Before I get too far on this journey to financial freedom, I figured it was time to come clean on just where I stand debt wise.
As of today July 11th, 2008 my wife & I owe:
- $95,108.62 – Mortgage
- $11,843.96 – Car Loan
- $6,130.00 – Student Loan
- $1,226.92 – Credit Card Balance
When I see it listed, it doesn’t seem so bad. The total of $114,000+ is scary to think about, but I feel it’s quite manageable. I now just have to figure a way to manage it.
Here’s what I have to work with:
$3500 – monthly take home pay.
- $830 – House Payment
- $330 – Car Payment
- $105 – Student Loan Payment
- $950 – Daycare bill
- $100 – Electric bill (in winter this is $400+)
- $100 – Phone & Internet
- $50 – Water, sewer, & garbage fees
- $100 – Insurance (Auto & Life)
- $500 – Food
- $60 – Retirement savings
- $45 – Contributions to church
- $130 – Gas
Total = $3,300
I usually am able to pay off the credit cards each month. Which are normally double what they are this month, but I paid this month’s daycare bill late enough that it missed my card’s cutoff date. Of course this means that next month’s bill will be HUGE, but I’ll cross that bridge when it comes. And for the past couple of years I’ve also been making small extra payments to the student loan ($20-$50 a month), but you can see that there isn’t much left at the end of the month to do a whole lot with.
In a future post (probably next week) I’ll dissect our biggest expense…DAYCARE.
But in the meantime, I’ll be curious to see the results of my financial tracking to see where I can cut some corners. It’s been a challenge trying to keep track of every cent spent (especially during the long holiday weekend) but I keep reminding myself that it’ll be worth it in the long run.
I know that The Happy Rock is full of great ideas on saving money, but I bet that you all have some great penny-pinching tips and tricks as well. If you do, please share them…because I need all the help I can get.
Until next time,