#FixFinances

My 6 month plan to repair my financial health!


I hate admitting it, but my financial health is extraordinarily poor. I live pay check to pay check and for the past year I’ve been struggling with debt I’ve accrued from unnecessary spending as well as unexpected financially taxing life events I’d never have foreseen. Due to being responsible enough to pay my bills while simultaneously irresponsible enough to frequently utilize credit, I have a fantastic credit score – so over the past few years have constantly been approved for limit increases and loans to purchase anything I could dream up (*cough* avocado), that is, until now. With my credit card close to maxed and carrying a 30k loan on top of my student loan debts and mortgage I’ve found myself with just enough money to get by every month. The past six months the crushing weight of my debts has started to effect me mentally and emotionally. It truly is crippling.

SO I’ve decided to make a change! After being inspired after listening to “The Year of Less” by Cait Flanders I’m going to attempt (no, not attempt, make!) a lifestyle change by instituting my own customized Shopping Ban from now until midnight December 31st 2018 (& potentially longer depending on my progress). This page will be where I will list my goals, track my progress and keep myself accountable. Here we go.

Debts

Cell Phone $507.87 – PAID OFF! 05/27/2018
IPad $717.36
Credit Card (@ 25% interest$11,432.59
Loan (@ 12.790% interest) $26,870.90
Student Loan (@ 4.740% interest) $19,079.48
Honda Fit (@ 2.99%) $11,271.04

 

Goals

  1. Pay off IPad by August 1st, 2018
  2. Pay credit card off by 2019
    -balance by August: $9500
    -balance by September $7500
    -Balance by October $5500
    -balance by November $3500
    -balance by December $1500
    -balance by January 1st: 0
  3.  Pay off all debts before November 19th 2020 (My 30th birthday!)
    – will figure out a plan for these payments once credit card is down since I’ll have more money

I intend to accomplish these goals during the next six months by adhering to a shopping ban and a work schedule that I’m designing to fit my needs with my personal consumer tendencies in mind. I also intend to take inventory on my belongings and post about that, which is something I’ve actually done frequently because of travel nursing, but this time I want to try to really cut my possessions down to only what I need and use.

When my debt is completely gone and I have a comfortable amount of savings (value TBD) my reward will be some kind of incredible adventure (that I can afford to pay for upfront 😉 ) to remind myself of how good it feels to be free! This page of my site is where I will vent my struggles and my successes as I work through this 6 month challenge with the intention of keeping myself accountable and so my mom and boyfriend don’t go insane listening to me talk about it constantly like they have hearing about my debts.  Wish me luck!

 

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