Debt Payoff Progress: August 2013 Update

I am happy to say that one of the credit card balances, the Chase Slate Card, has been paid off!

The debt balance paid off in August 2013 is $1,799.49 *Cheers*.

Next month, September 2013, however, will be a much tighter month moneywise and not much money will be going towards debt payment. I am pretty sure that it will be just a bare bones minimum payment month unless I miraculously get a wad of money from the sky. The reasons are:

Emergency Savings: August 2013 Update

Quick post today because I'm happy that we were able to scrape some savings together this month! It's been a busy week at work due to annual reports.

Here goes!

$4,200 saved so far towards the Emergency Savings Goal of $5,000!

Once the $5,000 is reached, we're going to start putting more money at our debt. I can't wait since the debt hasn't gone down but gone up (or feels like it!) due to high interests on the cards.

Emergency Savings August 2013 Update

Quick update on Emergency Savings: $800 saved towards the $5000 immediate savings goal.

Updated the savings meter bar. That's 16% of the $5,000 Savings Goal fulfilled. 

My savings numbers are not as high as other casual bloggers out there but I am slowly getting there.

What is your savings number this month?

Recent posts on Emergency Savings: 

• 21 Years Until Credit Card Freedom & Update on Savings Goal
• Reduced Hours = More Debt
• Update on Savings Plan: Tenant Issues
• Emergency Fund Update

Update on Savings Plan: Tenant Issues

Part of my savings plan for this year had been counting on the income from my condo being rented out to a family. I was going to be able to save approximately $1,000 per month. In theory.

I am sad now to say that this savings plan can pretty much be ignored since I had the bad luck of getting bad tenants, who apparently had no intention of paying me from the moment that they moved in. I did do the background check, pay history, and they came with glowing references from the previous landlord with whom they were with for nine  years without an incident.

How did it get so bad?

Emergency Fund Update

Emergency Fund March 2013 Update:  $1,040

Due to me being repeatedly sick, I have had quite a substantial pay reduction the last two to three months.

I have not been able to fund the emergency fund as much as I would like but I finally got it up to $1,040. That's where it would probably sit for a while since I have quite a few irregular bills in March and in the next few months.

Surgery Ahead!

Bad News Come In Clusters....I am 100% at fault

I have been missing alot of work lately due to health problems and there is a surgery looming ahead, which will take approximately 4-6 weeks to recover.

I have been missing pay due to me being paid hourly and the 4-6 weeks of recovery time from surgery will be unpaid as well.

What does this mean to my goals of Credit Card Debt Payment & Emergency Fund Building?

Well...

2013 New Year With New Problems?

I'd hate to start off the new 2013 year with something negative but I kicked off this new year with urgent need for getting my car pass the smog test, which involved the replacement of the Oxygen Sensor, and new tires.

The tires can no longer be ignored. The front tires are showing metal wires even. Walmart has 14" tires for $73 each. It is just discouraging because I was planning to save $900 in December but this money will be used to pay for the four tires and the Oxygen sensor, smog test, and DMV fees.

2013 Financial Goals: Updated

2013 Financial Goals:

I am modifying my 2013 financial goals to include Emergency Savings as the first priority due to the shaky nature of the current employment situation.

As an initial goal, the Emergency Savings should be at $6,000. After meeting the initial Emergency Savings goal, I plan to pay down the Chase Sapphire Credit Card, which has the highest APR.

 

Emergency Savings Goal

$ 6,000

Debt Elimination Goal

$16,000

No BUY Season

One of my favorite things to buy is make up.  At one point, I even collected makeup and different special editions that a lot of makeup companies produce with frilly designs to tempt women like me into thinking that I must collect it. A collection for each season. A makeup pokemon craze, almost.

Now, I don't buy as much as I used to but the desire is still there. I have tried to tell myself that if I buy low end drugstore makeup instead of high end makeup, I am saving money. I just end up buying more "deals" that end up being the amount of one high end item.

I really didn't need two more mascaras or eye shadow quads. I'm staring at them now and the CVS receipt.

No more Makeup until next summer, drugstore or high end. I could say no more make up forever but that'd be denial on my part. Next summer..until then, it is the No Buy Season for makeup!

I know most people won't understand why this should be difficult but here it is. Another 2013 goal.

Debt: Another Mountain to Break Down

I have been dreading to post this but I must force myself to face this.

I won't go into excuses except that there were a few things that came up that helped me re-accumulate debt after my last year's Debt Elimination. But, mainly it is my lack of willpower and commitment to budgeting.

This is not counting the Mortgage Debt. I did a balance transfer recently to consolidate, which is why the Discover More Credit Card is at 0% APR currently until 2014.

In addition to that, I have alot of uncertainty at my job right now. I need to build up emergency funds again as well as pay down the debt. Since Discover More Card is at 0% APR on balance transfer currently, I think I am going to wait on paying it off even if I can save that amount in the coming year and put the money in the emergency fund instead until the promotion period ends in 2014. Of course, Chase Sapphire Card needs to be paid off soon since it has the 15.99% APR on the balance.

Have you had any problems of not meeting debt elimination goals because life throws curveballs at you?

Discover More Credit Card (0% APR until 2014):

$12,509

Chase Sapphire (@15.99% APR):

$3,229