Showing posts with label credit card. Show all posts
Showing posts with label credit card. Show all posts

Thursday, March 3, 2011

Time to pull the Goalie

I'm getting an itch for baby number two. More so to get it rolling and be done with it. No sense in dragging it out. I was looking at the old finances yesterday and well... yikes! 

However, there is some good news. My car is paid off next November... OMGeee! Which free's up around $420 bucks a month. There is a good chunk of change. Then I was browsing over the finances to see what we can cut and what else we can lower in order to put another child in day care. ($1000 bucks a month is murder). 

I did some calculations and well, we need to pay off all credit cards but two. Well that shouldn't be too hard right. I picked the best two we have for rewards, interest rates, cash advances, and over limit. We can totally manage to live off of two credit cards. I think. 

The Goal: Pay off all credit cards, but two by the end of November. Then, I say it will be time to "pull the goalie." I have an IUD and it's been a great goalie of defending the goal for the last 2 1/2 years. 

I figured then when the credit cards (but, 2) and my car is paid off we will have freed up enough money to live comfortably and have two kids in day care. Sweet, yes, success! 

It sounds so easy, but paying off anything can be challenge. The geek in me, it was time to make an excel spreadsheet and craft up some formulas. 

I did some screen shots of the budget. These are my real numbers for credit card balances and minimum payments. I don't want to lie and I want it to be as real as it can be.

We have some serious things to accomplish. We have $320 bucks a month extra to put towards credit card debt. I have crafted this spreadsheet to plan each month, which credit card will get the bulk of the extra payment a month and start to watch this numbers disappear. The number's in RED that's what we owe on the card. The line below that is the minimum payment to that card and the next column is the extra payment amount.

Sticking to a budget and goal is hard. Life throws you curve balls and thing happen. The important thing is not to give up but start over the next month and keep to the goals you have set yourself.

My goal is get rid the debt and get pregnant again. What's you debt goals? How will you achieve them? How did you conquer debt. Please tell me!