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Unexpected expenses

February 9th, 2014 at 07:03 am

Hello everyone
This past week has not be the best. I am still reworking my budget due to things I forgot. Mostly insurance and items related to my two teen girls. I did not know my oldest daughter would order her class ring this year. I thought they did the in 11th grade. She is a sophomore. Her deposit is due on Wed. My youngest daughter needs a new dress so I spent $50 yesterday for that. I am paying for all the insurance and girls expenses out of my budget. That leaves no money to pay extra on debit. I will just be able to make all payments. While I am feeling down and out, I now know how crucial sinking funds can be. I have a few questions:
1. What do you have sinking funds for? I need one for insurance, clothes, school stuff. What am I missing?
2. Where do you keep your sinking funds? A separate account?

Thanks for any advice. I am not giving up. I am determined to have one debit paid off by the end of the year. I am just getting a slow start.

A February Surprise

February 1st, 2014 at 08:31 am

I welcomed in February with a $672 mistake. What? I am so disappointed in myself for not seeing this expense. Insurance....Ugh. I will be better prepared next time. Since I just got paid I was able to pay the bill in full. I am planning on being creative with my groceries to pay for it. If I come up short I will have to take money from my small savings. A new budget line item will be for insurance. While I had the nice insurance folks on the phone. I was able to get a quote on adding my daughter to our car insurance in May. Wow! It was a large jump. However, my daughter should get three discounts they offer. She will get a discount for her good grades, taking drivers education in school and completing a workbook that I have to go pick up from them this week. She will need to have it completed by May. How do you budget for insurance? Do you set money aside each month?

I still have not bought groceries because I was not able to get out. We are above freezing but I think I am going to stay home today. I still have my $80 and plan on purchasing only items on sale or a necessity. implan on doing this tomorrow after church. Off to meal plan since I didn't do it yesterday...

Credit card debt stinks!

January 24th, 2014 at 05:41 pm

I have spent the last two days working on a budget. I am very happy with the results. Today I reviewed my credit card statement because the billing cycle ended yesterday. We have only one credit card and it has a huge balance. I currently have a 13% interest rate. I called the company and asked for a lower interest rate and was told no. Oh well, I am going to tackle this debt and get it paid for as soon as possible because I paid $102 and change in interest. Holy Smokes! I am beginning this billing cycle with a balance of $8583. I paid the minimum payment today of $188. I plan to make another payment on Thursday with the remaining money from my check. I have scheduled automatic payments of $180 each Friday beginning Jan.31 until the last Friday in May. I hope to make additional payments and have the card down to $4000 by the start of June.

Up next, the grocery budget. Oh boy, mine is out of control. Anyone have any secrets to share?
Have a great night everyone!