Sunday, July 3, 2011

Money Makeover Monday

Happy 4th of July! 

I hope you are all having a fantastic Independence Day with family and friends.  I am celebrating another week closer to being financial independent from debt.  This past week I got rid of a small, but stupid debt that I never should have had.  In my effort to  "save" money I opened a Target credit card to get the extra 5% discount.  I THOUGHT I would charge my purchase and then walk to the front desk to pay the balance.  No interest, no statements, no problem....... until the day there was a line at the service desk.  Fast forward a couple months to interest, a late fee and I've saved nothing.  Paid the dumb thing off today and plan to cancel it on Tuesday.  Lesson learned.  Katie cannot have a credit card for any reason.  Some of us just need to learn not to bring temptation into the wallet. 

So, in case you are keeping track, that's one car loan and one credit card taken care of for Sister K.  Next on the hit list is the second car loan.  This one is on Hubby's vehicle.  I don't know the exact amount, but it's about $4,000.00.  If we let it go and made regular payments, we'd have a year and a half left on it.  I'd like to cut that in half and be rid of it no later than February.  We're snowballing it, according to the Dave Ramsey plan and making the regular payment plus what we've been spending on the van.

Also, like I mentioned last time, Friday was July 1 and we started tracking all our spending.  So far, not too much waste going on.  Yeah!  So, here's where we stand:

Baby Emergency Fund:  Stocked plus a little extra
Vehicle Loan :  $4000.00 give or take (I'll try to be more exact next time)
Budget Tracking:  So far, so good.

I'll be back next week to let you know how we're doing.  In the meantime - enjoy your holiday!!!

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