Missya;is' debt reduction challenge

**missyali** · 10-17-2008, 10:01 AM

Okay, so here it is. I am posting the budget and looking for input (please be kind, I'm feeling a little fragile this morning!)

My dh has a varying income as he does home repairs and is self-employed. He has been at this for 1 1/2years, so I cannot give any generaIizations yet about his income. I am a teacher who gets a bi-weekly paycheck of $1771.84. I can get a raise 2 times yearly if I take classes to further my education. With that said, here goes:

My income is $3543.68 per month. We have the following bills:

Mortgage ~ $1145
HELOC ~ $ 180.00 (minimum payment)
Electric ~ $139 (budget)
Car insurance ~ $151.42
Cable/Internet/phone bundle ~ $ 120.50
Cell phones ~ $110.00
Daycare & Tuition ~ $1448.50
Key Bank ~ $ 90 (minimum payment)
FIA bank ~ $180 (minimum payment ) currently paying $350/month
Discover ~ $90 (minimum payment)
Student loan Undergrad ~ $78 (minimum payment BUT in deferment)
Newspapers ~ $8.25
Trash ~ $28.00
Gasoline ~ $500

Yes, that is $626.11 or $796.11(snowball). I can estimate that my dh makes at least $2000/month which allows for my compulsive grocery shopping

and the more than minimum payment for FIA. He also uses some of his income to do home repairs not listed as well as purchasing needed tools.

I live in an all electric home with well and septic, so my only utility is electric. My downfall is grocery shopping. I am addicted to growing a stockpile so I will need some help in this area as I cannot even begin to tell you how much I spend on groceries. I rarely spend cash, so I will pull up my bank records at the end of the month to more specifically outline my spending. We rarely go out and if we do I try to use a gift card with a coupon. Our cable bill does seem high but that is for basic EVERYTHING ~ no long distance no pay channels, etc. and tv is our form of entertainment when we are just sitting at home. Otherwise, we are out in the yard, visiting people or doing free family fun activities. I am looking into lowering the insurance as both cars are 7/8 years old and paid off with 145K+ miles, as well as the cell phone bill.....

So, there it is. Again, all input is welcome, I just ask that you be kind!

**momofslg** · 10-17-2008, 08:23 PM

I think your budget looks good. I do notice that daycare/tuition seem high, how many kids are in daycare? Is there any way you can lower this, I know it is hard to find somewhere that you feel comfortable with, but maybe this can be a challenge for you to find a new place.

Try and stick to a budget when you go to the grocery. Set aside X amount of money to add to your stockpile and stick to it.

Good luck.

**Cricketlegs** · 10-18-2008, 12:24 PM

I don't see an EF. Is that the BS#1??? I am assuming it is.

Another is as posted above work out a grocery budget and stick to it.

Your student loans are not outragous so that is good.

**missyali** · 10-19-2008, 04:14 PM

I plan on snowballing ANY extra money into the FIA bill. I HATE them. My error in posting date cost me a 0% transfer to balloon to 27.99%!! Cricketlegs, I do have an EF of $1090. It is sacred! When a true emergency arose (spring broke in dh's truck, he opted to barter with someone he'd rather not barter with to avoid touching it!) I think cash every two weeks from my paycheck will be how I do groceries. Thanks for the input!

**Gibs** · 10-19-2008, 10:17 PM

Looking forward to reading your thread as you work towards your goals.

**missyali** · 10-25-2008, 04:36 PM

I am feeling very impatient as this summer I was making regular payments towards this payoff. Now, I have a $5.xx and $14.xx check along with the change jar to add to this snowflake. I really want to find a way to make some extra money. I am changing my phone plan, so that should be an extra $60/month. Uuuuuugh, I am so impatient!

**hollyhill** · 10-25-2008, 09:03 PM

I understand! Those are the two things I need more of. Money and Patience!

**missyali** · 11-01-2008, 02:34 PM

So I deposited the $5.99, check, a $25.00 check and a reimbursement check for $21.94. I LOST a $14 check!!!!! So, I plan on tacking $55 to FIA today. DH got paid and I am hoping to put $1000 of that towards FIA. The rest will go into our daily living account as well as to build his workshop in the barn. I am going to be UNfrugal today and go buy an eliptical with my b-day money. I NEED to workout and I can justify using b-day money for something I want. Gotta go change that siggy now.