No. of Recommendations: 8
OK, let's start with the numbers:

Debt Fund - CC Debt
2010-03-17: -$25,525.95
2010-05-28: -$27,199.36
2010-06-28: -$26,650.27

CC Debt
2010-03-17: -$29,856.09
2010-05-28: -$27,207.50
2010-06-28: -$26,653.56

So, I'll only look at the CC Debt at the moment since I'm not really keeping anything in my Debt Fund. Once I get money in there, it goes to the CC company pretty much immediately. So, I've paid down about $3200 in just about 3.5 months. This is actually really good progress. Since last month, it has come down by $550. I should be excited about this, but I'm not. Yes, I did make progress, but I should've made more progress. I have roughly $2150 available towards debt payment each month. I know that I won't be able to put all of that towards debt each month because things come up so I guesstimate about $1500 each month. Well, June was bad since I only knocked down my debt by $550. I had some needs to take care of (auto insurance, doctor appointment, etc) and some wants (race registrations, bike jersey, etc) so some of it was justified and some of it wasn't. I'm not looking to get beat up here nor for condolences because I know exactly what happened this month. Being on such a lean budget for such a long time and then having a bit of money again lead to some unwise choices on my part, but I realize that without anyone saying anything.

But I wanted to look at these numbers separately because I knew I wasn't doing so well this month but I was receiving a minor windfall at the end of it. With my last employer, we didn't receive a severance package at all. About a year and a half later, I received a check in the mail for $5400 from the class action lawsuit that followed the lay off. Normally, I would take about 10% of a windfall and have fun with it, but I have already schedule a $5400 payment to one of my credit cards tomorrow which pay it off completely. With the (little) progress that I've made this month, I dont' think I deserve the 10% splurging so it is all going to debt. The one good thing is that I was expecting about $4000 from the lawsuit and getting $5400 was a nice surprise.

The end result is that I shouldn't count on things like this that don't happen often and still maintain the discipline to put away $1500 per month or more towards debt.

So, that's my update for the last month.





Jaster Mereel
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