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The ugly details

January 14th, 2009 at 05:16 pm

So, I've got to start afresh and get this thing back in gear. The good thing about it all is that I know I can do it because I've done it before.

Goals for 2009:
1) pay off all unsecured debt
2) pay off car
3) save all receipts to track spending
4) purchase a safe to begin keeping cash in envelopes(I live in Chicago. Can't risk a stash getting stolen).


Too many goals and I'm bound to fail. And now, the ugly details.

Credit
American Express: 1879
Chase: 3200
Orchardbank 1: 574.82
Orchardbank 2: 240
CFNA: 577
Capital One: 456.67
HFC: 2749
total: 9676.49

Secured debt
Car: $7800


On the horizon, at least, I am making extra money from tutoring at the moment. I will also be coaching softball this spring, which is an extra 4K. I have decided, however, that since I'm coaching softball, I will not teach summer school. A girl's gotta have a break if you know what I mean. Who knows, though. If an announcement goes around requesting teachers desperately, I may cave Wink Extra money is extra money.

Also in the mix is the issue of our housing situation. Our landlord is in foreclosure, which is extremely frightening. Rent for a 3 bedroom apartment is $1800 (for something decent--and not necessarily good). I have a 5 year old (ooh, gotta change that on my profile--it's his birthday today) and will not subject him to some roach infested hell hole to make it a point to save up 20% for a house, therefore...I am planning on borrowing 5K from my parents so we can attain an FHA loan on a house. Property has come WAY down and thus, we can find something decent and pay even less than we're paying in rent now. Chicago is a large city and rent is skyrocketing with higher demand. I know, I've got a lot going on.

So I hope to use the 7,500 tax credit we would obtain in addition to the rest of our tax return to pay off my parents and pay down some of the debt. Our budget is quite solid and we have plenty extra every month for us to hammer that debt to the moon. I won't share my goals for student loans until I've paid all of the other yucky stuff down.

Comment at will.

11 Responses to “The ugly details”

  1. kdmoffett25 Says:

    High goals, but very doable! My daughter plays competitive softball and loves it! Good luck!

  2. monkeymama Says:

    I think though few will understand, I do come from a place where owning is a LOT cheaper than renting. OF course when it comes to apartments, not necessarily houses. (& something to consider - are you set on a house? Considering town homes or condos?)

    But just wanted to add, could be considerable income tax savings as well.

    Good Luck!

  3. aevans1206 Says:

    Monkeymama, I am all for condos; however, assessments range from $500 per month and upwards. We can own a house for the amount we would spend on mortgage AND assessment. Plus, with five people (two teenage stepdaughters) living in a three bedroom apartment that is about the size of the condo we could purchase has been hard. I am, though, looking at both sides of the coin.

  4. PauletteGoddard Says:

    I'm hoping you can swing a deal on the FHA and master your housing situation soon. I like your 2009 goals though! Keep at them: I'm rooting for you.

  5. Ima saver Says:

    I have a small safe and my husband bolted it to the floor. I don't keep as much money in my envelopes as I use to. Now, I put the cash in a checking account that pays 3.19 interest and earn a little cash every month.

  6. scfr Says:

    It's nice to have you back.
    Good luck with the house hunt and with all the other goals.

  7. mooshocker Says:

    I love your goals, focus and aspirations. Knowing a little bit about the housing market, I can attest to the fact that above and beyond the equity, write off and long term investment, owning is emotionally much more comforting.

    By a little under what you can afford. Remodel one room at a time with cash and never take a shortcut when it comes to maintenance. You will do just fine. God bless.

  8. frugaltexan75 Says:

    You can do it! Just take it one step at a time.

  9. boomeyers Says:

    Glad to see you back! Can't wait to see what this year holds for you! Good luck!

  10. Amber Says:

    I'm positive you will meet your goals

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