My biggest goal this year is to get my financial life to a point that it is at least manageable. I’m tired of not knowing if I’ll be able to afford gas for my car, and wondering if I’ll be able to buy groceries. It’s incredibly stressful, and it’s one of the only things I think about… simply because I have to.
The job at Corral should go a long way in helping, although it won’t be a quick fix. I need to see what my paycheck there will look like after taxes have been taken out before I really start formulating a solid plan for reducing my credit card debt so I will be able to put the money I’m currently spending on that into savings. I think that until April I will put my paychecks from Corral directly into savings, simply to build that back up. I would really like it to be over $500 or more.
My basic plan is to see what I get back from my tax return. Since that is up in the air I can’t say for certain what will get paid off and what will go into savings. I know that I need to put part of my return into savings, as well as put a chunk of money on one of my big bills (credit or medical). I’m considering paying off my medical bill, which will allow me to pay double the minimum payment on my credit cards every month. I’m also in the situation where I have to really consider the fact that I need a better computer for my photography business. So those are all things going on in my head.
Between the tax return and the second job, I’m hoping to have the total credit card debt under $1000 by Christmas next year. And by “total” I mean, all of my credit cards. I have two right now that carry a fairly large balance and I would like those completely paid off. That would leave me with my cards that are for clothing stores and Lowes, and I know I can keep those balances low.
Once the credit card and medical debt is eliminated, I will finally be in a good position to actually start saving again, and be able to breathe a little more. I’ve lived in a position the past year where unexpected expenses have totally destroyed things. Once I get that debt gone, I will be able to handle the unexpected a bit better.
The big hope is that, after taxes I still have about $200 coming in from my paycheck at Corral. That will leave me gas money and a bit to set aside in savings the first few months. Then I’ll get tax return and make big payments to the bills. After that it will be time to start making double monthly payments on the credit cards and getting them knocked down.
I refuse to live another full year under the stress I have been living due to finances. All I can do is hope that the second job gives me a bit of a lift, and that my tax return provides me with enough to make big strides in eliminating my debt.
Or that I hit the lotto. Hmmm…