Money Makeover: November 2014

Wow, so things haven’t been going great. After a September in which our budget was blown to shit, October went the same way for the first half. Our budget was blown apart by medical expenses, etc., and we were hurting pretty bad. The second paycheck of October went a little better. November’s been off to a difficult start, but we’re chugging along and put a sizeable dent in the remainder of the Citi balance.

Starting in the hole: $74,000. (Includes the fancy new minivan.)
Current debt load: TBD. We stopped using the online website and track it on paper now. Don’t know how/if that will change.

Step 2: Debt Snowball

When budgets go to shit, this is the place that gets hit hardest. We’re getting back on track to finish crushing the credit card debt, but we’re not going to be at the same pace we were at (February 2014 completion). This is largely due to new medical bills, prescriptions, and so on. We’ll get there.

  • Amazon — done, August 2014
  • Macy’s — done, August 2014
  • Chase — done, August 2014
  • Citi — projected complete payoff in December 2014
  • Wells Fargo — projected complete TBD
  • Bank of America — projected complete TBD

The Citi card will be paid off in December. We’re rolling the Wells Fargo and Bank of America cards into a new zero-interest card that I got specifically for that purpose, and we’ll be hammering that hard in the coming months. After that, the student loans, and then the Honda.

Emotional State

7/10. With the end of the Citi debt in sight, I’m feeling a lot more confident about how things are going. I’m also pleased that the new zero-interest card I applied for has a $15K limit. Clearly, my credit rating is stellar. (Also, just so we’re clear, as soon as it’s paid off, it’s getting closed and shredded.)