I received the January statement from CITI, the balance went up by $128.78. I made a payment for $650 and we are making $1000 payment around January 20. That should put us close to be under $10,000 in February. We’ve decided not to have any budgets or anything for this year. The main goal is to pay off this balance. Any money we find is going to CITI.
CITI Details:
New Statement date 12/05:
Balance: $11,750
PURCHASES*FINANCE CHARGE*PERIODIC RATE Standard 128.78
My finance charges have gone down significantly! I pulled up a statement for August 2007 and the finance charge back then was a lot higher:
PURCHASES*FINANCE CHARGE*PERIODIC RATE Standard Purch 163.02
We are making progress but it’s not enough! I need to make more drastic sacrifices and pay off this balance.
8 comments:
Keep up the good work. -Becky in NJ
no budget = no focus
You're going to snowball with "any money we find"? Do you think you'll magically "find" money throughout the year. You need a budget to get through this debt in a disciplined, focused manner. Oy vey!!!
You've gotta get a budget goin, it'll help you focus on being able to throw anything extra at CITI.
If you want help making up a budget, lemme know!
BTW, on that list, I think we picked our ideal apartment, I'll give you the name via email. It looks WAY sweet.
No budget and paying CITI = Success for 2008! and yes we always find money magically... like this week work gave us an extra bonus! so that's going to CITI!! Other magic money is my birthday... I average 200 dollars in cash... so that's also going to CITI!!
I HATE CITI!
Good luck! Just keep going...
I do have to agree with anonymous that a budget would help quite a bit. You should try building a rough budget, so you can really see where your money goes. I struggle to stick to my budget (or totally ignore it like in December), but it has really helped me see where I have money holes!
I'm curious as to why you have $1 in your ING account?
Your not likely to be successfull without a budget. A budget makes your money work harder for you. It's like a whip that tames it and forces it to do what you want it to.
I know, I used to hate budgeting as well... and I could never seem to get ahead. 16 months ago I started using a budget and now I sit debt free except for my home and $10,000 in the bank.
In all, it was a change of about $60,000. That would not have been possible without a budget!
I was going to open an ING account and just add a dollar to it... so I added the 1 dollar to the blog but no account yet, I'll probably do it this weekend.
I have a mental budget, all in my head, I know what bills are coming, I know what bills are paid. For now my focus is to pay CITI!
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