You know it’s bad when you do your finances and the only thing you have to say for yourself is “oops.”
I’ve always known that I’m an all-or-nothing kind of girl, so I should have been able to predict my failure at a spending diet. But, as they say, hindsight is 20-20.
And so, we are reverting back to fully immersing ourselves in a spending fast. I have 1 playdate already scheduled for this weekend that will cost $15. We also have already booked 2 vacations for this year. Other than that, we will not be spending any money on things that are not necessities. This will get easier as the New England weather slowly turns from winter to spring and we can start going to playgrounds and having picnic playdates, instead of having to pay for indoor playgrounds and then being so hungry that we can’t wait until we get home to eat.
As my family dives back into spending fast mode, I find it beneficial to review where we stand financially. I’m a little ashamed to admit that I have not reviewed our finances since mid-January – probably because I knew we weren’t making as much progress as we should have been.
|Name of Debt||Total Amount of Debt||APR||Monthly minimum payment||Date||Notes|
|Credit Card #1||$19,273.23||0.00%||$396.00||3/14/17||Promotional rate ends Sept 25 2017 ($10,304.53) and another expires Jan 25 2018 ($8,495.55), after that APR is 17.74%|
|Credit Card #2||$5,998.94||0.00%||$66.00||3/14/17||Introductory rate ends Aug 13 2017, after that APR is 15.49%|
|Credit Card #3||$10,284.54||0.00%||$104.00||3/14/17||Promotional rate ends March 2018, after that APR is 24.99% and is applied retroactively to the original date of the balance transfer if the amount is not paid in full|
|Life Insurance Loan||$1,302.20||5.00%||$9.00||3/14/17||Annual payment of $102.90|
|Personal Loan #1||$4,000.00||0.00%||$-||3/14/17|
|Robin’s Student Loans||$65,579.28||6.80%||$-||3/14/17||In forbearance until Feb 28 2018|
|Hubby’s Student Loans||$20,085.78||2.63%||$-||3/14/17||Need to start paying $81.58 on April 5 2017|
|Total Consumer Debt||$40,858.91|
Once I did the math, I realized that we have only paid down $651.99 of consumer debt in 2 months. We can do better than that!
According to unbury.us, if I can find a way to keep all of the APRs at 0%, all of our credit card debt will be paid off by March 2020.
So, here is to diving back into the deep end, simplifying our life again, and enjoying another spending fast. This one will last until mid-May when we go on vacation and will resume immediately upon our return.
Spending Fast Losses
Clearly, the losses are that I performed so poorly on my spending diet that I need to re-enter the spending fast!
Spending Fast Wins
- My annual performance review was yesterday, where I found out that I will be getting a bonus and a raise. This will certainly help us pay off these balances faster
- I sent another bag of goodies off to ThredUp
This post was inspired by today’s daily prompt: Immerse
Robin Brodrick is a résumé writer, aspiring minimalist, Douglas Adams fan, and corporate recruiter in the cutthroat biotech and pharma industries. You can purchase expertly designed résumé templates that will expedite your job search at www.talentcounseling.com. You can also follow Robin on LinkedIn.