. On paper it seams like a great opportunity but I do not want to be a retail manager, I want to advance my career in visual merchandising.

I have decided to start looking for a new job and I am focusing my search to New York. It seems like all of the best opportunities are in New York, not just for visual merchandising but in other areas that I am interested in (buying, styling, etc.).

So, now the question is ........

How do I make this happen?

700!!!!!!!!

I found out today that my credit score is 700.

That may not mean much to some of you, but if you knew my credit history you would be as amazed as I am.

It all started when my sister and I were driving in my HOT CAR (the air conditioner is blowing VERY HOT AIR) when she asked me if I really want to pay to fix it. I am not going to lie, after the last problem I had with my car I seriously considered buying a new car, but I figured with my credit history I did not think I would be able to. This conversation put a bug in my head to see what my credit score is, the last time I checked it was 619. I was not hopeful because I am sitting on almost $100,000 of student loan debt plus $10,000 of credit card debt. I logged on to Myfico.com, paid the $15.95, and almost had a heart attack. You could have knocked me over with a feather.

Being able to see the progress I have made with improving my credit score has given me the resolve to continue to pay off my credit cards. I am more determined now than ever before.

Lessons To Be Learned

1. PAY YOUR CREDIT CARDS ON TIME, EVERY TIME, NO EXCEPTIONS.
I still have a ways to go in getting myself out of debt, but I pay my bills early if not on time every month. It obviously makes a world of difference.

2. STUDENT LOANS DO NOT HURT YOU AS MUCH AS YOU THINK.
I thought with the amount of student loan debt that I have I would never be able to have a decent credit score. But I do, and so can you.

3.BUT PAY THEM ON TIME.
I pay my student loans on time every month with out fail. When I had some financial problems I deferred the payments until I was able to get back on my feet. Do what you have to do to keep up with the payments.

4. DON'T GIVE UP.
I have had plenty of slip ups but I haven't given up, as long as you are alive you can improve.

I haven't felt this good in a long time.

Tax Season

Either you hate it or you love it.

Tax Season.

If you are someone who makes a lot of money and has to pay Uncle Sam you hate this time of year. If you are poor or middle class and get refunds then you love this time of year.

I am getting a refund of $800 from the government, $400 for my savings and $400 to pay for car repairs.

I know some people feel that it is bad to get a refund because it means that you are lending the government money interest free. My feelings are, I would rather lend the money then have to scrounge around to find money to send them come tax time.

Financially I have not been doing that great lately, I haven't been saving lately like I should. I have been purchasing things with my employee discount and using my extra money to pay off the balance. I think I finally am off the whole shopping thing and am ready to resume saving and paying off debt. To help keep me accountable I am going to start posting my monthly budget on the blog.

I need you guys to keep me honest.

I Must Be Improving

Citi Card (who own 3 of my 4 credit cards) has lowered the interest on two of my accounts and raised the limit on the third. The cards are still in storage and are not being used so this should really help my credit score.

My electric bill was $90 higher than expected this month, so I will be unable to add to my savings until I get my tax refund. That kind of bums me out, now that I am on a roll with debt repayment and saving I am starting to enjoy it.

Perhaps a little too much. Now I hate spending money, even on needed things.

Just call me Ebenezer Scrooge.