Ok, so I’ve not been the best blogger the past several months. I will attempt to rectify that! Obviously, my last several posts detailed how I lost my job, was busy at school, doing just ok with finances. I’m sorry for being away, but I simply had no time to either blog or read other posts from the community, between school and my new job. In addition, the one week I could not work between jobs was enough to set me back three weeks with some of my payments, which was a bit disappointing.
However, I recovered and am back in action. I was not able to get financial aid for this semester at school, which is a long story, but it leaves me with at least a tiny bit of free time I should be able to use here. But I suppose I should offer an update, so we know where this year begins.
For the past 3-4 months, I have made at least the minimum credit card payments, on time. This month, for the first time in years, I received a paycheck which I have still not cashed, and don’t need to! I have at least a few hundred dollars buffer zone in my account, and have not overdrafted. My credit score is now no longer in the red zone on myfico.com. While I still have a long way to go, this is major progress to my financial goals.
At the beginning of this year, I listed several goals, each of which will not be easy and will take the whole year. Two of them are eliminating the majority (60% or more) of my credit card debt, and losing 100 pounds. Each will take a lot of work, for the whole year. At first, I thought I could get rid of all my credit card debt by the end of this year, but when I actually mapped out how much I will actually spend (compared to what I “wishful thinking” would have spent), I will not be able to feasibly do that this year. Now, a secondary goal is to do something extra that will make money come in. I hope to release a piece of software at some point that will reap some dividends, and assuming that goes well I may be able to get rid of all debt by December. However, that can’t be my plan.
I feel good about this year. For the first time, I have a good launchpad to start from, and a good plan of how to meet those goals in time. However, I will have some bad circumstances to deal with as well. First, I had a student loan make it all the way to collections without my knowing (long story for a future post, but being a full time student it was supposed to defer, but didn’t). Second, by not being in school I’m effectively opening up all my other student loans for payments. I can probably defer this again though, since I’ll be back in the summer. The worst that can happen with collections is to have my paycheck docked up to 25% each month, which I have a contingency for (work full time hours instead of part time). Hopefully it won’t come to that, however.
So, here’s looking ahead to 2008 and all the crazy stories I’m sure it will bring. I still have a lot of work to do, but I’m excited about the plans I have in place and can’t wait to make a huge chunk in my debt this year!